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

ZDV.TO vs. ZSP.TO

Last updated Jun 4, 2026

ZDV.TO (BMO Canadian Dividend ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZDV.TO is a Canada Equities fund actively managed by BMO, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. ZDV.TO is actively managed, while ZSP.TO is passively managed. Over the past 10 years, ZDV.TO returned 10.97%/yr vs 15.98%/yr for ZSP.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZDV.TO charges 0.39%/yr vs 0.09%/yr for ZSP.TO.

Performance

ZDV.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Dividend ETF (ZDV.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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Returns By Period

In the year-to-date period, ZDV.TO achieves a 18.56% return, which is significantly higher than ZSP.TO's 12.15% return. Over the past 10 years, ZDV.TO has underperformed ZSP.TO with an annualized return of 10.97%, while ZSP.TO has yielded a comparatively higher 15.98% annualized return.

ZDV.TO

1D
-0.22%
1M
4.61%
YTD
18.56%
6M
13.14%
1Y
31.08%
3Y*
20.39%
5Y*
13.72%
10Y*
10.97%

ZSP.TO

1D
-0.29%
1M
7.18%
YTD
12.15%
6M
10.04%
1Y
28.96%
3Y*
23.44%
5Y*
16.74%
10Y*
15.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%
ZSP.TO
BMO S&P 500 Index ETF		12.15%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%

Correlation

The correlation between ZDV.TO and ZSP.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

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

0.44

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

0.50

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

0.54

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.51

The correlation between ZDV.TO and ZSP.TO shifts across timeframes, from 0.39 (1 year) to 0.54 (10 years), reflecting how their relationship changes across market environments.

ZDV.TO vs. ZSP.TO - Sectors Allocation Comparison

Sectors
ZDV.TO
ZSP.TO

Financial Services

35.2%
12.1%

Energy

27.2%
3.3%

Basic Materials

10.6%
1.8%

Utilities

10.1%
2.3%

Communication Services

5.7%
10.9%

Real Estate

4.1%
2.0%

Industrials

2.7%
8.4%

Consumer Defensive

2.2%
4.8%

Consumer Cyclical

1.4%
10.3%

Healthcare

0.9%
8.7%

Technology

-

35.5%

Financial Services

ZDV.TO
35.2%
ZSP.TO
12.1%

Energy

ZDV.TO
27.2%
ZSP.TO
3.3%

Basic Materials

ZDV.TO
10.6%
ZSP.TO
1.8%

Utilities

ZDV.TO
10.1%
ZSP.TO
2.3%

Communication Services

ZDV.TO
5.7%
ZSP.TO
10.9%

Real Estate

ZDV.TO
4.1%
ZSP.TO
2.0%

Industrials

ZDV.TO
2.7%
ZSP.TO
8.4%

Consumer Defensive

ZDV.TO
2.2%
ZSP.TO
4.8%

Consumer Cyclical

ZDV.TO
1.4%
ZSP.TO
10.3%

Healthcare

ZDV.TO
0.9%
ZSP.TO
8.7%

Technology

ZDV.TO

-

ZSP.TO
35.5%

Compare stocks, funds, or ETFs

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

BMO Canadian Dividend ETF

BMO S&P 500 Index ETF

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Often compared with ZSP.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
Martin Ratio Rank
ZSP.TO
ZSP.TO Risk / Return Rank: 7272
Overall Rank
ZSP.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 6868
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Dividend ETF (ZDV.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.

ZDV.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.95
2.53

+0.43

Sortino ratioReturn per unit of downside risk
3.40
3.45

-0.05

Omega ratioGain probability vs. loss probability

1.66

1.47

+0.19

Calmar ratioReturn relative to maximum drawdown

4.69

3.38

+1.32

Martin ratioReturn relative to average drawdown

18.24

12.70

+5.55

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

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

The current ZDV.TO Sharpe Ratio is 2.95, which is comparable to the ZSP.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ZDV.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.

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Sharpe Ratios by Period

ZDV.TOZSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

2.53

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

1.13

+0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.98

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

1.15

-0.47

Drawdowns

ZDV.TO vs. ZSP.TO - Drawdown Comparison

The maximum ZDV.TO drawdown since its inception was -43.21%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZDV.TO and ZSP.TO.

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Drawdown Indicators

ZDV.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.21%

-26.94%

-16.27%

Max Drawdown (1Y)

Largest decline over 1 year

-6.65%

-8.61%

+1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-9.04%

-18.95%

+9.91%

Max Drawdown (5Y)

Largest decline over 5 years

-16.72%

-22.25%

+5.53%

Max Drawdown (10Y)

Largest decline over 10 years

-43.21%

-26.94%

-16.27%

Current Drawdown

Current decline from peak

-0.22%

-0.29%

+0.07%

Average Drawdown

Average peak-to-trough decline

-5.12%

-3.34%

-1.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.71%

2.29%

-0.58%

Volatility

ZDV.TO vs. ZSP.TO - Volatility Comparison

The current volatility for BMO Canadian Dividend ETF (ZDV.TO) is 2.49%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 3.14%. This indicates that ZDV.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

ZDV.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.49%

3.14%

-0.65%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

8.65%

+1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

10.57%

11.53%

-0.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.94%

14.97%

-4.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.11%

16.36%

-1.25%

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

ZDV.TO has a 0.39% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

ZDV.TO vs. ZSP.TO - Dividend Comparison

ZDV.TO's dividend yield for the trailing twelve months is around 2.68%, more than ZSP.TO's 0.75% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.68%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
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

ZDV.TO and ZSP.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZDV.TO.

ZDV.TO is categorized as Canada Equities, while ZSP.TO is S&P 500. Their fees differ too: 0.39% for ZDV.TO and 0.09% for ZSP.TO.

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