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VCN.TO vs. ZSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCN.TO vs. ZSP.TO

Last updated Jun 14, 2026

VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic 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, VCN.TO returned 12.80%/yr vs 16.12%/yr for ZSP.TO. A 0.55 correlation means they provide meaningful diversification when combined. VCN.TO charges 0.06%/yr vs 0.09%/yr for ZSP.TO.

Performance

VCN.TO vs. ZSP.TO - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with VCN.TO having a 10.85% return and ZSP.TO slightly higher at 11.01%. Over the past 10 years, VCN.TO has underperformed ZSP.TO with an annualized return of 12.80%, while ZSP.TO has yielded a comparatively higher 16.12% annualized return.

VCN.TO

1D
0.72%
1M
2.14%
YTD
10.85%
6M
11.65%
1Y
33.96%
3Y*
23.86%
5Y*
14.96%
10Y*
12.80%

ZSP.TO

1D
0.74%
1M
1.01%
YTD
11.01%
6M
11.06%
1Y
29.16%
3Y*
22.66%
5Y*
16.33%
10Y*
16.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCN.TO vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.85%31.00%22.16%12.29%-5.76%25.65%4.83%22.09%-9.09%8.44%
ZSP.TO
BMO S&P 500 Index ETF		11.01%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%

Correlation

The correlation between VCN.TO and ZSP.TO is 0.62, 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

0.62

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

0.61

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

0.63

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

0.63

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.55

The correlation between VCN.TO and ZSP.TO has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

VCN.TO vs. ZSP.TO - Sectors Allocation Comparison

Sectors
VCN.TO
ZSP.TO

Financial Services

33.7%
11.9%

Energy

18.5%
3.5%

Basic Materials

17.6%
1.8%

Industrials

10.5%
8.2%

Technology

7.5%
36.2%

Consumer Cyclical

3.7%
10.1%

Consumer Defensive

2.8%
4.8%

Utilities

2.7%
2.3%

Real Estate

1.5%
1.9%

Communication Services

1.4%
10.9%

Healthcare

0.1%
8.4%

Financial Services

VCN.TO
33.7%
ZSP.TO
11.9%

Energy

VCN.TO
18.5%
ZSP.TO
3.5%

Basic Materials

VCN.TO
17.6%
ZSP.TO
1.8%

Industrials

VCN.TO
10.5%
ZSP.TO
8.2%

Technology

VCN.TO
7.5%
ZSP.TO
36.2%

Consumer Cyclical

VCN.TO
3.7%
ZSP.TO
10.1%

Consumer Defensive

VCN.TO
2.8%
ZSP.TO
4.8%

Utilities

VCN.TO
2.7%
ZSP.TO
2.3%

Real Estate

VCN.TO
1.5%
ZSP.TO
1.9%

Communication Services

VCN.TO
1.4%
ZSP.TO
10.9%

Healthcare

VCN.TO
0.1%
ZSP.TO
8.4%

Compare stocks, funds, or ETFs

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

Vanguard FTSE Canada All Cap Index ETF

BMO S&P 500 Index ETF

Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO
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

VCN.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VCN.TO
VCN.TO Risk / Return Rank: 8686
Overall Rank
VCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8888
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) 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.

VCN.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.59
2.32

+0.27

Sortino ratioReturn per unit of downside risk
3.35
3.12

+0.22

Omega ratioGain probability vs. loss probability

1.47

1.43

+0.04

Calmar ratioReturn relative to maximum drawdown

3.68

3.22

+0.46

Martin ratioReturn relative to average drawdown

16.98

12.00

+4.98

VCN.TO vs. ZSP.TO - Sharpe Ratio Comparison

The current VCN.TO Sharpe Ratio is 2.59, which is comparable to the ZSP.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VCN.TO 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.

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Drawdowns

VCN.TO vs. ZSP.TO - Drawdown Comparison

The maximum VCN.TO drawdown since its inception was -37.32%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for VCN.TO and ZSP.TO.

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Drawdown Indicators

VCN.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.32%

-26.94%

-10.38%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-8.61%

-0.50%

Max Drawdown (3Y)

Largest decline over 3 years

-12.24%

-18.95%

+6.71%

Max Drawdown (5Y)

Largest decline over 5 years

-16.12%

-22.25%

+6.13%

Max Drawdown (10Y)

Largest decline over 10 years

-37.32%

-26.94%

-10.38%

Current Drawdown

Current decline from peak

-0.85%

-1.47%

+0.62%

Average Drawdown

Average peak-to-trough decline

-3.89%

-3.34%

-0.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.31%

-0.34%

Volatility

VCN.TO vs. ZSP.TO - Volatility Comparison

Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and BMO S&P 500 Index ETF (ZSP.TO) have volatilities of 4.44% and 4.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCN.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

4.54%

-0.10%

Volatility (6M)

Calculated over the trailing 6-month period

10.63%

9.31%

+1.32%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

11.94%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.10%

15.03%

-1.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.99%

16.39%

-1.40%

VCN.TO vs. ZSP.TO - Expense Ratio Comparison

VCN.TO has a 0.06% expense ratio, which is lower than ZSP.TO's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VCN.TO vs. ZSP.TO - Dividend Comparison

VCN.TO's dividend yield for the trailing twelve months is around 2.00%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		2.00%2.27%2.71%3.00%3.17%2.49%2.72%2.88%2.83%2.29%2.36%2.68%
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

VCN.TO and ZSP.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.09% for ZSP.TO.

VCN.TO is categorized as Canada Equities, while ZSP.TO is S&P 500. VCN.TO tracks FTSE Canada All Cap Domestic Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.06% for VCN.TO and 0.09% for ZSP.TO.

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