ZLE.TO vs. ZSP.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZLE.TO is a Emerging Markets Equities fund managed by BMO, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 16.20%/yr for ZSP.TO. At a 0.29 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.09%/yr for ZSP.TO.
Performance
ZLE.TO vs. ZSP.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZLE.TO achieves a 34.50% return, which is significantly higher than ZSP.TO's 13.62% return. Over the past 10 years, ZLE.TO has underperformed ZSP.TO with an annualized return of 6.17%, while ZSP.TO has yielded a comparatively higher 16.20% annualized return.
ZLE.TO
- 1D
- 1.49%
- 1M
- 6.37%
- YTD
- 34.50%
- 6M
- 31.59%
- 1Y
- 47.27%
- 3Y*
- 24.48%
- 5Y*
- 10.16%
- 10Y*
- 6.17%
ZSP.TO
- 1D
- 0.55%
- 1M
- 1.75%
- YTD
- 13.62%
- 6M
- 13.06%
- 1Y
- 27.01%
- 3Y*
- 23.01%
- 5Y*
- 16.12%
- 10Y*
- 16.20%
ZLE.TO vs. ZSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 34.50% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 11.00% | -7.15% | 14.79% |
ZSP.TO BMO S&P 500 Index ETF | 13.62% | 12.36% | 35.07% | 23.30% | -12.68% | 27.54% | 15.61% | 24.69% | 3.28% | 13.60% |
Correlation
The correlation between ZLE.TO and ZSP.TO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.29 |
Over the past year, ZLE.TO and ZSP.TO have become more correlated (0.57) than their long-term average of 0.29, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZLE.TO vs. ZSP.TO — Risk / Return Rank
ZLE.TO
ZSP.TO
ZLE.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Emerging Markets Equity ETF (ZLE.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZLE.TO | ZSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.41 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 3.15 | +2.68 |
| Martin ratioReturn relative to average drawdown | 18.60 | 11.67 | +6.93 |
Loading charts...
Drawdowns
ZLE.TO vs. ZSP.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, 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 ZLE.TO and ZSP.TO.
Loading charts...
Drawdown Indicators
| ZLE.TO | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -26.94% | -4.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -8.61% | +0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -18.95% | +8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -22.25% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -26.94% | -4.77% |
Current DrawdownCurrent decline from peak | -2.34% | -0.09% | -2.25% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -3.33% | -6.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 2.32% | +0.23% |
Volatility
ZLE.TO vs. ZSP.TO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to BMO S&P 500 Index ETF (ZSP.TO) at 4.81%. This indicates that ZLE.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.
Loading charts...
Volatility by Period
| ZLE.TO | ZSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 4.81% | +3.96% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 9.58% | +4.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 12.11% | +4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 15.08% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 16.39% | -1.97% |
ZLE.TO vs. ZSP.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.
Dividends
ZLE.TO vs. ZSP.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than ZSP.TO's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 2.33% | 3.13% | 3.61% | 3.54% | 3.62% | 2.21% | 2.11% | 1.82% | 2.13% | 1.39% | 0.76% | 0.00% |
ZSP.TO BMO S&P 500 Index ETF | 0.76% | 0.82% | 0.94% | 1.33% | 1.44% | 1.15% | 1.45% | 1.48% | 1.68% | 1.68% | 2.23% | 1.60% |
Frequently Asked Questions
ZLE.TO and ZSP.TO have a correlation of 0.57, 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 0.45% for ZLE.TO.
ZLE.TO is categorized as Emerging Markets Equities, while ZSP.TO is S&P 500. Their fees differ too: 0.45% for ZLE.TO and 0.09% for ZSP.TO.
Find the right allocation for ZLE.TO and ZSP.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer