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

XSP.TO vs. ZUE.TO

Last updated Jun 5, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and ZUE.TO (BMO S&P 500 (CAD Hedged)) 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 13.78%/yr vs 13.75%/yr for ZUE.TO. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

XSP.TO vs. ZUE.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 (CAD Hedged) (ZUE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with XSP.TO having a 10.07% return and ZUE.TO slightly lower at 10.04%. Both investments have delivered pretty close results over the past 10 years, with XSP.TO having a 13.78% annualized return and ZUE.TO not far behind at 13.75%.

XSP.TO

1D
0.39%
1M
4.54%
YTD
10.07%
6M
9.82%
1Y
25.62%
3Y*
20.50%
5Y*
12.27%
10Y*
13.78%

ZUE.TO

1D
0.34%
1M
4.57%
YTD
10.04%
6M
9.86%
1Y
25.65%
3Y*
20.46%
5Y*
12.23%
10Y*
13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		10.07%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%
ZUE.TO
BMO S&P 500 (CAD Hedged)		10.04%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%

Correlation

The correlation between XSP.TO and ZUE.TO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

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

0.99

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

0.99

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

0.97

Correlation (All Time)
Calculated using the full available price history since Jun 5, 2009

0.91

The correlation between XSP.TO and ZUE.TO has been stable across timeframes, ranging from 0.91 to 0.99 - a consistent structural relationship.

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

Sectors
XSP.TO
ZUE.TO

Technology

36.2%
33.7%

Financial Services

11.9%
12.3%

Communication Services

10.9%
10.6%

Consumer Cyclical

10.1%
10.0%

Healthcare

8.4%
9.5%

Industrials

8.1%
8.6%

Consumer Defensive

4.9%
5.2%

Energy

3.5%
3.8%

Utilities

2.3%
2.5%

Real Estate

1.9%
2.0%

Basic Materials

1.8%
1.9%

Technology

XSP.TO
36.2%
ZUE.TO
33.7%

Financial Services

XSP.TO
11.9%
ZUE.TO
12.3%

Communication Services

XSP.TO
10.9%
ZUE.TO
10.6%

Consumer Cyclical

XSP.TO
10.1%
ZUE.TO
10.0%

Healthcare

XSP.TO
8.4%
ZUE.TO
9.5%

Industrials

XSP.TO
8.1%
ZUE.TO
8.6%

Consumer Defensive

XSP.TO
4.9%
ZUE.TO
5.2%

Energy

XSP.TO
3.5%
ZUE.TO
3.8%

Utilities

XSP.TO
2.3%
ZUE.TO
2.5%

Real Estate

XSP.TO
1.9%
ZUE.TO
2.0%

Basic Materials

XSP.TO
1.8%
ZUE.TO
1.9%

Compare stocks, funds, or ETFs

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

BMO S&P 500 (CAD Hedged)

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 ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. VFV.TOZUE.TO vs. XEQT.TOZUE.TO vs. VCN.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TO

Return for Risk

XSP.TO vs. ZUE.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: 6565
Overall Rank
XSP.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6666
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6969
Martin Ratio Rank
ZUE.TO
ZUE.TO Risk / Return Rank: 6464
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6565
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6969
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. ZUE.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 (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.

XSP.TOZUE.TODifference
Sharpe ratioReturn per unit of total volatility
2.19
2.16

+0.04

Sortino ratioReturn per unit of downside risk
3.01
2.96

+0.06

Omega ratioGain probability vs. loss probability

1.39

1.39

0.00

Calmar ratioReturn relative to maximum drawdown

2.74

2.73

0.00

Martin ratioReturn relative to average drawdown

12.64

12.56

+0.08

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. ZUE.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 2.19, which is comparable to the ZUE.TO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XSP.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

XSP.TOZUE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.19

2.16

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.73

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.76

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.82

-0.45

Drawdowns

XSP.TO vs. ZUE.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.82%, which is greater than ZUE.TO's maximum drawdown of -35.56%. Use the drawdown chart below to compare losses from any high point for XSP.TO and ZUE.TO.

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Drawdown Indicators

XSP.TOZUE.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.82%

-35.56%

-22.26%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-9.43%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-18.72%

-0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-25.44%

-25.34%

-0.10%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-35.56%

-0.49%

Current Drawdown

Current decline from peak

-0.34%

-0.30%

-0.04%

Average Drawdown

Average peak-to-trough decline

-12.11%

-4.09%

-8.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.05%

-0.02%

Volatility

XSP.TO vs. ZUE.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 3.20%, while BMO S&P 500 (CAD Hedged) (ZUE.TO) has a volatility of 3.38%. This indicates that XSP.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

XSP.TOZUE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.20%

3.38%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.99%

9.15%

-0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

11.75%

11.96%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.74%

16.88%

-0.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

18.14%

+0.05%

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

Both XSP.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

XSP.TO vs. ZUE.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.12%, more than ZUE.TO's 0.80% yield.

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%
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

With a correlation of 0.99, XSP.TO and ZUE.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.

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 ZUE.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.

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