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

VXC.TO vs. ZSP.TO

Last updated Jun 14, 2026

VXC.TO (Vanguard FTSE Global All Cap ex Canada Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - VXC.TO is a Global Equities fund tracking the FTSE Global All Cap ex Canada 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, VXC.TO returned 13.41%/yr vs 16.12%/yr for ZSP.TO. Their correlation of 0.93 suggests significant overlap in exposure. VXC.TO charges 0.22%/yr vs 0.09%/yr for ZSP.TO.

Performance

VXC.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.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

In the year-to-date period, VXC.TO achieves a 13.02% return, which is significantly higher than ZSP.TO's 11.01% return. Over the past 10 years, VXC.TO has underperformed ZSP.TO with an annualized return of 13.41%, while ZSP.TO has yielded a comparatively higher 16.12% annualized return.

VXC.TO

1D
0.70%
1M
1.97%
YTD
13.02%
6M
13.39%
1Y
30.74%
3Y*
21.19%
5Y*
13.33%
10Y*
13.41%

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)

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

2026 (YTD)202520242023202220212020201920182017
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		13.02%16.12%26.06%19.20%-13.02%17.21%14.14%20.47%-3.34%15.95%
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 VXC.TO and ZSP.TO is 0.94, 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

0.94

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

0.93

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

0.94

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

0.94

Correlation (All Time)
Calculated using the full available price history since Jul 9, 2014

0.93

The correlation between VXC.TO and ZSP.TO has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

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

Sectors
VXC.TO
ZSP.TO

Technology

29.7%
36.2%

Financial Services

15.4%
11.9%

Industrials

11.1%
8.2%

Consumer Cyclical

9.2%
10.1%

Communication Services

8.5%
10.9%

Healthcare

8.5%
8.4%

Consumer Defensive

5.0%
4.8%

Energy

3.8%
3.5%

Basic Materials

3.3%
1.8%

Utilities

2.9%
2.3%

Real Estate

2.0%
1.9%

Technology

VXC.TO
29.7%
ZSP.TO
36.2%

Financial Services

VXC.TO
15.4%
ZSP.TO
11.9%

Industrials

VXC.TO
11.1%
ZSP.TO
8.2%

Consumer Cyclical

VXC.TO
9.2%
ZSP.TO
10.1%

Communication Services

VXC.TO
8.5%
ZSP.TO
10.9%

Healthcare

VXC.TO
8.5%
ZSP.TO
8.4%

Consumer Defensive

VXC.TO
5.0%
ZSP.TO
4.8%

Energy

VXC.TO
3.8%
ZSP.TO
3.5%

Basic Materials

VXC.TO
3.3%
ZSP.TO
1.8%

Utilities

VXC.TO
2.9%
ZSP.TO
2.3%

Real Estate

VXC.TO
2.0%
ZSP.TO
1.9%

Compare stocks, funds, or ETFs

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Vanguard FTSE Global All Cap ex Canada Index ETF

BMO S&P 500 Index ETF

Often compared with VXC.TO:
VXC.TO vs. XAW.TOVXC.TO vs. XEQT.TOVXC.TO vs. VEQT.TOVXC.TO vs. VFV.TOVXC.TO vs. VTVXC.TO vs. XEF.TOVXC.TO vs. VOO
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VXC.TO
VXC.TO Risk / Return Rank: 8181
Overall Rank
VXC.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
VXC.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
VXC.TO Omega Ratio Rank: 8383
Omega Ratio Rank
VXC.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
VXC.TO Martin Ratio Rank: 8282
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.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.

VXC.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.27
2.32

-0.06

Sortino ratioReturn per unit of downside risk
3.11
3.12

-0.01

Omega ratioGain probability vs. loss probability

1.43

1.43

0.00

Calmar ratioReturn relative to maximum drawdown

3.52

3.22

+0.30

Martin ratioReturn relative to average drawdown

14.04

12.00

+2.04

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

The current VXC.TO Sharpe Ratio is 2.27, which is comparable to the ZSP.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of VXC.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

VXC.TO vs. ZSP.TO - Drawdown Comparison

The maximum VXC.TO drawdown since its inception was -27.28%, roughly equal to the maximum ZSP.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for VXC.TO and ZSP.TO.

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Drawdown Indicators

VXC.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.28%

-26.94%

-0.34%

Max Drawdown (1Y)

Largest decline over 1 year

-8.24%

-8.61%

+0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-16.76%

-18.95%

+2.19%

Max Drawdown (5Y)

Largest decline over 5 years

-21.61%

-22.25%

+0.64%

Max Drawdown (10Y)

Largest decline over 10 years

-27.28%

-26.94%

-0.34%

Current Drawdown

Current decline from peak

-0.88%

-1.47%

+0.59%

Average Drawdown

Average peak-to-trough decline

-3.89%

-3.34%

-0.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

2.31%

-0.24%

Volatility

VXC.TO vs. ZSP.TO - Volatility Comparison

Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) has a higher volatility of 4.98% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.54%. This indicates that VXC.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.

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Volatility by Period

VXC.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.98%

4.54%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

10.61%

9.31%

+1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

12.82%

11.94%

+0.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.79%

15.03%

-1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.32%

16.39%

-1.07%

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

VXC.TO has a 0.22% 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

VXC.TO vs. ZSP.TO - Dividend Comparison

VXC.TO's dividend yield for the trailing twelve months is around 1.23%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		1.23%1.39%1.45%1.69%1.82%1.49%1.46%1.81%1.95%1.68%1.86%1.83%
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

With a correlation of 0.94, VXC.TO and ZSP.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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.

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.22% for VXC.TO.

VXC.TO is categorized as Global Equities, while ZSP.TO is S&P 500. VXC.TO tracks FTSE Global All Cap ex Canada 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: 0.22% for VXC.TO and 0.09% for ZSP.TO.

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