VEE.TO vs. ZSP.TO

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion 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, VEE.TO returned 9.01%/yr vs 15.98%/yr for ZSP.TO. A 0.58 correlation means they provide meaningful diversification when combined. VEE.TO charges 0.25%/yr vs 0.09%/yr for ZSP.TO.

Performance

VEE.TO vs. ZSP.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, VEE.TO achieves a 13.54% return, which is significantly higher than ZSP.TO's 12.15% return. Over the past 10 years, VEE.TO has underperformed ZSP.TO with an annualized return of 9.01%, while ZSP.TO has yielded a comparatively higher 15.98% annualized return.

VEE.TO

• 1D: -0.90%
• 1M: 4.93%
• YTD: 13.54%
• 6M: 12.96%
• 1Y: 31.71%
• 3Y*: 18.62%
• 5Y*: 7.50%
• 10Y*: 9.01%

ZSP.TO

• 1D: -0.29%
• 1M: 7.18%
• YTD: 12.15%
• 6M: 10.04%
• 1Y: 28.96%
• 3Y*: 23.44%
• 5Y*: 16.74%
• 10Y*: 15.98%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	13.54%	19.32%	19.06%	6.24%	-12.78%	0.05%	12.32%	14.33%	-7.95%	22.55%
ZSP.TO BMO S&P 500 Index ETF	12.15%	12.02%	35.07%	23.30%	-12.68%	27.53%	15.61%	24.69%	3.24%	13.54%

Correlation

The correlation between VEE.TO and ZSP.TO is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.58

The correlation between VEE.TO and ZSP.TO shifts across timeframes, from 0.51 (5 years) to 0.68 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	VEE.TO	ZSP.TO
Technology	26.3%	35.5%
Financial Services	20.5%	12.1%
Consumer Cyclical	11.2%	10.3%
Basic Materials	8.4%	1.8%
Industrials	7.9%	8.4%
Communication Services	7.8%	10.9%
Energy	4.7%	3.3%
Healthcare	4.1%	8.7%
Consumer Defensive	3.9%	4.8%
Utilities	3.0%	2.3%
Real Estate	2.3%	2.0%

Return for Risk

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

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

VEE.TO

VEE.TO Risk / Return Rank: 60
VEE.TO Sharpe Ratio Rank: 60
VEE.TO Sortino Ratio Rank: 60
VEE.TO Omega Ratio Rank: 63
VEE.TO Calmar Ratio Rank: 59
VEE.TO Martin Ratio Rank: 59

ZSP.TO

ZSP.TO Risk / Return Rank: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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.

	VEE.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.53	-0.45
Sortino ratio: Return per unit of downside risk	2.90	3.45	-0.54
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	2.97	3.38	-0.41
Martin ratio: Return relative to average drawdown	10.74	12.70	-1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VEE.TO Sharpe Ratio is 2.08, which is comparable to the ZSP.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of VEE.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.

Sharpe Ratios by Period

	VEE.TO	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	2.53	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	1.13	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.98	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.15	-0.71

Drawdowns

VEE.TO vs. ZSP.TO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, 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 VEE.TO and ZSP.TO.

Drawdown Indicators

	VEE.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.84%	-26.94%	-2.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-8.61%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-14.97%	-18.95%	+3.98%
Max Drawdown (5Y) Largest decline over 5 years	-26.10%	-22.25%	-3.85%
Max Drawdown (10Y) Largest decline over 10 years	-29.84%	-26.94%	-2.90%
Current Drawdown Current decline from peak	-0.90%	-0.29%	-0.61%
Average Drawdown Average peak-to-trough decline	-8.73%	-3.34%	-5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.29%	+0.67%

Volatility

VEE.TO vs. ZSP.TO - Volatility Comparison

Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a higher volatility of 6.04% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.14%. This indicates that VEE.TO'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

	VEE.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	3.14%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	8.65%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	11.53%	+3.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	14.97%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	16.36%	+0.61%

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

VEE.TO has a 0.25% 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

VEE.TO vs. ZSP.TO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, more than ZSP.TO's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	1.91%	2.26%	2.45%	2.83%	3.35%	2.18%	1.61%	2.71%	2.21%	1.89%	1.99%	2.53%
ZSP.TO BMO S&P 500 Index ETF	0.75%	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

Can I hold both VEE.TO and ZSP.TO in my portfolio?

VEE.TO and ZSP.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEE.TO or ZSP.TO?

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.

Which ETF is cheaper, VEE.TO or ZSP.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.25% for VEE.TO.

What is the main difference between VEE.TO and ZSP.TO?

VEE.TO is categorized as Emerging Markets Equities, while ZSP.TO is S&P 500. VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.25% for VEE.TO and 0.09% for ZSP.TO.