PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XIC.TO vs. ZSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIC.TO vs. ZSP.TO

Last updated Jun 14, 2026

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite 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, XIC.TO returned 12.79%/yr vs 16.12%/yr for ZSP.TO. A 0.59 correlation means they provide meaningful diversification when combined. XIC.TO charges 0.06%/yr vs 0.09%/yr for ZSP.TO.

Performance

XIC.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with XIC.TO having a 11.27% return and ZSP.TO slightly lower at 11.01%. Over the past 10 years, XIC.TO has underperformed ZSP.TO with an annualized return of 12.79%, while ZSP.TO has yielded a comparatively higher 16.12% annualized return.

XIC.TO

1D
0.79%
1M
2.23%
YTD
11.27%
6M
11.99%
1Y
34.84%
3Y*
23.86%
5Y*
14.57%
10Y*
12.79%

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)

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

2026 (YTD)202520242023202220212020201920182017
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		11.27%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-8.72%8.99%
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 XIC.TO and ZSP.TO is 0.62, 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

0.62

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

0.60

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

0.62

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

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2012

0.59

The correlation between XIC.TO and ZSP.TO has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

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

Sectors
XIC.TO
ZSP.TO

Financial Services

34.4%
11.9%

Energy

17.5%
3.5%

Basic Materials

16.4%
1.8%

Industrials

10.3%
8.2%

Technology

7.2%
36.2%

Consumer Cyclical

3.8%
10.1%

Consumer Defensive

3.0%
4.8%

Utilities

2.9%
2.3%

Communication Services

1.8%
10.9%

Real Estate

1.5%
1.9%

Healthcare

0.1%
8.4%

Financial Services

XIC.TO
34.4%
ZSP.TO
11.9%

Energy

XIC.TO
17.5%
ZSP.TO
3.5%

Basic Materials

XIC.TO
16.4%
ZSP.TO
1.8%

Industrials

XIC.TO
10.3%
ZSP.TO
8.2%

Technology

XIC.TO
7.2%
ZSP.TO
36.2%

Consumer Cyclical

XIC.TO
3.8%
ZSP.TO
10.1%

Consumer Defensive

XIC.TO
3.0%
ZSP.TO
4.8%

Utilities

XIC.TO
2.9%
ZSP.TO
2.3%

Communication Services

XIC.TO
1.8%
ZSP.TO
10.9%

Real Estate

XIC.TO
1.5%
ZSP.TO
1.9%

Healthcare

XIC.TO
0.1%
ZSP.TO
8.4%

Compare stocks, funds, or ETFs

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

iShares Core S&P/TSX Capped Composite Index ETF

BMO S&P 500 Index ETF

Often compared with XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIC.TO
XIC.TO Risk / Return Rank: 8787
Overall Rank
XIC.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8787
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8989
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.

XIC.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.65
2.32

+0.32

Sortino ratioReturn per unit of downside risk
3.41
3.12

+0.29

Omega ratioGain probability vs. loss probability

1.47

1.43

+0.04

Calmar ratioReturn relative to maximum drawdown

3.72

3.22

+0.50

Martin ratioReturn relative to average drawdown

17.02

12.00

+5.02

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

The current XIC.TO Sharpe Ratio is 2.65, which is comparable to the ZSP.TO Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of XIC.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.

Loading charts...

Drawdowns

XIC.TO vs. ZSP.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -47.27%, 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 XIC.TO and ZSP.TO.

Loading charts...

Drawdown Indicators

XIC.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-47.27%

-26.94%

-20.33%

Max Drawdown (1Y)

Largest decline over 1 year

-9.29%

-8.61%

-0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-12.27%

-18.95%

+6.68%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-22.25%

+6.01%

Max Drawdown (10Y)

Largest decline over 10 years

-37.21%

-26.94%

-10.27%

Current Drawdown

Current decline from peak

-0.75%

-1.47%

+0.72%

Average Drawdown

Average peak-to-trough decline

-6.73%

-3.34%

-3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.31%

-0.28%

Volatility

XIC.TO vs. ZSP.TO - Volatility Comparison

iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and BMO S&P 500 Index ETF (ZSP.TO) have volatilities of 4.53% and 4.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XIC.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.53%

4.54%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

10.73%

9.31%

+1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

13.06%

11.94%

+1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.21%

15.03%

-1.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.98%

16.39%

-1.41%

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

XIC.TO has a 0.06% expense ratio, which is lower than ZSP.TO's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XIC.TO vs. ZSP.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.01%, more than ZSP.TO's 0.76% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.01%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%
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

XIC.TO and ZSP.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.09% for ZSP.TO.

XIC.TO is categorized as Canada Equities, while ZSP.TO is S&P 500. XIC.TO tracks S&P/TSX Capped Composite Index, while ZSP.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.06% for XIC.TO and 0.09% for ZSP.TO.

Portfolio Optimizer

Find the right allocation for XIC.TO and ZSP.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer