SPHQ vs. ZSP.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 Quality ETF (SPHQ) and BMO S&P 500 Index ETF (ZSP.TO).

SPHQ and ZSP.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPHQ is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality Index. It was launched on Dec 6, 2005. ZSP.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on Nov 14, 2012. Both SPHQ and ZSP.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPHQ vs. ZSP.TO - Performance Comparison

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

SPHQ vs. ZSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	0.57%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
ZSP.TO BMO S&P 500 Index ETF	-4.41%	17.39%	24.40%	26.11%	-18.52%	28.48%	17.92%	30.91%	-4.78%	21.38%

Different Trading Currencies

SPHQ 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, SPHQ achieves a 0.57% return, which is significantly higher than ZSP.TO's -7.01% return. Both investments have delivered pretty close results over the past 10 years, with SPHQ having a 13.53% annualized return and ZSP.TO not far behind at 13.32%.

SPHQ

• 1D: 2.36%
• 1M: -6.75%
• YTD: 0.57%
• 6M: 3.29%
• 1Y: 14.73%
• 3Y*: 18.19%
• 5Y*: 12.50%
• 10Y*: 13.53%

ZSP.TO

• 1D: 0.00%
• 1M: -7.53%
• YTD: -7.01%
• 6M: -4.79%
• 1Y: 14.05%
• 3Y*: 16.79%
• 5Y*: 10.77%
• 10Y*: 13.32%

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

SPHQ vs. ZSP.TO - Expense Ratio Comparison

SPHQ has a 0.15% 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%.

SPHQ

Invesco S&P 500 Quality ETF

ZSP.TO

BMO S&P 500 Index ETF

Return for Risk

SPHQ vs. ZSP.TO — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 58
SPHQ Sharpe Ratio Rank: 52
SPHQ Sortino Ratio Rank: 54
SPHQ Omega Ratio Rank: 52
SPHQ Calmar Ratio Rank: 62
SPHQ Martin Ratio Rank: 69

ZSP.TO

ZSP.TO Risk / Return Rank: 47
ZSP.TO Sharpe Ratio Rank: 43
ZSP.TO Sortino Ratio Rank: 42
ZSP.TO Omega Ratio Rank: 48
ZSP.TO Calmar Ratio Rank: 51
ZSP.TO Martin Ratio Rank: 49

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	ZSP.TO	Difference
Sharpe ratio Return per unit of total volatility	0.86	0.77	+0.09
Sortino ratio Return per unit of downside risk	1.34	1.21	+0.13
Omega ratio Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio Return relative to maximum drawdown	1.46	1.19	+0.27
Martin ratio Return relative to average drawdown	6.45	5.57	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHQ vs. ZSP.TO - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 0.86, which is comparable to the ZSP.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of SPHQ and ZSP.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPHQ	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.77	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.64	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.74	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.80	-0.31

Correlation

The correlation between SPHQ and ZSP.TO is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPHQ vs. ZSP.TO - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.19%, more than ZSP.TO's 0.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPHQ Invesco S&P 500 Quality ETF	1.19%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%
ZSP.TO BMO S&P 500 Index ETF	0.87%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Drawdowns

SPHQ vs. ZSP.TO - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than ZSP.TO's maximum drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for SPHQ and ZSP.TO.

Drawdown Indicators

	SPHQ	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-26.94%	-30.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.84%	-12.43%	+1.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-22.25%	-2.79%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-26.94%	-4.66%
Current Drawdown Current decline from peak	-6.75%	-6.12%	-0.63%
Average Drawdown Average peak-to-trough decline	-10.78%	-3.37%	-7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	3.33%	-0.88%

Volatility

SPHQ vs. ZSP.TO - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 5.40% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.27%. This indicates that SPHQ'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

	SPHQ	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	4.27%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	9.64%	9.00%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	17.13%	18.25%	-1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	16.89%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.81%	18.07%	-0.26%