XUS-U.TO vs. ZSP.TO

Last updated Jun 4, 2026

XUS-U.TO (iShares Core S&P 500 Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) 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 13.52%/yr for ZSP.TO. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.

Performance

XUS-U.TO vs. ZSP.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 (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

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.TO slightly higher at 10.76%.

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.TO

• 1D: -0.69%
• 1M: 5.05%
• YTD: 10.76%
• 6M: 10.47%
• 1Y: 27.31%
• 3Y*: 22.04%
• 5Y*: 13.52%
• 10Y*: 15.15%

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

XUS-U.TO vs. ZSP.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.TO BMO S&P 500 Index ETF	10.76%	17.39%	24.40%	26.11%	-18.52%	28.48%	17.92%	8.07%

Correlation

The correlation between XUS-U.TO and ZSP.TO is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 16, 2019	0.84

The correlation between XUS-U.TO and ZSP.TO shifts across timeframes, from 0.84 (all time) to 0.94 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

XUS-U.TO vs. ZSP.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.TO

ZSP.TO Risk / Return Rank: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

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.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 (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.

	XUS-U.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.31	-0.01
Sortino ratio: Return per unit of downside risk	3.23	3.17	+0.05
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	3.00	3.10	-0.10
Martin ratio: Return relative to average drawdown	14.33	14.16	+0.17
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.TO - Sharpe Ratio Comparison

The current XUS-U.TO Sharpe Ratio is 2.30, which is comparable to the ZSP.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XUS-U.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.

Sharpe Ratios by Period

	XUS-U.TO	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.31	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.80	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.88	-0.04

Drawdowns

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

The maximum XUS-U.TO drawdown since its inception was -33.55%, roughly equal to the maximum ZSP.TO drawdown of -33.49%. Use the drawdown chart below to compare losses from any high point for XUS-U.TO and ZSP.TO.

Drawdown Indicators

	XUS-U.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.55%	-33.49%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.86%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	-18.69%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.06%	-24.63%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.49%	—
Current Drawdown Current decline from peak	-0.44%	-0.69%	+0.25%
Average Drawdown Average peak-to-trough decline	-5.51%	-3.74%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.93%	+0.02%

Volatility

XUS-U.TO vs. ZSP.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 (ZSP.TO) has a volatility of 3.35%. This indicates that XUS-U.TO experiences smaller price fluctuations and is considered to be less risky than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUS-U.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	3.35%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	8.99%	+0.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	11.88%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	16.94%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.19%	18.12%	+1.07%

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

Both XUS-U.TO and ZSP.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.TO - Dividend Comparison

XUS-U.TO's dividend yield for the trailing twelve months is around 0.82%, more than ZSP.TO's 0.75% yield.

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.TO BMO S&P 500 Index ETF	0.75%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Frequently Asked Questions

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

With a correlation of 0.92, XUS-U.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.

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

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

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

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