ZNQ.TO vs. ZSP-U.TO

Last updated Jun 4, 2026

ZNQ.TO (BMO NASDAQ 100 Equity Index ETF) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both exchange-traded funds - ZNQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, ZNQ.TO returned 20.92%/yr vs 16.30%/yr for ZSP-U.TO. Their correlation of 0.81 suggests significant overlap in exposure. ZNQ.TO charges 0.39%/yr vs 0.09%/yr for ZSP-U.TO.

Performance

ZNQ.TO vs. ZSP-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZNQ.TO is traded in CAD, while ZSP-U.TO is traded in USD. To make them comparable, the ZSP-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZNQ.TO achieves a 22.76% return, which is significantly higher than ZSP-U.TO's 11.99% return.

ZNQ.TO

• 1D: 0.25%
• 1M: 13.05%
• YTD: 22.76%
• 6M: 18.72%
• 1Y: 42.93%
• 3Y*: 29.76%
• 5Y*: 20.92%
• 10Y*: —

ZSP-U.TO

• 1D: -0.20%
• 1M: 7.23%
• YTD: 11.99%
• 6M: 9.98%
• 1Y: 28.45%
• 3Y*: 22.90%
• 5Y*: 16.30%
• 10Y*: 15.53%

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

ZNQ.TO vs. ZSP-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZNQ.TO BMO NASDAQ 100 Equity Index ETF	22.76%	14.60%	35.84%	51.32%	-28.06%	26.59%	44.65%	22.90%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	11.99%	11.48%	34.63%	22.72%	-13.06%	26.97%	15.66%	16.25%

Correlation

The correlation between ZNQ.TO and ZSP-U.TO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 13, 2019	0.81

The correlation between ZNQ.TO and ZSP-U.TO has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.

Return for Risk

ZNQ.TO vs. ZSP-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZNQ.TO

ZNQ.TO Risk / Return Rank: 74
ZNQ.TO Sharpe Ratio Rank: 83
ZNQ.TO Sortino Ratio Rank: 78
ZNQ.TO Omega Ratio Rank: 79
ZNQ.TO Calmar Ratio Rank: 68
ZNQ.TO Martin Ratio Rank: 60

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 68
ZSP-U.TO Sharpe Ratio Rank: 69
ZSP-U.TO Sortino Ratio Rank: 67
ZSP-U.TO Omega Ratio Rank: 69
ZSP-U.TO Calmar Ratio Rank: 60
ZSP-U.TO Martin Ratio Rank: 73

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.

ZNQ.TO vs. ZSP-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.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.

	ZNQ.TO	ZSP-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.46	+0.30
Sortino ratio: Return per unit of downside risk	3.58	3.35	+0.23
Omega ratio: Gain probability vs. loss probability	1.48	1.45	+0.03
Calmar ratio: Return relative to maximum drawdown	3.45	3.24	+0.21
Martin ratio: Return relative to average drawdown	10.86	12.46	-1.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZNQ.TO vs. ZSP-U.TO - Sharpe Ratio Comparison

The current ZNQ.TO Sharpe Ratio is 2.75, which is comparable to the ZSP-U.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZNQ.TO and ZSP-U.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.

Sharpe Ratios by Period

	ZNQ.TO	ZSP-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.46	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	1.10	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.20	-0.14

Drawdowns

ZNQ.TO vs. ZSP-U.TO - Drawdown Comparison

The maximum ZNQ.TO drawdown since its inception was -32.09%, which is greater than ZSP-U.TO's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for ZNQ.TO and ZSP-U.TO.

Drawdown Indicators

	ZNQ.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.09%	-27.34%	-4.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-8.83%	-3.67%
Max Drawdown (3Y) Largest decline over 3 years	-22.67%	-18.89%	-3.78%
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	-22.19%	-9.90%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.34%	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-6.63%	-3.51%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	2.29%	+1.67%

Volatility

ZNQ.TO vs. ZSP-U.TO - Volatility Comparison

BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) has a higher volatility of 4.49% compared to BMO S&P 500 Index ETF (USD) (ZSP-U.TO) at 2.96%. This indicates that ZNQ.TO's price experiences larger fluctuations and is considered to be riskier than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZNQ.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	2.96%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	8.99%	+3.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	11.64%	+4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	14.95%	+5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	16.04%	+6.30%

ZNQ.TO vs. ZSP-U.TO - Expense Ratio Comparison

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

Dividends

ZNQ.TO vs. ZSP-U.TO - Dividend Comparison

ZNQ.TO's dividend yield for the trailing twelve months is around 0.20%, while ZSP-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZNQ.TO BMO NASDAQ 100 Equity Index ETF	0.20%	0.25%	0.30%	0.35%	0.23%	0.12%	0.47%	0.52%	0.00%	0.00%	0.00%	0.00%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	0.00%	0.14%	0.71%	0.98%	1.13%	0.91%	1.02%	1.07%	1.26%	1.22%	1.43%	1.29%

Frequently Asked Questions

Can I hold both ZNQ.TO and ZSP-U.TO in my portfolio?

ZNQ.TO and ZSP-U.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZNQ.TO or ZSP-U.TO?

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

Which ETF is cheaper, ZNQ.TO or ZSP-U.TO?

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZNQ.TO.

What is the main difference between ZNQ.TO and ZSP-U.TO?

ZNQ.TO is categorized as Nasdaq-100, while ZSP-U.TO is S&P 500. ZNQ.TO tracks NASDAQ-100 Index, while ZSP-U.TO tracks S&P 500 Index. Their fees differ too: 0.39% for ZNQ.TO and 0.09% for ZSP-U.TO.