SPXU.TO vs. ZSP-U.TO

Last updated Jul 17, 2026

SPXU.TO (BetaPro S&P 500 2x Daily Bull ETF) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both exchange-traded funds - SPXU.TO is a Leveraged Equities fund actively managed by Global X, while ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index. SPXU.TO is actively managed, while ZSP-U.TO is passively managed. Over the past 10 years, SPXU.TO returned 29.12%/yr vs 15.69%/yr for ZSP-U.TO. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

SPXU.TO vs. ZSP-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro S&P 500 2x Daily Bull ETF (SPXU.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPXU.TO achieves a 16.00% return, which is significantly higher than ZSP-U.TO's 13.11% return. Over the past 10 years, SPXU.TO has outperformed ZSP-U.TO with an annualized return of 29.12%, while ZSP-U.TO has yielded a comparatively lower 15.69% annualized return.

SPXU.TO

• 1D: -1.03%
• 1M: -0.14%
• 6M: 13.12%
• YTD: 16.00%
• 1Y: 33.69%
• 3Y*: 29.18%
• 5Y*: 15.39%
• 10Y*: 29.12%

ZSP-U.TO

• 1D: -0.73%
• 1M: 0.40%
• 6M: 9.98%
• YTD: 13.11%
• 1Y: 23.99%
• 3Y*: 22.09%
• 5Y*: 15.44%
• 10Y*: 15.69%

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

SPXU.TO vs. ZSP-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXU.TO BetaPro S&P 500 2x Daily Bull ETF	16.00%	22.49%	40.87%	43.60%	-40.81%	57.51%	134.75%	61.37%	-16.43%	42.05%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	13.11%	12.35%	34.94%	23.04%	-13.35%	28.39%	15.60%	25.59%	2.56%	13.20%

Correlation

The correlation between SPXU.TO and ZSP-U.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012	0.75

The correlation between SPXU.TO and ZSP-U.TO shifts across timeframes, from 0.75 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPXU.TO vs. ZSP-U.TO — Risk / Return Rank

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

SPXU.TO

SPXU.TO Risk / Return Rank: 47
SPXU.TO Sharpe Ratio Rank: 47
SPXU.TO Sortino Ratio Rank: 45
SPXU.TO Omega Ratio Rank: 45
SPXU.TO Calmar Ratio Rank: 43
SPXU.TO Martin Ratio Rank: 54

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 64
ZSP-U.TO Sharpe Ratio Rank: 64
ZSP-U.TO Sortino Ratio Rank: 62
ZSP-U.TO Omega Ratio Rank: 63
ZSP-U.TO Calmar Ratio Rank: 59
ZSP-U.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.

SPXU.TO vs. ZSP-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P 500 2x Daily Bull ETF (SPXU.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.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.

	SPXU.TO	ZSP-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.86	-0.50
Sortino ratio: Return per unit of downside risk	1.88	2.60	-0.73
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.81	2.69	-0.88
Martin ratio: Return relative to average drawdown	7.36	9.91	-2.56

SPXU.TO vs. ZSP-U.TO - Sharpe Ratio Comparison

The current SPXU.TO Sharpe Ratio is 1.35, which is comparable to the ZSP-U.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SPXU.TO and ZSP-U.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

SPXU.TO vs. ZSP-U.TO - Drawdown Comparison

The maximum SPXU.TO drawdown since its inception was -59.70%, which is greater than ZSP-U.TO's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for SPXU.TO and ZSP-U.TO.

Drawdown Indicators

	SPXU.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-27.70%	-32.00%
Max Drawdown (1Y) Largest decline over 1 year	-18.73%	-8.96%	-9.77%
Max Drawdown (3Y) Largest decline over 3 years	-35.54%	-19.35%	-16.19%
Max Drawdown (5Y) Largest decline over 5 years	-47.90%	-22.73%	-25.17%
Max Drawdown (10Y) Largest decline over 10 years	-59.70%	-27.70%	-32.00%
Current Drawdown Current decline from peak	-3.01%	-1.40%	-1.61%
Average Drawdown Average peak-to-trough decline	-9.71%	-3.47%	-6.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.59%	2.43%	+2.16%

Volatility

SPXU.TO vs. ZSP-U.TO - Volatility Comparison

BetaPro S&P 500 2x Daily Bull ETF (SPXU.TO) has a higher volatility of 6.54% compared to BMO S&P 500 Index ETF (USD) (ZSP-U.TO) at 3.51%. This indicates that SPXU.TO's price experiences larger fluctuations and is considered to be riskier than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXU.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	3.51%	+3.03%
Volatility (6M) Calculated over the trailing 6-month period	19.95%	10.49%	+9.46%
Volatility (1Y) Calculated over the trailing 1-year period	25.01%	12.97%	+12.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.74%	17.81%	+15.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.74%	18.50%	+29.24%

Dividends

SPXU.TO vs. ZSP-U.TO - Dividend Comparison

SPXU.TO has not paid dividends to shareholders, while ZSP-U.TO's dividend yield for the trailing twelve months is around 0.80%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXU.TO BetaPro S&P 500 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	0.80%	0.85%	1.04%	1.38%	1.55%	1.15%	1.57%	1.41%	1.67%	1.58%	1.49%	1.68%

Frequently Asked Questions

Can I hold both SPXU.TO and ZSP-U.TO in my portfolio?

With a correlation of 0.91, SPXU.TO and ZSP-U.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

What is the main difference between SPXU.TO and ZSP-U.TO?

SPXU.TO is categorized as Leveraged Equities, while ZSP-U.TO is S&P 500. They also come from different issuers: Global X and BMO.