NPI.TO vs. ZSP.TO

Last updated Jun 5, 2026

NPI.TO (Northland Power Inc.) is a stock, while ZSP.TO (BMO S&P 500 Index ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, NPI.TO returned 6.38%/yr vs 16.09%/yr for ZSP.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

NPI.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Northland Power Inc. (NPI.TO) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPI.TO achieves a 32.45% return, which is significantly higher than ZSP.TO's 12.66% return. Over the past 10 years, NPI.TO has underperformed ZSP.TO with an annualized return of 6.38%, while ZSP.TO has yielded a comparatively higher 16.09% annualized return.

NPI.TO

• 1D: -0.81%
• 1M: 0.77%
• YTD: 32.45%
• 6M: 37.29%
• 1Y: 17.96%
• 3Y*: -0.84%
• 5Y*: -5.05%
• 10Y*: 6.38%

ZSP.TO

• 1D: 0.46%
• 1M: 6.77%
• YTD: 12.66%
• 6M: 10.38%
• 1Y: 29.97%
• 3Y*: 23.62%
• 5Y*: 16.85%
• 10Y*: 16.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NPI.TO vs. ZSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPI.TO Northland Power Inc.	32.45%	5.66%	-18.65%	-31.01%	2.59%	-13.03%	77.36%	34.85%	-2.01%	4.92%
ZSP.TO BMO S&P 500 Index ETF	12.66%	12.02%	35.07%	23.30%	-12.68%	27.53%	15.61%	24.69%	3.24%	13.54%

Correlation

The correlation between NPI.TO and ZSP.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.21

The correlation between NPI.TO and ZSP.TO shifts across timeframes, from 0.06 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NPI.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NPI.TO

NPI.TO Risk / Return Rank: 55
NPI.TO Sharpe Ratio Rank: 59
NPI.TO Sortino Ratio Rank: 49
NPI.TO Omega Ratio Rank: 62
NPI.TO Calmar Ratio Rank: 53
NPI.TO Martin Ratio Rank: 53

ZSP.TO

ZSP.TO Risk / Return Rank: 77
ZSP.TO Sharpe Ratio Rank: 82
ZSP.TO Sortino Ratio Rank: 80
ZSP.TO Omega Ratio Rank: 81
ZSP.TO Calmar Ratio Rank: 71
ZSP.TO Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NPI.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northland Power Inc. (NPI.TO) and BMO S&P 500 Index ETF (ZSP.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NPI.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.62	-2.12
Sortino ratio: Return per unit of downside risk	0.78	3.56	-2.78
Omega ratio: Gain probability vs. loss probability	1.17	1.48	-0.31
Calmar ratio: Return relative to maximum drawdown	0.49	3.50	-3.01
Martin ratio: Return relative to average drawdown	1.10	13.14	-12.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPI.TO vs. ZSP.TO - Sharpe Ratio Comparison

The current NPI.TO Sharpe Ratio is 0.50, which is lower than the ZSP.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of NPI.TO and ZSP.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NPI.TO	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	2.62	-2.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.18	1.13	-1.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.99	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	1.16	-0.68

Drawdowns

NPI.TO vs. ZSP.TO - Drawdown Comparison

The maximum NPI.TO drawdown since its inception was -58.76%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for NPI.TO and ZSP.TO.

Drawdown Indicators

	NPI.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-26.94%	-31.82%
Max Drawdown (1Y) Largest decline over 1 year	-37.01%	-8.61%	-28.40%
Max Drawdown (3Y) Largest decline over 3 years	-37.01%	-18.95%	-18.06%
Max Drawdown (5Y) Largest decline over 5 years	-57.37%	-22.25%	-35.12%
Max Drawdown (10Y) Largest decline over 10 years	-58.76%	-26.94%	-31.82%
Current Drawdown Current decline from peak	-37.27%	0.00%	-37.27%
Average Drawdown Average peak-to-trough decline	-12.05%	-3.34%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.30%	2.29%	+14.01%

Volatility

NPI.TO vs. ZSP.TO - Volatility Comparison

Northland Power Inc. (NPI.TO) has a higher volatility of 6.96% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.09%. This indicates that NPI.TO's price experiences larger fluctuations and is considered to be riskier than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPI.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.09%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	16.81%	8.66%	+8.15%
Volatility (1Y) Calculated over the trailing 1-year period	36.21%	11.52%	+24.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.88%	14.97%	+12.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.69%	16.36%	+10.33%

Dividends

NPI.TO vs. ZSP.TO - Dividend Comparison

NPI.TO's dividend yield for the trailing twelve months is around 4.12%, more than ZSP.TO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPI.TO Northland Power Inc.	4.12%	6.50%	11.02%	6.95%	5.01%	5.04%	4.11%	6.77%	5.53%	4.67%	4.64%	5.79%
ZSP.TO BMO S&P 500 Index ETF	0.74%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Frequently Asked Questions

Can I hold both NPI.TO and ZSP.TO in my portfolio?

NPI.TO and ZSP.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.