VGH.TO vs. ZSP.TO

Last updated Jul 18, 2026

VGH.TO (Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VGH.TO is a Dividend fund tracking the S&P U.S. Dividend Growers 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, VGH.TO returned 11.05%/yr vs 15.54%/yr for ZSP.TO. A 0.70 correlation means they provide meaningful diversification when combined. VGH.TO charges 0.31%/yr vs 0.09%/yr for ZSP.TO.

Performance

VGH.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.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, VGH.TO achieves a 7.53% return, which is significantly lower than ZSP.TO's 11.68% return. Over the past 10 years, VGH.TO has underperformed ZSP.TO with an annualized return of 11.05%, while ZSP.TO has yielded a comparatively higher 15.54% annualized return.

VGH.TO

• 1D: -0.36%
• 1M: 1.59%
• 6M: 4.82%
• YTD: 7.53%
• 1Y: 14.21%
• 3Y*: 12.84%
• 5Y*: 8.70%
• 10Y*: 11.05%

ZSP.TO

• 1D: -1.30%
• 1M: -0.21%
• 6M: 8.67%
• YTD: 11.68%
• 1Y: 21.82%
• 3Y*: 21.58%
• 5Y*: 15.17%
• 10Y*: 15.54%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGH.TO Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged	7.53%	11.44%	15.35%	12.77%	-11.08%	22.47%	12.97%	27.74%	-4.59%	21.47%
ZSP.TO BMO S&P 500 Index ETF	11.68%	12.36%	35.07%	23.30%	-12.68%	27.54%	15.61%	24.69%	3.28%	13.60%

Correlation

The correlation between VGH.TO and ZSP.TO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Aug 14, 2013	0.70

The correlation between VGH.TO and ZSP.TO has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

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

Sectors	VGH.TO	ZSP.TO
Technology	29.0%	38.7%
Financial Services	19.9%	11.5%
Healthcare	16.6%	8.9%
Industrials	11.3%	8.1%
Consumer Defensive	9.3%	4.5%
Consumer Cyclical	4.4%	9.4%
Basic Materials	3.3%	1.7%
Energy	3.2%	3.0%
Utilities	2.9%	2.7%
Communication Services	0.5%	9.6%
Real Estate	-	1.8%

Return for Risk

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

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

VGH.TO

VGH.TO Risk / Return Rank: 50
VGH.TO Sharpe Ratio Rank: 53
VGH.TO Sortino Ratio Rank: 55
VGH.TO Omega Ratio Rank: 50
VGH.TO Calmar Ratio Rank: 42
VGH.TO Martin Ratio Rank: 51

ZSP.TO

ZSP.TO Risk / Return Rank: 67
ZSP.TO Sharpe Ratio Rank: 69
ZSP.TO Sortino Ratio Rank: 68
ZSP.TO Omega Ratio Rank: 68
ZSP.TO Calmar Ratio Rank: 64
ZSP.TO Martin Ratio Rank: 67

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.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.

	VGH.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.79	-0.38
Sortino ratio: Return per unit of downside risk	2.08	2.48	-0.40
Omega ratio: Gain probability vs. loss probability	1.25	1.32	-0.07
Calmar ratio: Return relative to maximum drawdown	1.69	2.54	-0.85
Martin ratio: Return relative to average drawdown	6.72	9.38	-2.67

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

The current VGH.TO Sharpe Ratio is 1.41, which is comparable to the ZSP.TO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of VGH.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

VGH.TO vs. ZSP.TO - Drawdown Comparison

The maximum VGH.TO drawdown since its inception was -32.82%, 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 VGH.TO and ZSP.TO.

Drawdown Indicators

	VGH.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.82%	-26.94%	-5.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-8.61%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-18.95%	+3.79%
Max Drawdown (5Y) Largest decline over 5 years	-21.34%	-22.25%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.82%	-26.94%	-5.88%
Current Drawdown Current decline from peak	-0.73%	-2.55%	+1.82%
Average Drawdown Average peak-to-trough decline	-3.64%	-3.32%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.33%	-0.21%

Volatility

VGH.TO vs. ZSP.TO - Volatility Comparison

The current volatility for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.TO) is 1.65%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 3.41%. This indicates that VGH.TO 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.

Volatility by Period

	VGH.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	3.41%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	9.71%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	10.13%	12.30%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.19%	15.10%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	16.39%	-0.67%

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

VGH.TO has a 0.31% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

VGH.TO vs. ZSP.TO - Dividend Comparison

VGH.TO's dividend yield for the trailing twelve months is around 1.07%, more than ZSP.TO's 0.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGH.TO Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged	1.07%	1.15%	1.28%	1.34%	1.38%	1.22%	1.21%	1.23%	1.58%	1.39%	1.63%	1.81%
ZSP.TO BMO S&P 500 Index ETF	0.77%	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 VGH.TO and ZSP.TO in my portfolio?

VGH.TO and ZSP.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.31% for VGH.TO.

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

VGH.TO is categorized as Dividend, while ZSP.TO is S&P 500. VGH.TO tracks S&P U.S. Dividend Growers Index (CAD-hedged), while ZSP.TO tracks S&P 500 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.31% for VGH.TO and 0.09% for ZSP.TO.