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ZCM.TO vs. ZSP.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZCM.TO vs. ZSP.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Mid Corporate Bond Index ETF (ZCM.TO) and BMO S&P 500 Index ETF (ZSP.TO).

ZCM.TO and ZSP.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZCM.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Mid Term Corporate Bond Index. It was launched on Jan 19, 2010. ZSP.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on Nov 14, 2012. Both ZCM.TO and ZSP.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZCM.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid Corporate Bond Index ETF (ZCM.TO) and BMO S&P 500 Index ETF (ZSP.TO). The values are adjusted to include any dividend payments, if applicable.

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ZCM.TO vs. ZSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZCM.TO
BMO Mid Corporate Bond Index ETF		-0.13%4.84%8.07%7.96%-10.18%-2.09%10.34%8.59%0.58%2.28%
ZSP.TO
BMO S&P 500 Index ETF		-2.67%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%

Returns By Period

In the year-to-date period, ZCM.TO achieves a -0.13% return, which is significantly higher than ZSP.TO's -2.67% return. Over the past 10 years, ZCM.TO has underperformed ZSP.TO with an annualized return of 3.02%, while ZSP.TO has yielded a comparatively higher 14.46% annualized return.

ZCM.TO

1D
0.00%
1M
-2.39%
YTD
-0.13%
6M
-0.43%
1Y
2.85%
3Y*
5.76%
5Y*
2.18%
10Y*
3.02%

ZSP.TO

1D
0.51%
1M
-2.86%
YTD
-2.67%
6M
-2.34%
1Y
14.06%
3Y*
19.19%
5Y*
13.82%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Mid Corporate Bond Index ETF

BMO S&P 500 Index ETF

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Often compared with ZSP.TO:
ZSP.TO vs. XSP.TOZSP.TO vs. VOOZSP.TO vs. ZCN.TOZSP.TO vs. XUS.TOZSP.TO vs. VSP.TOZSP.TO vs. ZEQT.TOZSP.TO vs. ZQQ.TO

ZCM.TO vs. ZSP.TO - Expense Ratio Comparison

ZCM.TO has a 0.33% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

ZCM.TO
BMO Mid Corporate Bond Index ETF
ZSP.TO
BMO S&P 500 Index ETF

Return for Risk

ZCM.TO vs. ZSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZCM.TO
ZCM.TO Risk / Return Rank: 3434
Overall Rank
ZCM.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
ZCM.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
ZCM.TO Omega Ratio Rank: 2828
Omega Ratio Rank
ZCM.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
ZCM.TO Martin Ratio Rank: 3636
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 4141
Overall Rank
ZSP.TO Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 4343
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.

ZCM.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Mid Corporate Bond Index ETF (ZCM.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.

ZCM.TOZSP.TODifference

Sharpe ratio

Return per unit of total volatility

0.63

0.77

-0.14

Sortino ratio

Return per unit of downside risk

0.85

1.15

-0.30

Omega ratio

Gain probability vs. loss probability

1.11

1.18

-0.07

Calmar ratio

Return relative to maximum drawdown

1.03

1.12

-0.09

Martin ratio

Return relative to average drawdown

3.34

4.16

-0.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCM.TO vs. ZSP.TO - Sharpe Ratio Comparison

The current ZCM.TO Sharpe Ratio is 0.63, which is comparable to the ZSP.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ZCM.TO and ZSP.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZCM.TOZSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

0.77

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.93

-0.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.89

-0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

1.08

-0.54

Correlation

The correlation between ZCM.TO and ZSP.TO is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZCM.TO vs. ZSP.TO - Dividend Comparison

ZCM.TO's dividend yield for the trailing twelve months is around 4.22%, more than ZSP.TO's 0.86% yield.

TTM20252024202320222021202020192018201720162015
ZCM.TO
BMO Mid Corporate Bond Index ETF		4.22%4.03%3.84%3.93%3.80%3.29%3.12%3.33%3.22%3.04%3.18%3.42%
ZSP.TO
BMO S&P 500 Index ETF		0.86%0.82%0.94%1.33%1.44%1.15%1.44%1.47%1.63%1.63%2.20%1.53%

Drawdowns

ZCM.TO vs. ZSP.TO - Drawdown Comparison

The maximum ZCM.TO drawdown since its inception was -26.06%, roughly equal to the maximum ZSP.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and ZSP.TO.

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Drawdown Indicators

ZCM.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.06%

-26.94%

+0.88%

Max Drawdown (1Y)

Largest decline over 1 year

-3.08%

-12.43%

+9.35%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-22.25%

+6.43%

Max Drawdown (10Y)

Largest decline over 10 years

-26.06%

-26.94%

+0.88%

Current Drawdown

Current decline from peak

-2.41%

-5.64%

+3.23%

Average Drawdown

Average peak-to-trough decline

-2.62%

-3.37%

+0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

3.34%

-2.39%

Volatility

ZCM.TO vs. ZSP.TO - Volatility Comparison

The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 2.29%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 5.13%. This indicates that ZCM.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.

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Volatility by Period

ZCM.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

5.13%

-2.84%

Volatility (6M)

Calculated over the trailing 6-month period

3.22%

9.36%

-6.14%

Volatility (1Y)

Calculated over the trailing 1-year period

4.57%

18.34%

-13.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.06%

14.97%

-8.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.75%

16.37%

-7.62%