ZGQ.TO vs. SPY
ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ZGQ.TO is a Global Equities fund tracking the MSCI All Country World High Quality Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZGQ.TO returned 15.07%/yr vs 16.36%/yr for SPY. A 0.70 correlation means they provide meaningful diversification when combined. ZGQ.TO charges 0.50%/yr vs 0.09%/yr for SPY.
Performance
ZGQ.TO vs. SPY - Performance Comparison
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Different Trading Currencies
ZGQ.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with ZGQ.TO having a 13.23% return and SPY slightly lower at 12.65%. Over the past 10 years, ZGQ.TO has underperformed SPY with an annualized return of 15.07%, while SPY has yielded a comparatively higher 16.36% annualized return.
ZGQ.TO
- 1D
- -0.05%
- 1M
- 6.84%
- YTD
- 13.23%
- 6M
- 8.19%
- 1Y
- 25.52%
- 3Y*
- 20.50%
- 5Y*
- 13.96%
- 10Y*
- 15.07%
SPY
- 1D
- 0.00%
- 1M
- 7.46%
- YTD
- 12.65%
- 6M
- 10.82%
- 1Y
- 30.02%
- 3Y*
- 23.90%
- 5Y*
- 17.15%
- 10Y*
- 16.36%
ZGQ.TO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 13.23% | 8.04% | 29.47% | 29.38% | -18.76% | 21.44% | 22.41% | 28.91% | -0.12% | 19.54% |
SPY State Street SPDR S&P 500 ETF | 12.32% | 12.32% | 35.62% | 23.40% | -12.34% | 27.57% | 16.33% | 24.77% | 3.52% | 13.96% |
Correlation
The correlation between ZGQ.TO and SPY is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2014 | 0.70 |
The correlation between ZGQ.TO and SPY shifts across timeframes, from 0.70 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.
ZGQ.TO vs. SPY - Sectors Allocation Comparison
Sectors
ZGQ.TO
SPY
Technology
Healthcare
Communication Services
Industrials
Consumer Defensive
Financial Services
Consumer Cyclical
Basic Materials
Energy
Real Estate
Utilities
Technology
ZGQ.TO
SPY
Healthcare
ZGQ.TO
SPY
Communication Services
ZGQ.TO
SPY
Industrials
ZGQ.TO
SPY
Consumer Defensive
ZGQ.TO
SPY
Financial Services
ZGQ.TO
SPY
Consumer Cyclical
ZGQ.TO
SPY
Basic Materials
ZGQ.TO
SPY
Energy
ZGQ.TO
SPY
Real Estate
ZGQ.TO
SPY
Utilities
ZGQ.TO
SPY
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Return for Risk
ZGQ.TO vs. SPY — Risk / Return Rank
ZGQ.TO
SPY
ZGQ.TO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) and State Street SPDR S&P 500 ETF (SPY). 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.
| ZGQ.TO | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.49 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 3.50 | -0.72 |
| Martin ratioReturn relative to average drawdown | 11.30 | 13.31 | -2.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZGQ.TO | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 2.59 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 1.14 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.94 | 1.01 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.93 | 1.13 | -0.21 |
Drawdowns
ZGQ.TO vs. SPY - Drawdown Comparison
The maximum ZGQ.TO drawdown since its inception was -26.68%, roughly equal to the maximum SPY drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for ZGQ.TO and SPY.
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Drawdown Indicators
| ZGQ.TO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.68% | -27.34% | +0.66% |
Max Drawdown (1Y)Largest decline over 1 year | -9.22% | -8.62% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -18.36% | -19.00% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -26.68% | -22.08% | -4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -26.68% | -27.34% | +0.66% |
Current DrawdownCurrent decline from peak | -1.17% | 0.00% | -1.17% |
Average DrawdownAverage peak-to-trough decline | -4.49% | -3.21% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 2.26% | +0.01% |
Volatility
ZGQ.TO vs. SPY - Volatility Comparison
BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a higher volatility of 4.57% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that ZGQ.TO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZGQ.TO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.57% | 2.61% | +1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.49% | 8.79% | +2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.04% | 11.66% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.83% | 15.15% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.15% | 16.19% | -0.04% |
ZGQ.TO vs. SPY - Expense Ratio Comparison
ZGQ.TO has a 0.50% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
ZGQ.TO vs. SPY - Dividend Comparison
ZGQ.TO's dividend yield for the trailing twelve months is around 0.49%, less than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
ZGQ.TO BMO MSCI All Country World High Quality Index ETF | 0.49% | 0.60% | 0.90% | 1.33% | 1.34% | 0.86% | 0.99% | 1.10% | 1.51% | 1.09% | 1.35% | 1.03% |
Frequently Asked Questions
ZGQ.TO and SPY have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPY is cheaper with a 0.09% expense ratio, compared with 0.50% for ZGQ.TO.
ZGQ.TO is categorized as Global Equities, while SPY is S&P 500. ZGQ.TO tracks MSCI All Country World High Quality Index, while SPY tracks S&P 500 Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.50% for ZGQ.TO and 0.09% for SPY.
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