QQQ vs. ZSP.TO

Last updated Jun 13, 2026

QQQ (Invesco QQQ ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QQQ returned 21.79%/yr vs 15.12%/yr for ZSP.TO. A 0.67 correlation means they provide meaningful diversification when combined. QQQ charges 0.18%/yr vs 0.09%/yr for ZSP.TO.

Performance

QQQ vs. ZSP.TO - Performance Comparison

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

Different Trading Currencies

QQQ is traded in USD, while ZSP.TO is traded in CAD. To make them comparable, the ZSP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QQQ achieves a 17.57% return, which is significantly higher than ZSP.TO's 8.69% return. Over the past 10 years, QQQ has outperformed ZSP.TO with an annualized return of 21.79%, while ZSP.TO has yielded a comparatively lower 15.12% annualized return.

QQQ

• 1D: 0.59%
• 1M: 0.93%
• YTD: 17.57%
• 6M: 17.85%
• 1Y: 35.82%
• 3Y*: 26.43%
• 5Y*: 16.85%
• 10Y*: 21.79%

ZSP.TO

• 1D: 0.45%
• 1M: -0.16%
• YTD: 8.69%
• 6M: 9.38%
• 1Y: 24.69%
• 3Y*: 20.80%
• 5Y*: 12.99%
• 10Y*: 15.12%

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

QQQ vs. ZSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ Invesco QQQ ETF	17.57%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%
ZSP.TO BMO S&P 500 Index ETF	8.69%	17.73%	24.53%	26.31%	-17.88%	27.60%	18.42%	30.05%	-4.73%	21.85%

Correlation

The correlation between QQQ and ZSP.TO is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.67

The correlation between QQQ and ZSP.TO has been stable across timeframes, ranging from 0.67 to 0.77 - a consistent structural relationship.

QQQ vs. ZSP.TO - Sectors Allocation Comparison

Sectors	QQQ	ZSP.TO
Technology	53.8%	36.2%
Communication Services	15.8%	10.9%
Consumer Cyclical	12.3%	10.1%
Consumer Defensive	7.7%	4.8%
Healthcare	4.2%	8.4%
Industrials	2.8%	8.2%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.9%
Real Estate	0.1%	1.9%

Return for Risk

QQQ vs. ZSP.TO — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 71
QQQ Sharpe Ratio Rank: 75
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 73
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 70

ZSP.TO

ZSP.TO Risk / Return Rank: 79
ZSP.TO Sharpe Ratio Rank: 84
ZSP.TO Sortino Ratio Rank: 81
ZSP.TO Omega Ratio Rank: 83
ZSP.TO Calmar Ratio Rank: 73
ZSP.TO Martin Ratio Rank: 74

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QQQ	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.92	+0.17
Sortino ratio: Return per unit of downside risk	2.73	2.61	+0.12
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.01
Calmar ratio: Return relative to maximum drawdown	3.01	2.72	+0.29
Martin ratio: Return relative to average drawdown	11.22	11.64	-0.41

QQQ vs. ZSP.TO - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is comparable to the ZSP.TO Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of QQQ 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.

Drawdowns

QQQ vs. ZSP.TO - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than ZSP.TO's maximum drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for QQQ and ZSP.TO.

Drawdown Indicators

	QQQ	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-82.97%	-33.11%	-49.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-9.11%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-22.77%	-18.80%	-3.97%
Max Drawdown (5Y) Largest decline over 5 years	-35.12%	-24.35%	-10.77%
Max Drawdown (10Y) Largest decline over 10 years	-35.12%	-33.11%	-2.01%
Current Drawdown Current decline from peak	-3.33%	-2.52%	-0.81%
Average Drawdown Average peak-to-trough decline	-32.75%	-3.85%	-28.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.13%	+1.07%

Volatility

QQQ vs. ZSP.TO - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 7.56% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.55%. This indicates that QQQ'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

	QQQ	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	4.55%	+3.01%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	9.83%	+3.98%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	12.90%	+4.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	16.16%	+6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	17.54%	+4.84%

QQQ vs. ZSP.TO - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QQQ vs. ZSP.TO - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, less than ZSP.TO's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.39%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
ZSP.TO BMO S&P 500 Index ETF	0.76%	0.82%	0.94%	1.33%	1.44%	1.15%	1.45%	1.48%	1.68%	1.68%	2.23%	1.60%

Frequently Asked Questions

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

QQQ and ZSP.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQQ or ZSP.TO?

On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQQ or ZSP.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.18% for QQQ.

What is the main difference between QQQ and ZSP.TO?

QQQ is categorized as Nasdaq-100, while ZSP.TO is S&P 500. QQQ tracks NASDAQ-100 Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.18% for QQQ and 0.09% for ZSP.TO.