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VFV.TO vs. ZUE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VFV.TO vs. ZUE.TO

Last updated Jun 4, 2026

VFV.TO (Vanguard S&P 500 Index ETF) and ZUE.TO (BMO S&P 500 (CAD Hedged)) are both S&P 500 funds tracking the S&P 500 Index, from Vanguard and BMO respectively. Both are passively managed. Over the past 10 years, VFV.TO returned 16.04%/yr vs 13.77%/yr for ZUE.TO. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.

Performance

VFV.TO vs. ZUE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard S&P 500 Index ETF (VFV.TO) and BMO S&P 500 (CAD Hedged) (ZUE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VFV.TO achieves a 12.30% return, which is significantly higher than ZUE.TO's 9.67% return. Over the past 10 years, VFV.TO has outperformed ZUE.TO with an annualized return of 16.04%, while ZUE.TO has yielded a comparatively lower 13.77% annualized return.

VFV.TO

1D
-0.18%
1M
7.30%
YTD
12.30%
6M
10.47%
1Y
29.48%
3Y*
23.57%
5Y*
16.84%
10Y*
16.04%

ZUE.TO

1D
-0.65%
1M
5.07%
YTD
9.67%
6M
9.51%
1Y
25.18%
3Y*
20.25%
5Y*
12.15%
10Y*
13.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VFV.TO vs. ZUE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VFV.TO
Vanguard S&P 500 Index ETF		12.30%12.18%35.23%23.23%-12.58%27.51%15.62%25.14%2.94%13.67%
ZUE.TO
BMO S&P 500 (CAD Hedged)		9.67%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%

Correlation

The correlation between VFV.TO and ZUE.TO is 0.89, 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

0.89

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

0.88

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

0.88

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

0.83

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2012

0.80

The correlation between VFV.TO and ZUE.TO has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

VFV.TO vs. ZUE.TO - Sectors Allocation Comparison

Sectors
VFV.TO
ZUE.TO

Technology

35.7%
33.7%

Financial Services

11.6%
12.3%

Communication Services

11.3%
10.6%

Consumer Cyclical

10.2%
10.0%

Healthcare

8.5%
9.5%

Industrials

8.3%
8.6%

Consumer Defensive

4.9%
5.2%

Energy

3.5%
3.8%

Utilities

2.4%
2.5%

Real Estate

1.9%
2.0%

Basic Materials

1.8%
1.9%

Technology

VFV.TO
35.7%
ZUE.TO
33.7%

Financial Services

VFV.TO
11.6%
ZUE.TO
12.3%

Communication Services

VFV.TO
11.3%
ZUE.TO
10.6%

Consumer Cyclical

VFV.TO
10.2%
ZUE.TO
10.0%

Healthcare

VFV.TO
8.5%
ZUE.TO
9.5%

Industrials

VFV.TO
8.3%
ZUE.TO
8.6%

Consumer Defensive

VFV.TO
4.9%
ZUE.TO
5.2%

Energy

VFV.TO
3.5%
ZUE.TO
3.8%

Utilities

VFV.TO
2.4%
ZUE.TO
2.5%

Real Estate

VFV.TO
1.9%
ZUE.TO
2.0%

Basic Materials

VFV.TO
1.8%
ZUE.TO
1.9%

Compare stocks, funds, or ETFs

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

Vanguard S&P 500 Index ETF

BMO S&P 500 (CAD Hedged)

Often compared with VFV.TO:
VFV.TO vs. XEQT.TOVFV.TO vs. VEQT.TOVFV.TO vs. VOOVFV.TO vs. QQC.TOVFV.TO vs. VSP.TOVFV.TO vs. VCN.TOVFV.TO vs. XQQ.TO
Often compared with ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. XEQT.TOZUE.TO vs. VCN.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TOZUE.TO vs. VOO

Return for Risk

VFV.TO vs. ZUE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VFV.TO
VFV.TO Risk / Return Rank: 7474
Overall Rank
VFV.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
VFV.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
VFV.TO Omega Ratio Rank: 7878
Omega Ratio Rank
VFV.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VFV.TO Martin Ratio Rank: 6969
Martin Ratio Rank
ZUE.TO
ZUE.TO Risk / Return Rank: 6262
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6767
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.

VFV.TO vs. ZUE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Index ETF (VFV.TO) and BMO S&P 500 (CAD Hedged) (ZUE.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.

VFV.TOZUE.TODifference
Sharpe ratioReturn per unit of total volatility
2.59
2.12

+0.47

Sortino ratioReturn per unit of downside risk
3.53
2.91

+0.62

Omega ratioGain probability vs. loss probability

1.48

1.38

+0.10

Calmar ratioReturn relative to maximum drawdown

3.44

2.68

+0.76

Martin ratioReturn relative to average drawdown

13.10

12.32

+0.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VFV.TO vs. ZUE.TO - Sharpe Ratio Comparison

The current VFV.TO Sharpe Ratio is 2.59, which is comparable to the ZUE.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VFV.TO and ZUE.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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Sharpe Ratios by Period

VFV.TOZUE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.59

2.12

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

0.72

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.97

0.76

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.82

+0.32

Drawdowns

VFV.TO vs. ZUE.TO - Drawdown Comparison

The maximum VFV.TO drawdown since its inception was -27.43%, smaller than the maximum ZUE.TO drawdown of -35.56%. Use the drawdown chart below to compare losses from any high point for VFV.TO and ZUE.TO.

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Drawdown Indicators

VFV.TOZUE.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.43%

-35.56%

+8.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.62%

-9.43%

+0.81%

Max Drawdown (3Y)

Largest decline over 3 years

-19.05%

-18.72%

-0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-22.19%

-25.34%

+3.15%

Max Drawdown (10Y)

Largest decline over 10 years

-27.43%

-35.56%

+8.13%

Current Drawdown

Current decline from peak

-0.18%

-0.65%

+0.47%

Average Drawdown

Average peak-to-trough decline

-3.35%

-4.09%

+0.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

2.05%

+0.21%

Volatility

VFV.TO vs. ZUE.TO - Volatility Comparison

The current volatility for Vanguard S&P 500 Index ETF (VFV.TO) is 3.05%, while BMO S&P 500 (CAD Hedged) (ZUE.TO) has a volatility of 3.43%. This indicates that VFV.TO experiences smaller price fluctuations and is considered to be less risky than ZUE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VFV.TOZUE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.05%

3.43%

-0.38%

Volatility (6M)

Calculated over the trailing 6-month period

8.55%

9.15%

-0.60%

Volatility (1Y)

Calculated over the trailing 1-year period

11.46%

11.96%

-0.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.91%

16.88%

-1.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.57%

18.14%

-1.57%

VFV.TO vs. ZUE.TO - Expense Ratio Comparison

Both VFV.TO and ZUE.TO have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VFV.TO vs. ZUE.TO - Dividend Comparison

VFV.TO's dividend yield for the trailing twelve months is around 0.83%, more than ZUE.TO's 0.80% yield.

PositionTTM20252024202320222021202020192018201720162015
VFV.TO
Vanguard S&P 500 Index ETF		0.83%0.92%0.99%1.20%1.31%1.06%1.33%1.55%1.68%1.50%1.66%1.63%
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.80%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%

Frequently Asked Questions

VFV.TO and ZUE.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

VFV.TO and ZUE.TO have the same expense ratio: 0.09% per year.

Both ETFs track S&P 500 Index. They also come from different issuers: Vanguard and BMO.

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