VEQT.TO vs. ZSP.TO

Last updated Jun 14, 2026

VEQT.TO (Vanguard All-Equity ETF Portfolio) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VEQT.TO is a Global Equities fund actively managed by Vanguard, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. VEQT.TO is actively managed, while ZSP.TO is passively managed. Over the past 5 years, VEQT.TO returned 13.79%/yr vs 16.33%/yr for ZSP.TO. Their correlation of 0.90 suggests significant overlap in exposure. VEQT.TO charges 0.24%/yr vs 0.09%/yr for ZSP.TO.

Performance

VEQT.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard All-Equity ETF Portfolio (VEQT.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, VEQT.TO achieves a 12.47% return, which is significantly higher than ZSP.TO's 11.01% return.

VEQT.TO

• 1D: 0.68%
• 1M: 2.03%
• YTD: 12.47%
• 6M: 12.94%
• 1Y: 31.77%
• 3Y*: 21.97%
• 5Y*: 13.79%
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VEQT.TO Vanguard All-Equity ETF Portfolio	12.47%	20.37%	24.98%	16.71%	-10.76%	19.62%	11.43%	13.06%
ZSP.TO BMO S&P 500 Index ETF	11.01%	12.36%	35.07%	23.30%	-12.68%	27.54%	15.61%	19.29%

Correlation

The correlation between VEQT.TO and ZSP.TO is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Feb 5, 2019	0.90

The correlation between VEQT.TO and ZSP.TO has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

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

Sectors	VEQT.TO	ZSP.TO
Financial Services	20.7%	11.9%
Technology	20.3%	36.2%
Industrials	11.6%	8.2%
Energy	8.7%	3.5%
Basic Materials	8.6%	1.8%
Consumer Cyclical	7.8%	10.1%
Healthcare	6.6%	8.4%
Communication Services	6.0%	10.9%
Consumer Defensive	4.5%	4.8%
Utilities	2.8%	2.3%
Real Estate	2.2%	1.9%

Return for Risk

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

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

VEQT.TO

VEQT.TO Risk / Return Rank: 86
VEQT.TO Sharpe Ratio Rank: 88
VEQT.TO Sortino Ratio Rank: 87
VEQT.TO Omega Ratio Rank: 86
VEQT.TO Calmar Ratio Rank: 82
VEQT.TO Martin Ratio Rank: 87

ZSP.TO

ZSP.TO Risk / Return Rank: 79
ZSP.TO Sharpe Ratio Rank: 84
ZSP.TO Sortino Ratio Rank: 81
ZSP.TO Omega Ratio Rank: 83
ZSP.TO Calmar Ratio Rank: 73
ZSP.TO Martin Ratio Rank: 74

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard All-Equity ETF Portfolio (VEQT.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.

	VEQT.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.32	+0.18
Sortino ratio: Return per unit of downside risk	3.40	3.12	+0.28
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	3.78	3.22	+0.56
Martin ratio: Return relative to average drawdown	16.35	12.00	+4.35

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

The current VEQT.TO Sharpe Ratio is 2.50, which is comparable to the ZSP.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VEQT.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.

Drawdowns

VEQT.TO vs. ZSP.TO - Drawdown Comparison

The maximum VEQT.TO drawdown since its inception was -30.45%, 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 VEQT.TO and ZSP.TO.

Drawdown Indicators

	VEQT.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.45%	-26.94%	-3.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-8.61%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-15.46%	-18.95%	+3.49%
Max Drawdown (5Y) Largest decline over 5 years	-18.32%	-22.25%	+3.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.94%	—
Current Drawdown Current decline from peak	-0.84%	-1.47%	+0.63%
Average Drawdown Average peak-to-trough decline	-3.70%	-3.34%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.31%	-0.45%

Volatility

VEQT.TO vs. ZSP.TO - Volatility Comparison

Vanguard All-Equity ETF Portfolio (VEQT.TO) has a higher volatility of 5.00% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.54%. This indicates that VEQT.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

	VEQT.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	4.54%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.08%	9.31%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.18%	11.94%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	15.03%	-2.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	16.39%	-0.59%

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

VEQT.TO has a 0.24% 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

VEQT.TO vs. ZSP.TO - Dividend Comparison

VEQT.TO's dividend yield for the trailing twelve months is around 1.26%, more than ZSP.TO's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEQT.TO Vanguard All-Equity ETF Portfolio	1.26%	1.42%	1.58%	1.88%	2.09%	1.40%	1.48%	1.43%	0.00%	0.00%	0.00%	0.00%
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

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

VEQT.TO and ZSP.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.24% for VEQT.TO.

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

VEQT.TO is categorized as Global Equities, while ZSP.TO is S&P 500. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.24% for VEQT.TO and 0.09% for ZSP.TO.