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ZSML.TO vs. SPMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZSML.TO vs. SPMO

Last updated Jun 4, 2026

ZSML.TO (BMO S&P US Small Cap Index ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - ZSML.TO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600® Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, ZSML.TO returned 8.17%/yr vs 27.61%/yr for SPMO. At a 0.32 correlation, their price movements are largely independent. ZSML.TO charges 0.22%/yr vs 0.13%/yr for SPMO.

Performance

ZSML.TO vs. SPMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Small Cap Index ETF (ZSML.TO) and Invesco S&P 500 Momentum ETF (SPMO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZSML.TO achieves a 16.56% return, which is significantly lower than SPMO's 30.82% return.

ZSML.TO

1D
-0.55%
1M
3.50%
YTD
16.56%
6M
13.03%
1Y
32.00%
3Y*
16.65%
5Y*
8.17%
10Y*
—

SPMO

1D
0.00%
1M
16.60%
YTD
30.82%
6M
28.84%
1Y
46.55%
3Y*
44.27%
5Y*
27.61%
10Y*
21.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSML.TO vs. SPMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZSML.TO
BMO S&P US Small Cap Index ETF		16.56%0.20%17.47%12.67%-11.12%28.32%13.69%
SPMO
Invesco S&P 500 Momentum ETF		32.01%20.78%58.34%14.97%-4.07%21.54%14.86%

Correlation

The correlation between ZSML.TO and SPMO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.50

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

0.43

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

0.39

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2020

0.32

The correlation between ZSML.TO and SPMO shifts across timeframes, from 0.32 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

ZSML.TO vs. SPMO - Sectors Allocation Comparison

Sectors
ZSML.TO
SPMO

Financial Services

17.1%
5.9%

Industrials

15.5%
11.3%

Technology

15.1%
52.6%

Consumer Cyclical

13.4%
1.3%

Healthcare

11.2%
6.7%

Real Estate

7.7%
1.0%

Energy

5.8%
3.4%

Basic Materials

5.2%
1.6%

Communication Services

3.6%
9.2%

Consumer Defensive

3.5%
4.3%

Utilities

2.0%
2.8%

Financial Services

ZSML.TO
17.1%
SPMO
5.9%

Industrials

ZSML.TO
15.5%
SPMO
11.3%

Technology

ZSML.TO
15.1%
SPMO
52.6%

Consumer Cyclical

ZSML.TO
13.4%
SPMO
1.3%

Healthcare

ZSML.TO
11.2%
SPMO
6.7%

Real Estate

ZSML.TO
7.7%
SPMO
1.0%

Energy

ZSML.TO
5.8%
SPMO
3.4%

Basic Materials

ZSML.TO
5.2%
SPMO
1.6%

Communication Services

ZSML.TO
3.6%
SPMO
9.2%

Consumer Defensive

ZSML.TO
3.5%
SPMO
4.3%

Utilities

ZSML.TO
2.0%
SPMO
2.8%

Compare stocks, funds, or ETFs

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BMO S&P US Small Cap Index ETF

Invesco S&P 500 Momentum ETF

Often compared with ZSML.TO:
ZSML.TO vs. TQSM.TOZSML.TO vs. AVUVZSML.TO vs. ZST.TOZSML.TO vs. XSMH.TOZSML.TO vs. VCN.TOZSML.TO vs. XSP.TOZSML.TO vs. XDU.TO
Often compared with SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

ZSML.TO vs. SPMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZSML.TO
ZSML.TO Risk / Return Rank: 6363
Overall Rank
ZSML.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
ZSML.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
ZSML.TO Omega Ratio Rank: 5454
Omega Ratio Rank
ZSML.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
ZSML.TO Martin Ratio Rank: 7272
Martin Ratio Rank
SPMO
SPMO Risk / Return Rank: 7575
Overall Rank
SPMO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7777
Sortino Ratio Rank
SPMO Omega Ratio Rank: 7777
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7171
Calmar Ratio Rank
SPMO Martin Ratio Rank: 7373
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.

ZSML.TO vs. SPMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Small Cap Index ETF (ZSML.TO) and Invesco S&P 500 Momentum ETF (SPMO). 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.

ZSML.TOSPMODifference
Sharpe ratioReturn per unit of total volatility
1.83
2.72

-0.89

Sortino ratioReturn per unit of downside risk
2.75
3.67

-0.92

Omega ratioGain probability vs. loss probability

1.33

1.49

-0.16

Calmar ratioReturn relative to maximum drawdown

3.96

3.65

+0.31

Martin ratioReturn relative to average drawdown

13.45

12.23

+1.22

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

ZSML.TO vs. SPMO - Sharpe Ratio Comparison

The current ZSML.TO Sharpe Ratio is 1.83, which is lower than the SPMO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ZSML.TO and SPMO, 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

ZSML.TOSPMODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.72

-0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

1.57

-1.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.14

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

1.10

-0.58

Drawdowns

ZSML.TO vs. SPMO - Drawdown Comparison

The maximum ZSML.TO drawdown since its inception was -35.32%, which is greater than SPMO's maximum drawdown of -25.58%. Use the drawdown chart below to compare losses from any high point for ZSML.TO and SPMO.

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Drawdown Indicators

ZSML.TOSPMODifference

Max Drawdown

Largest peak-to-trough decline

-35.32%

-25.58%

-9.74%

Max Drawdown (1Y)

Largest decline over 1 year

-8.12%

-12.82%

+4.70%

Max Drawdown (3Y)

Largest decline over 3 years

-26.87%

-20.26%

-6.61%

Max Drawdown (5Y)

Largest decline over 5 years

-26.87%

-20.69%

-6.18%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.58%

—

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-8.85%

-4.14%

-4.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.39%

3.82%

-1.43%

Volatility

ZSML.TO vs. SPMO - Volatility Comparison

The current volatility for BMO S&P US Small Cap Index ETF (ZSML.TO) is 5.45%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 7.29%. This indicates that ZSML.TO experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSML.TOSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.45%

7.29%

-1.84%

Volatility (6M)

Calculated over the trailing 6-month period

12.34%

13.95%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

17.66%

17.23%

+0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.58%

17.71%

+1.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.47%

19.10%

+3.37%

ZSML.TO vs. SPMO - Expense Ratio Comparison

ZSML.TO has a 0.22% expense ratio, which is higher than SPMO's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZSML.TO vs. SPMO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 1.03%, more than SPMO's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.65%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
ZSML.TO
BMO S&P US Small Cap Index ETF		1.03%1.21%1.22%1.47%1.72%1.02%1.29%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZSML.TO and SPMO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPMO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPMO is cheaper with a 0.13% expense ratio, compared with 0.22% for ZSML.TO.

ZSML.TO is categorized as Small Cap Blend Equities, while SPMO is Momentum. ZSML.TO tracks S&P SmallCap 600® Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.22% for ZSML.TO and 0.13% for SPMO.

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