XUSC.TO vs. ZSP-U.TO

Last updated Jun 4, 2026

XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both exchange-traded funds - XUSC.TO is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index, while ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, XUSC.TO returned 27.68% vs 28.45% for ZSP-U.TO. Their correlation of 0.90 suggests significant overlap in exposure. XUSC.TO charges 0.12%/yr vs 0.09%/yr for ZSP-U.TO.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XUSC.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, XUSC.TO achieves a 12.69% return, which is significantly higher than ZSP-U.TO's 11.99% return.

XUSC.TO

• 1D: 0.23%
• 1M: 7.55%
• YTD: 12.69%
• 6M: 10.97%
• 1Y: 27.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

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

	2026 (YTD)	2025	2024
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	12.69%	11.40%	11.76%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	11.99%	11.48%	11.50%

Correlation

The correlation between XUSC.TO and ZSP-U.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 (All Time) Calculated using the full available price history since Jul 19, 2024	0.90

The correlation between XUSC.TO and ZSP-U.TO has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

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

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

XUSC.TO

XUSC.TO Risk / Return Rank: 75
XUSC.TO Sharpe Ratio Rank: 75
XUSC.TO Sortino Ratio Rank: 76
XUSC.TO Omega Ratio Rank: 75
XUSC.TO Calmar Ratio Rank: 74
XUSC.TO Martin Ratio Rank: 72

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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.

	XUSC.TO	ZSP-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.46	-0.03
Sortino ratio: Return per unit of downside risk	3.39	3.35	+0.03
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.66	3.24	+0.42
Martin ratio: Return relative to average drawdown	13.42	12.46	+0.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XUSC.TO Sharpe Ratio is 2.43, which is comparable to the ZSP-U.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of XUSC.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

	XUSC.TO	ZSP-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.46	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.10	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.27	1.20	+0.07

Drawdowns

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

The maximum XUSC.TO drawdown since its inception was -18.31%, smaller than the maximum ZSP-U.TO drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for XUSC.TO and ZSP-U.TO.

Drawdown Indicators

	XUSC.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-27.34%	+9.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-8.83%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.89%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.34%	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-2.67%	-3.51%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.29%	-0.22%

Volatility

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

The current volatility for iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) is 2.61%, while BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a volatility of 2.96%. This indicates that XUSC.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

	XUSC.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	2.96%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.99%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.46%	11.64%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.72%	14.95%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	16.04%	-0.32%

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

XUSC.TO has a 0.12% expense ratio, which is higher than ZSP-U.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

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

XUSC.TO's dividend yield for the trailing twelve months is around 0.84%, while ZSP-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.84%	0.94%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	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 XUSC.TO and ZSP-U.TO in my portfolio?

XUSC.TO and ZSP-U.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.

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

On fees, ZSP-U.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.12% for XUSC.TO.

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

XUSC.TO is categorized as Large Cap Blend Equities, while ZSP-U.TO is S&P 500. XUSC.TO tracks S&P 500 3% Capped Index, while ZSP-U.TO tracks S&P 500 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.12% for XUSC.TO and 0.09% for ZSP-U.TO.