PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SPMO vs. ZSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMO vs. ZSP.TO

Last updated Jun 13, 2026

SPMO (Invesco S&P 500 Momentum ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum 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, SPMO returned 20.86%/yr vs 15.12%/yr for ZSP.TO. A 0.59 correlation means they provide meaningful diversification when combined. SPMO charges 0.13%/yr vs 0.09%/yr for ZSP.TO.

Performance

SPMO vs. ZSP.TO - Performance Comparison

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

Loading charts...

Different Trading Currencies

SPMO 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, SPMO achieves a 28.15% return, which is significantly higher than ZSP.TO's 8.69% return. Over the past 10 years, SPMO has outperformed ZSP.TO with an annualized return of 20.86%, while ZSP.TO has yielded a comparatively lower 15.12% annualized return.

SPMO

1D
1.26%
1M
4.23%
YTD
28.15%
6M
28.70%
1Y
43.47%
3Y*
41.53%
5Y*
23.50%
10Y*
20.86%

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)

SPMO vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMO
Invesco S&P 500 Momentum ETF		28.15%26.58%45.82%17.56%-10.45%22.64%28.25%25.93%-0.92%27.76%
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 SPMO and ZSP.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (10Y)
Calculated over the trailing 10-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Oct 12, 2015

0.59

The correlation between SPMO and ZSP.TO has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

SPMO vs. ZSP.TO - Sectors Allocation Comparison

Sectors
SPMO
ZSP.TO

Technology

54.8%
36.2%

Industrials

10.9%
8.2%

Communication Services

8.7%
10.9%

Healthcare

6.2%
8.4%

Financial Services

5.7%
11.9%

Consumer Defensive

4.0%
4.8%

Energy

3.1%
3.5%

Utilities

2.5%
2.3%

Basic Materials

1.6%
1.8%

Consumer Cyclical

1.3%
10.1%

Real Estate

0.9%
1.9%

Technology

SPMO
54.8%
ZSP.TO
36.2%

Industrials

SPMO
10.9%
ZSP.TO
8.2%

Communication Services

SPMO
8.7%
ZSP.TO
10.9%

Healthcare

SPMO
6.2%
ZSP.TO
8.4%

Financial Services

SPMO
5.7%
ZSP.TO
11.9%

Consumer Defensive

SPMO
4.0%
ZSP.TO
4.8%

Energy

SPMO
3.1%
ZSP.TO
3.5%

Utilities

SPMO
2.5%
ZSP.TO
2.3%

Basic Materials

SPMO
1.6%
ZSP.TO
1.8%

Consumer Cyclical

SPMO
1.3%
ZSP.TO
10.1%

Real Estate

SPMO
0.9%
ZSP.TO
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 Momentum ETF

BMO S&P 500 Index ETF

Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO
Often compared with ZSP.TO:
ZSP.TO vs. VOOZSP.TO vs. XSP.TOZSP.TO vs. ZCN.TOZSP.TO vs. XUS.TOZSP.TO vs. ZEQT.TOZSP.TO vs. VSP.TOZSP.TO vs. ZQQ.TO

Return for Risk

SPMO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMO
SPMO Risk / Return Rank: 7979
Overall Rank
SPMO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7878
Sortino Ratio Rank
SPMO Omega Ratio Rank: 8080
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7777
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7878
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 7979
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7474
Martin Ratio Rank
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.

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

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

SPMOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.24
1.92

+0.32

Sortino ratioReturn per unit of downside risk
2.98
2.61

+0.37

Omega ratioGain probability vs. loss probability

1.41

1.35

+0.06

Calmar ratioReturn relative to maximum drawdown

3.44

2.72

+0.72

Martin ratioReturn relative to average drawdown

13.01

11.64

+1.37

SPMO vs. ZSP.TO - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 2.24, which is comparable to the ZSP.TO Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPMO 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.

Loading charts...

Drawdowns

SPMO vs. ZSP.TO - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum ZSP.TO drawdown of -33.11%. Use the drawdown chart below to compare losses from any high point for SPMO and ZSP.TO.

Loading charts...

Drawdown Indicators

SPMOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-30.95%

-33.11%

+2.16%

Max Drawdown (1Y)

Largest decline over 1 year

-12.70%

-9.11%

-3.59%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-18.80%

-1.33%

Max Drawdown (5Y)

Largest decline over 5 years

-22.74%

-24.35%

+1.61%

Max Drawdown (10Y)

Largest decline over 10 years

-30.95%

-33.11%

+2.16%

Current Drawdown

Current decline from peak

-1.68%

-2.52%

+0.84%

Average Drawdown

Average peak-to-trough decline

-4.60%

-3.85%

-0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

2.13%

+1.22%

Volatility

SPMO vs. ZSP.TO - Volatility Comparison

Invesco S&P 500 Momentum ETF (SPMO) has a higher volatility of 10.29% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.55%. This indicates that SPMO'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.

Loading charts...

Volatility by Period

SPMOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.29%

4.55%

+5.74%

Volatility (6M)

Calculated over the trailing 6-month period

16.73%

9.83%

+6.90%

Volatility (1Y)

Calculated over the trailing 1-year period

19.48%

12.90%

+6.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.65%

16.16%

+3.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.48%

17.54%

+2.94%

SPMO vs. ZSP.TO - Expense Ratio Comparison

SPMO has a 0.13% 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

SPMO vs. ZSP.TO - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.67%, less than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.67%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
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

SPMO and ZSP.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for SPMO.

SPMO is categorized as Momentum, while ZSP.TO is S&P 500. SPMO tracks S&P 500 Momentum Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.13% for SPMO and 0.09% for ZSP.TO.

Portfolio Optimizer

Find the right allocation for SPMO and ZSP.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer