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XSP.TO vs. ZSP-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSP.TO vs. ZSP-U.TO

Last updated Jun 4, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both S&P 500 funds tracking the S&P 500 Index, from iShares and BMO respectively. Both are passively managed. Over the past 10 years, XSP.TO returned 13.79%/yr vs 15.53%/yr for ZSP-U.TO. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.

Performance

XSP.TO vs. ZSP-U.TO - Performance Comparison

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

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Different Trading Currencies

XSP.TO is traded in CAD, while ZSP-U.TO is traded in USD. To make them comparable, the ZSP-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XSP.TO achieves a 9.64% return, which is significantly lower than ZSP-U.TO's 11.99% return. Over the past 10 years, XSP.TO has underperformed ZSP-U.TO with an annualized return of 13.79%, while ZSP-U.TO has yielded a comparatively higher 15.53% annualized return.

XSP.TO

1D
-0.73%
1M
4.98%
YTD
9.64%
6M
9.50%
1Y
25.13%
3Y*
20.28%
5Y*
12.18%
10Y*
13.79%

ZSP-U.TO

1D
-0.20%
1M
7.23%
YTD
11.99%
6M
9.98%
1Y
28.45%
3Y*
22.90%
5Y*
16.30%
10Y*
15.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. ZSP-U.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		9.64%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%
ZSP-U.TO
BMO S&P 500 Index ETF (USD)		11.99%11.48%34.63%22.72%-13.06%26.97%15.66%24.09%2.24%13.25%

Correlation

The correlation between XSP.TO and ZSP-U.TO is 0.87, 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

0.87

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

0.87

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

0.85

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

0.77

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2012

0.69

The correlation between XSP.TO and ZSP-U.TO shifts across timeframes, from 0.69 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Core S&P 500 Index ETF (CAD-Hedged)

BMO S&P 500 Index ETF (USD)

Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO
Often compared with ZSP-U.TO:
ZSP-U.TO vs. VFV.TOZSP-U.TO vs. ZSP.TOZSP-U.TO vs. EQLI.TOZSP-U.TO vs. ZNQ.TOZSP-U.TO vs. USCC.TOZSP-U.TO vs. ESG.TOZSP-U.TO vs. TULV.TO

Return for Risk

XSP.TO vs. ZSP-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSP.TO
XSP.TO Risk / Return Rank: 6161
Overall Rank
XSP.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
Martin Ratio Rank
ZSP-U.TO
ZSP-U.TO Risk / Return Rank: 6868
Overall Rank
ZSP-U.TO Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
ZSP-U.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZSP-U.TO Omega Ratio Rank: 6969
Omega Ratio Rank
ZSP-U.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZSP-U.TO Martin Ratio Rank: 7373
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.

XSP.TO vs. ZSP-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.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.

XSP.TOZSP-U.TODifference
Sharpe ratioReturn per unit of total volatility
2.15
2.46

-0.31

Sortino ratioReturn per unit of downside risk
2.96
3.35

-0.39

Omega ratioGain probability vs. loss probability

1.39

1.45

-0.07

Calmar ratioReturn relative to maximum drawdown

2.68

3.24

-0.55

Martin ratioReturn relative to average drawdown

12.40

12.46

-0.07

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

XSP.TO vs. ZSP-U.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 2.15, which is comparable to the ZSP-U.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of XSP.TO and ZSP-U.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

XSP.TOZSP-U.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

2.46

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.10

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

1.01

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

1.20

-0.83

Drawdowns

XSP.TO vs. ZSP-U.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.82%, which is greater than ZSP-U.TO's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for XSP.TO and ZSP-U.TO.

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Drawdown Indicators

XSP.TOZSP-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.82%

-27.34%

-30.48%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-8.83%

-0.58%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-18.89%

+0.12%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-22.19%

-3.25%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-27.34%

-8.71%

Current Drawdown

Current decline from peak

-0.73%

-0.20%

-0.53%

Average Drawdown

Average peak-to-trough decline

-12.11%

-3.51%

-8.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.29%

-0.26%

Volatility

XSP.TO vs. ZSP-U.TO - Volatility Comparison

iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 3.25% compared to BMO S&P 500 Index ETF (USD) (ZSP-U.TO) at 2.96%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSP.TOZSP-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

2.96%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

8.99%

8.99%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

11.75%

11.64%

+0.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.75%

14.95%

+1.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

16.04%

+2.15%

XSP.TO vs. ZSP-U.TO - Expense Ratio Comparison

Both XSP.TO and ZSP-U.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

XSP.TO vs. ZSP-U.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.12%, while ZSP-U.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.12%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%
ZSP-U.TO
BMO S&P 500 Index ETF (USD)		0.00%0.14%0.71%0.98%1.13%0.91%1.02%1.07%1.26%1.22%1.43%1.29%

Frequently Asked Questions

XSP.TO and ZSP-U.TO have a correlation of 0.87, 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.

XSP.TO and ZSP-U.TO have the same expense ratio: 0.09% per year.

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

Portfolio Optimizer

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