VBU.NEO vs. ZSP.TO
VBU.NEO (Vanguard U.S. Aggregate Bond Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VBU.NEO is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Bond Index (CAD Hedged), while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VBU.NEO returned -0.16%/yr vs 16.09%/yr for ZSP.TO. At a correlation of -0.02, they often move in opposite directions. VBU.NEO charges 0.22%/yr vs 0.09%/yr for ZSP.TO.
Performance
VBU.NEO vs. ZSP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VBU.NEO achieves a -2.13% return, which is significantly lower than ZSP.TO's 12.66% return. Over the past 10 years, VBU.NEO has underperformed ZSP.TO with an annualized return of -0.16%, while ZSP.TO has yielded a comparatively higher 16.09% annualized return.
VBU.NEO
- 1D
- 0.14%
- 1M
- -0.19%
- YTD
- -2.13%
- 6M
- -2.49%
- 1Y
- -1.03%
- 3Y*
- -0.45%
- 5Y*
- -2.71%
- 10Y*
- -0.16%
ZSP.TO
- 1D
- 0.46%
- 1M
- 5.19%
- YTD
- 12.66%
- 6M
- 11.21%
- 1Y
- 30.82%
- 3Y*
- 23.62%
- 5Y*
- 16.85%
- 10Y*
- 16.09%
VBU.NEO vs. ZSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBU.NEO Vanguard U.S. Aggregate Bond Index ETF | -2.13% | 1.31% | -2.90% | 4.56% | -13.69% | -2.10% | 7.24% | 7.76% | -1.05% | 3.47% |
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 VBU.NEO and ZSP.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | -0.02 |
The correlation between VBU.NEO and ZSP.TO shifts across timeframes, from -0.02 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VBU.NEO vs. ZSP.TO — Risk / Return Rank
VBU.NEO
ZSP.TO
VBU.NEO vs. ZSP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Aggregate Bond Index ETF (VBU.NEO) 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.
| VBU.NEO | ZSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.83 | ||
| Sortino ratioReturn per unit of downside risk | -3.82 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.48 | -0.52 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 3.50 | -3.72 |
| Martin ratioReturn relative to average drawdown | -0.59 | 13.14 | -13.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBU.NEO | ZSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 2.62 | -2.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 1.13 | -1.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | 0.99 | -1.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.08 | 1.16 | -1.08 |
Drawdowns
VBU.NEO vs. ZSP.TO - Drawdown Comparison
The maximum VBU.NEO drawdown since its inception was -19.38%, smaller than the maximum ZSP.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for VBU.NEO and ZSP.TO.
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Drawdown Indicators
| VBU.NEO | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.38% | -26.94% | +7.56% |
Max Drawdown (1Y)Largest decline over 1 year | -4.55% | -8.61% | +4.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.80% | -18.95% | +12.15% |
Max Drawdown (5Y)Largest decline over 5 years | -18.46% | -22.25% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -19.38% | -26.94% | +7.56% |
Current DrawdownCurrent decline from peak | -15.47% | 0.00% | -15.47% |
Average DrawdownAverage peak-to-trough decline | -6.05% | -3.34% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 2.29% | -0.55% |
Volatility
VBU.NEO vs. ZSP.TO - Volatility Comparison
The current volatility for Vanguard U.S. Aggregate Bond Index ETF (VBU.NEO) is 2.45%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 3.09%. This indicates that VBU.NEO experiences smaller price fluctuations and is considered to be less risky than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBU.NEO | ZSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 3.09% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 3.49% | 8.66% | -5.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.79% | 11.52% | -6.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.33% | 14.97% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.97% | 16.36% | -10.39% |
VBU.NEO vs. ZSP.TO - Expense Ratio Comparison
VBU.NEO has a 0.22% 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
VBU.NEO vs. ZSP.TO - Dividend Comparison
VBU.NEO has not paid dividends to shareholders, while ZSP.TO's dividend yield for the trailing twelve months is around 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBU.NEO Vanguard U.S. Aggregate Bond Index ETF | 0.00% | 0.00% | 0.24% | 2.72% | 2.31% | 1.83% | 2.14% | 2.36% | 2.28% | 2.20% | 2.19% | 2.18% |
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
VBU.NEO and ZSP.TO have a correlation of 0.15, 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 0.22% for VBU.NEO.
VBU.NEO is categorized as Total Bond Market, while ZSP.TO is S&P 500. VBU.NEO tracks Bloomberg U.S. Aggregate Float Adjusted Bond Index (CAD Hedged), while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.22% for VBU.NEO and 0.09% for ZSP.TO.
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