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

XUS.TO vs. ZUE.TO

Last updated Jun 4, 2026

XUS.TO (iShares Core S&P 500 Index ETF) 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, XUS.TO returned 15.98%/yr vs 13.77%/yr for ZUE.TO. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.

Performance

XUS.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 (XUS.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

In the year-to-date period, XUS.TO achieves a 12.21% return, which is significantly higher than ZUE.TO's 9.67% return. Over the past 10 years, XUS.TO has outperformed ZUE.TO with an annualized return of 15.98%, while ZUE.TO has yielded a comparatively lower 13.77% annualized return.

XUS.TO

1D
-0.31%
1M
7.22%
YTD
12.21%
6M
10.39%
1Y
29.30%
3Y*
23.52%
5Y*
16.78%
10Y*
15.98%

ZUE.TO

1D
-0.65%
1M
5.07%
YTD
9.67%
6M
9.51%
1Y
25.18%
3Y*
20.25%
5Y*
12.15%
10Y*
13.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XUS.TO
iShares Core S&P 500 Index ETF		12.21%12.19%35.16%23.31%-12.59%27.20%15.56%24.57%3.31%13.56%
ZUE.TO
BMO S&P 500 (CAD Hedged)		9.67%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%

Correlation

The correlation between XUS.TO and ZUE.TO is 0.89, 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

0.89

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

0.88

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

0.88

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

0.83

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.75

The correlation between XUS.TO and ZUE.TO shifts across timeframes, from 0.75 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XUS.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

XUS.TO
36.2%
ZUE.TO
33.7%

Financial Services

XUS.TO
11.9%
ZUE.TO
12.3%

Communication Services

XUS.TO
10.9%
ZUE.TO
10.6%

Consumer Cyclical

XUS.TO
10.1%
ZUE.TO
10.0%

Healthcare

XUS.TO
8.4%
ZUE.TO
9.5%

Industrials

XUS.TO
8.1%
ZUE.TO
8.6%

Consumer Defensive

XUS.TO
4.9%
ZUE.TO
5.2%

Energy

XUS.TO
3.5%
ZUE.TO
3.8%

Utilities

XUS.TO
2.3%
ZUE.TO
2.5%

Real Estate

XUS.TO
1.9%
ZUE.TO
2.0%

Basic Materials

XUS.TO
1.8%
ZUE.TO
1.9%

Compare stocks, funds, or ETFs

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iShares Core S&P 500 Index ETF

BMO S&P 500 (CAD Hedged)

Often compared with XUS.TO:
XUS.TO vs. XSP.TOXUS.TO vs. XEQT.TOXUS.TO vs. XUU.TOXUS.TO vs. ZSP.TOXUS.TO vs. VOOXUS.TO vs. XEF.TOXUS.TO vs. HXS.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

XUS.TO vs. ZUE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUS.TO
XUS.TO Risk / Return Rank: 7373
Overall Rank
XUS.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XUS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XUS.TO Omega Ratio Rank: 7777
Omega Ratio Rank
XUS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XUS.TO Martin Ratio Rank: 6868
Martin Ratio Rank
ZUE.TO
ZUE.TO Risk / Return Rank: 6262
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6767
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.

XUS.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 (XUS.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.

XUS.TOZUE.TODifference
Sharpe ratioReturn per unit of total volatility
2.55
2.12

+0.43

Sortino ratioReturn per unit of downside risk
3.47
2.91

+0.56

Omega ratioGain probability vs. loss probability

1.47

1.38

+0.09

Calmar ratioReturn relative to maximum drawdown

3.41

2.68

+0.73

Martin ratioReturn relative to average drawdown

12.94

12.32

+0.62

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.TO vs. ZUE.TO - Sharpe Ratio Comparison

The current XUS.TO Sharpe Ratio is 2.55, which is comparable to the ZUE.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of XUS.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

XUS.TOZUE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.55

2.12

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

0.72

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.76

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

0.82

+0.26

Drawdowns

XUS.TO vs. ZUE.TO - Drawdown Comparison

The maximum XUS.TO drawdown since its inception was -27.23%, smaller than the maximum ZUE.TO drawdown of -35.56%. Use the drawdown chart below to compare losses from any high point for XUS.TO and ZUE.TO.

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Drawdown Indicators

XUS.TOZUE.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.23%

-35.56%

+8.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-9.43%

+0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-18.96%

-18.72%

-0.24%

Max Drawdown (5Y)

Largest decline over 5 years

-21.85%

-25.34%

+3.49%

Max Drawdown (10Y)

Largest decline over 10 years

-27.23%

-35.56%

+8.33%

Current Drawdown

Current decline from peak

-0.31%

-0.65%

+0.34%

Average Drawdown

Average peak-to-trough decline

-3.46%

-4.09%

+0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

2.05%

+0.22%

Volatility

XUS.TO vs. ZUE.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (XUS.TO) is 3.19%, while BMO S&P 500 (CAD Hedged) (ZUE.TO) has a volatility of 3.43%. This indicates that XUS.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

XUS.TOZUE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

3.43%

-0.24%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

9.15%

-0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

11.96%

-0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.92%

16.88%

-1.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

18.14%

-1.66%

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

Both XUS.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

XUS.TO vs. ZUE.TO - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
XUS.TO
iShares Core S&P 500 Index ETF		1.12%1.26%1.03%1.22%1.38%0.99%1.35%2.02%1.77%1.48%1.66%1.70%
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

XUS.TO and ZUE.TO have a correlation of 0.89, 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.

XUS.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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