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

ZID.TO vs. ZSP.TO

Last updated Jun 4, 2026

ZID.TO (BMO MSCI India ESG Leaders Index ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZID.TO is a Asia Pacific Equities fund tracking the MSCI India ESG Leaders Index, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZID.TO returned 8.81%/yr vs 15.98%/yr for ZSP.TO. At a 0.43 correlation, their price movements are largely independent. ZID.TO charges 0.67%/yr vs 0.09%/yr for ZSP.TO.

Performance

ZID.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI India ESG Leaders Index ETF (ZID.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, ZID.TO achieves a -18.18% return, which is significantly lower than ZSP.TO's 12.15% return. Over the past 10 years, ZID.TO has underperformed ZSP.TO with an annualized return of 8.81%, while ZSP.TO has yielded a comparatively higher 15.98% annualized return.

ZID.TO

1D
-0.95%
1M
-1.81%
YTD
-18.18%
6M
-19.19%
1Y
-17.13%
3Y*
2.89%
5Y*
2.79%
10Y*
8.81%

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)

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

2026 (YTD)202520242023202220212020201920182017
ZID.TO
BMO MSCI India ESG Leaders Index ETF		-18.18%-0.67%19.13%11.89%-4.71%25.55%15.79%7.37%8.20%34.21%
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 ZID.TO and ZSP.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.39

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

0.41

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

0.43

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

0.43

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

Sectors
ZID.TO
ZSP.TO

Financial Services

26.6%
12.1%

Energy

14.2%
3.3%

Consumer Cyclical

13.5%
10.3%

Basic Materials

12.9%
1.8%

Consumer Defensive

8.9%
4.8%

Technology

8.7%
35.5%

Industrials

6.3%
8.4%

Utilities

4.2%
2.3%

Healthcare

3.5%
8.7%

Communication Services

0.6%
10.9%

Real Estate

0.5%
2.0%

Financial Services

ZID.TO
26.6%
ZSP.TO
12.1%

Energy

ZID.TO
14.2%
ZSP.TO
3.3%

Consumer Cyclical

ZID.TO
13.5%
ZSP.TO
10.3%

Basic Materials

ZID.TO
12.9%
ZSP.TO
1.8%

Consumer Defensive

ZID.TO
8.9%
ZSP.TO
4.8%

Technology

ZID.TO
8.7%
ZSP.TO
35.5%

Industrials

ZID.TO
6.3%
ZSP.TO
8.4%

Utilities

ZID.TO
4.2%
ZSP.TO
2.3%

Healthcare

ZID.TO
3.5%
ZSP.TO
8.7%

Communication Services

ZID.TO
0.6%
ZSP.TO
10.9%

Real Estate

ZID.TO
0.5%
ZSP.TO
2.0%

Compare stocks, funds, or ETFs

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BMO MSCI India ESG Leaders Index ETF

BMO S&P 500 Index ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZID.TO
ZID.TO Risk / Return Rank: 22
Overall Rank
ZID.TO Sharpe Ratio Rank: 11
Sharpe Ratio Rank
ZID.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
ZID.TO Omega Ratio Rank: 22
Omega Ratio Rank
ZID.TO Calmar Ratio Rank: 33
Calmar Ratio Rank
ZID.TO Martin Ratio Rank: 11
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI India ESG Leaders Index ETF (ZID.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.

ZID.TOZSP.TODifference
Sharpe ratioReturn per unit of total volatility
-1.03
2.53

-3.56

Sortino ratioReturn per unit of downside risk
-1.47
3.45

-4.92

Omega ratioGain probability vs. loss probability

0.84

1.47

-0.63

Calmar ratioReturn relative to maximum drawdown

-0.71

3.38

-4.08

Martin ratioReturn relative to average drawdown

-1.50

12.70

-14.19

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

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

The current ZID.TO Sharpe Ratio is -1.03, which is lower than the ZSP.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ZID.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

ZID.TOZSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.03

2.53

-3.56

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.18

1.13

-0.95

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.98

-0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

1.15

-0.80

Drawdowns

ZID.TO vs. ZSP.TO - Drawdown Comparison

The maximum ZID.TO drawdown since its inception was -45.18%, 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 ZID.TO and ZSP.TO.

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Drawdown Indicators

ZID.TOZSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.18%

-26.94%

-18.24%

Max Drawdown (1Y)

Largest decline over 1 year

-24.35%

-8.61%

-15.74%

Max Drawdown (3Y)

Largest decline over 3 years

-27.08%

-18.95%

-8.13%

Max Drawdown (5Y)

Largest decline over 5 years

-27.08%

-22.25%

-4.83%

Max Drawdown (10Y)

Largest decline over 10 years

-45.18%

-26.94%

-18.24%

Current Drawdown

Current decline from peak

-25.57%

-0.29%

-25.28%

Average Drawdown

Average peak-to-trough decline

-11.32%

-3.34%

-7.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.46%

2.29%

+9.17%

Volatility

ZID.TO vs. ZSP.TO - Volatility Comparison

BMO MSCI India ESG Leaders Index ETF (ZID.TO) has a higher volatility of 6.04% compared to BMO S&P 500 Index ETF (ZSP.TO) at 3.14%. This indicates that ZID.TO's price experiences larger fluctuations and is considered to be riskier 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

ZID.TOZSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

3.14%

+2.90%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

8.65%

+5.58%

Volatility (1Y)

Calculated over the trailing 1-year period

16.69%

11.53%

+5.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.92%

14.97%

+0.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.85%

16.36%

+3.49%

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

ZID.TO has a 0.67% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.

Dividends

ZID.TO vs. ZSP.TO - Dividend Comparison

ZID.TO's dividend yield for the trailing twelve months is around 0.84%, more than ZSP.TO's 0.75% yield.

PositionTTM20252024202320222021202020192018201720162015
ZID.TO
BMO MSCI India ESG Leaders Index ETF		0.84%0.69%0.28%1.18%0.29%1.24%0.11%0.11%0.74%0.38%1.15%0.64%
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

ZID.TO and ZSP.TO have a correlation of 0.44, 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 0.67% for ZID.TO.

ZID.TO is categorized as Asia Pacific Equities, while ZSP.TO is S&P 500. ZID.TO tracks MSCI India ESG Leaders Index, while ZSP.TO tracks S&P 500 Index. Their fees differ too: 0.67% for ZID.TO and 0.09% for ZSP.TO.

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