XUS-U.TO vs. ZSP-U.TO

Last updated Jun 4, 2026

XUS-U.TO (iShares Core S&P 500 Index ETF) 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 5 years, XUS-U.TO returned 13.33%/yr vs 13.07%/yr for ZSP-U.TO. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

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

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

Returns By Period

The year-to-date returns for both investments are quite close, with XUS-U.TO having a 10.51% return and ZSP-U.TO slightly higher at 10.58%.

XUS-U.TO

• 1D: -0.44%
• 1M: 5.35%
• YTD: 10.51%
• 6M: 10.77%
• 1Y: 27.81%
• 3Y*: 21.82%
• 5Y*: 13.33%
• 10Y*: —

ZSP-U.TO

• 1D: -0.61%
• 1M: 5.13%
• YTD: 10.58%
• 6M: 10.41%
• 1Y: 26.82%
• 3Y*: 21.49%
• 5Y*: 13.07%
• 10Y*: 14.70%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XUS-U.TO iShares Core S&P 500 Index ETF	10.51%	17.66%	24.36%	26.17%	-19.01%	27.74%	18.01%	8.12%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	10.58%	16.84%	23.97%	25.49%	-18.84%	28.13%	17.65%	7.69%

Correlation

The correlation between XUS-U.TO and ZSP-U.TO is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 16, 2019	0.86

The correlation between XUS-U.TO and ZSP-U.TO has been stable across timeframes, ranging from 0.86 to 0.94 - a consistent structural relationship.

Return for Risk

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

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

XUS-U.TO

XUS-U.TO Risk / Return Rank: 68
XUS-U.TO Sharpe Ratio Rank: 68
XUS-U.TO Sortino Ratio Rank: 69
XUS-U.TO Omega Ratio Rank: 68
XUS-U.TO Calmar Ratio Rank: 60
XUS-U.TO Martin Ratio Rank: 74

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 68
ZSP-U.TO Sharpe Ratio Rank: 69
ZSP-U.TO Sortino Ratio Rank: 67
ZSP-U.TO Omega Ratio Rank: 69
ZSP-U.TO Calmar Ratio Rank: 60
ZSP-U.TO Martin Ratio Rank: 73

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.

XUS-U.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 (XUS-U.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.

	XUS-U.TO	ZSP-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.27	+0.03
Sortino ratio: Return per unit of downside risk	3.23	3.12	+0.11
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	3.00	2.93	+0.07
Martin ratio: Return relative to average drawdown	14.33	13.65	+0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XUS-U.TO Sharpe Ratio is 2.30, which is comparable to the ZSP-U.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of XUS-U.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.

Sharpe Ratios by Period

	XUS-U.TO	ZSP-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.27	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.79	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.92	-0.08

Drawdowns

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

The maximum XUS-U.TO drawdown since its inception was -33.55%, roughly equal to the maximum ZSP-U.TO drawdown of -33.72%. Use the drawdown chart below to compare losses from any high point for XUS-U.TO and ZSP-U.TO.

Drawdown Indicators

	XUS-U.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.55%	-33.72%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-9.18%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	-18.77%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-24.88%	-0.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.44%	-0.61%	+0.17%
Average Drawdown Average peak-to-trough decline	-5.51%	-3.95%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.97%	-0.02%

Volatility

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

The current volatility for iShares Core S&P 500 Index ETF (XUS-U.TO) is 2.85%, while BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a volatility of 3.04%. This indicates that XUS-U.TO experiences smaller price fluctuations and is considered to be less risky than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUS-U.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	3.04%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	9.19%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	11.86%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	16.79%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	17.79%	+1.40%

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

Both XUS-U.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

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

XUS-U.TO's dividend yield for the trailing twelve months is around 0.82%, while ZSP-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XUS-U.TO iShares Core S&P 500 Index ETF	0.82%	0.91%	0.74%	0.90%	1.04%	0.71%	0.91%	0.04%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both XUS-U.TO and ZSP-U.TO in my portfolio?

With a correlation of 0.93, XUS-U.TO and ZSP-U.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.

Which ETF is better, XUS-U.TO or ZSP-U.TO?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUS-U.TO or ZSP-U.TO?

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

What is the main difference between XUS-U.TO and ZSP-U.TO?

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