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

ZGI.TO vs. XUS.TO

Last updated Jun 4, 2026

ZGI.TO (BMO Global Infrastructure Index ETF) and XUS.TO (iShares Core S&P 500 Index ETF) are both exchange-traded funds - ZGI.TO is a Industrials Equities fund tracking the Dow Jones Brookfield Global Infrastructure North American Listed Index, while XUS.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZGI.TO returned 8.75%/yr vs 15.98%/yr for XUS.TO. At a 0.42 correlation, their price movements are largely independent. ZGI.TO charges 0.61%/yr vs 0.09%/yr for XUS.TO.

Performance

ZGI.TO vs. XUS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Global Infrastructure Index ETF (ZGI.TO) and iShares Core S&P 500 Index ETF (XUS.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, ZGI.TO achieves a 13.70% return, which is significantly higher than XUS.TO's 12.21% return. Over the past 10 years, ZGI.TO has underperformed XUS.TO with an annualized return of 8.75%, while XUS.TO has yielded a comparatively higher 15.98% annualized return.

ZGI.TO

1D
0.48%
1M
-0.15%
YTD
13.70%
6M
9.75%
1Y
11.48%
3Y*
14.29%
5Y*
10.96%
10Y*
8.75%

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

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

2026 (YTD)202520242023202220212020201920182017
ZGI.TO
BMO Global Infrastructure Index ETF		13.70%0.94%25.35%-0.72%4.48%26.79%-10.51%25.17%-0.82%2.90%
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%

Correlation

The correlation between ZGI.TO and XUS.TO is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.00

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

0.18

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

0.32

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

0.43

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

0.42

The correlation between ZGI.TO and XUS.TO shifts across timeframes, from -0.00 (1 year) to 0.43 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
ZGI.TO
XUS.TO

Energy

43.9%
3.5%

Utilities

43.0%
2.3%

Real Estate

11.4%
1.9%

Industrials

1.7%
8.1%

Basic Materials

-

1.8%

Communication Services

-

10.9%

Consumer Cyclical

-

10.1%

Consumer Defensive

-

4.9%

Financial Services

-

11.9%

Healthcare

-

8.4%

Technology

-

36.2%

Energy

ZGI.TO
43.9%
XUS.TO
3.5%

Utilities

ZGI.TO
43.0%
XUS.TO
2.3%

Real Estate

ZGI.TO
11.4%
XUS.TO
1.9%

Industrials

ZGI.TO
1.7%
XUS.TO
8.1%

Basic Materials

ZGI.TO

-

XUS.TO
1.8%

Communication Services

ZGI.TO

-

XUS.TO
10.9%

Consumer Cyclical

ZGI.TO

-

XUS.TO
10.1%

Consumer Defensive

ZGI.TO

-

XUS.TO
4.9%

Financial Services

ZGI.TO

-

XUS.TO
11.9%

Healthcare

ZGI.TO

-

XUS.TO
8.4%

Technology

ZGI.TO

-

XUS.TO
36.2%

Compare stocks, funds, or ETFs

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

BMO Global Infrastructure Index ETF

iShares Core S&P 500 Index ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZGI.TO
ZGI.TO Risk / Return Rank: 2929
Overall Rank
ZGI.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
ZGI.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
ZGI.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZGI.TO Calmar Ratio Rank: 3535
Calmar Ratio Rank
ZGI.TO Martin Ratio Rank: 3232
Martin Ratio Rank
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
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.

ZGI.TO vs. XUS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Global Infrastructure Index ETF (ZGI.TO) and iShares Core S&P 500 Index ETF (XUS.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.

ZGI.TOXUS.TODifference
Sharpe ratioReturn per unit of total volatility
0.95
2.55

-1.60

Sortino ratioReturn per unit of downside risk
1.38
3.47

-2.10

Omega ratioGain probability vs. loss probability

1.17

1.47

-0.30

Calmar ratioReturn relative to maximum drawdown

1.73

3.41

-1.68

Martin ratioReturn relative to average drawdown

4.81

12.94

-8.13

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

ZGI.TO vs. XUS.TO - Sharpe Ratio Comparison

The current ZGI.TO Sharpe Ratio is 0.95, which is lower than the XUS.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of ZGI.TO and XUS.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

ZGI.TOXUS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.95

2.55

-1.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.83

1.13

-0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.55

0.98

-0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

1.08

-0.27

Drawdowns

ZGI.TO vs. XUS.TO - Drawdown Comparison

The maximum ZGI.TO drawdown since its inception was -34.76%, which is greater than XUS.TO's maximum drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for ZGI.TO and XUS.TO.

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Drawdown Indicators

ZGI.TOXUS.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.76%

-27.23%

-7.53%

Max Drawdown (1Y)

Largest decline over 1 year

-6.66%

-8.63%

+1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-10.07%

-18.96%

+8.89%

Max Drawdown (5Y)

Largest decline over 5 years

-16.70%

-21.85%

+5.15%

Max Drawdown (10Y)

Largest decline over 10 years

-34.76%

-27.23%

-7.53%

Current Drawdown

Current decline from peak

-3.37%

-0.31%

-3.06%

Average Drawdown

Average peak-to-trough decline

-4.39%

-3.46%

-0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

2.27%

+0.22%

Volatility

ZGI.TO vs. XUS.TO - Volatility Comparison

BMO Global Infrastructure Index ETF (ZGI.TO) has a higher volatility of 5.08% compared to iShares Core S&P 500 Index ETF (XUS.TO) at 3.19%. This indicates that ZGI.TO's price experiences larger fluctuations and is considered to be riskier than XUS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZGI.TOXUS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

3.19%

+1.89%

Volatility (6M)

Calculated over the trailing 6-month period

9.82%

8.66%

+1.16%

Volatility (1Y)

Calculated over the trailing 1-year period

12.19%

11.58%

+0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

14.92%

-1.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.93%

16.48%

-0.55%

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

ZGI.TO has a 0.61% expense ratio, which is higher than XUS.TO's 0.09% expense ratio.

Dividends

ZGI.TO vs. XUS.TO - Dividend Comparison

ZGI.TO's dividend yield for the trailing twelve months is around 2.32%, more than XUS.TO's 1.12% 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%
ZGI.TO
BMO Global Infrastructure Index ETF		2.32%2.72%2.75%3.25%2.94%2.98%3.66%2.78%2.92%2.53%3.21%2.90%

Frequently Asked Questions

ZGI.TO and XUS.TO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XUS.TO is cheaper with a 0.09% expense ratio, compared with 0.61% for ZGI.TO.

ZGI.TO is categorized as Industrials Equities, while XUS.TO is S&P 500. ZGI.TO tracks Dow Jones Brookfield Global Infrastructure North American Listed Index, while XUS.TO tracks S&P 500 Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.61% for ZGI.TO and 0.09% for XUS.TO.

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