ZSML.TO vs. SPMO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P US Small Cap Index ETF (ZSML.TO) and Invesco S&P 500 Momentum ETF (SPMO).

ZSML.TO and SPMO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSML.TO is a passively managed fund by BMO that tracks the performance of the S&P SmallCap 600® Index. It was launched on Jan 28, 2020. SPMO is a passively managed fund by Invesco that tracks the performance of the S&P 500 Momentum Index. It was launched on Oct 9, 2015. Both ZSML.TO and SPMO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

ZSML.TO vs. SPMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZSML.TO BMO S&P US Small Cap Index ETF	4.62%	0.20%	17.47%	12.67%	-11.12%	28.32%	6.20%
SPMO Invesco S&P 500 Momentum ETF	-4.50%	20.78%	58.34%	14.97%	-4.07%	21.54%	14.86%

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 4.62% return, which is significantly higher than SPMO's -8.06% return.

ZSML.TO

• 1D: 1.69%
• 1M: -2.28%
• YTD: 4.62%
• 6M: 4.77%
• 1Y: 15.31%
• 3Y*: 10.88%
• 5Y*: 5.80%
• 10Y*: —

SPMO

• 1D: 0.00%
• 1M: -7.61%
• YTD: -8.06%
• 6M: -10.45%
• 1Y: 13.76%
• 3Y*: 27.96%
• 5Y*: 18.70%
• 10Y*: 17.50%

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

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%.

ZSML.TO

BMO S&P US Small Cap Index ETF

SPMO

Invesco S&P 500 Momentum ETF

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: 41
ZSML.TO Sharpe Ratio Rank: 35
ZSML.TO Sortino Ratio Rank: 39
ZSML.TO Omega Ratio Rank: 37
ZSML.TO Calmar Ratio Rank: 46
ZSML.TO Martin Ratio Rank: 46

SPMO

SPMO Risk / Return Rank: 66
SPMO Sharpe Ratio Rank: 59
SPMO Sortino Ratio Rank: 62
SPMO Omega Ratio Rank: 65
SPMO Calmar Ratio Rank: 74
SPMO Martin Ratio Rank: 68

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.TO	SPMO	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.63	+0.04
Sortino ratio Return per unit of downside risk	1.10	1.00	+0.11
Omega ratio Gain probability vs. loss probability	1.15	1.15	0.00
Calmar ratio Return relative to maximum drawdown	1.21	1.15	+0.06
Martin ratio Return relative to average drawdown	4.39	3.44	+0.95
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 0.67, which is comparable to the SPMO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of ZSML.TO and SPMO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZSML.TO	SPMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.63	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	1.08	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.91	-0.52

Correlation

The correlation between ZSML.TO and SPMO is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZSML.TO vs. SPMO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 1.14%, more than SPMO's 0.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZSML.TO BMO S&P US Small Cap Index ETF	1.14%	1.21%	1.22%	1.47%	1.72%	1.02%	1.29%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMO Invesco S&P 500 Momentum ETF	0.91%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%

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.

Drawdown Indicators

	ZSML.TO	SPMO	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-30.95%	-4.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-12.70%	-1.41%
Max Drawdown (5Y) Largest decline over 5 years	-26.87%	-22.74%	-4.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-30.95%	—
Current Drawdown Current decline from peak	-4.03%	-9.24%	+5.21%
Average Drawdown Average peak-to-trough decline	-9.08%	-4.66%	-4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	3.57%	+0.38%

Volatility

ZSML.TO vs. SPMO - Volatility Comparison

BMO S&P US Small Cap Index ETF (ZSML.TO) has a higher volatility of 6.04% compared to Invesco S&P 500 Momentum ETF (SPMO) at 5.16%. This indicates that ZSML.TO's price experiences larger fluctuations and is considered to be riskier than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSML.TO	SPMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.16%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	11.73%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	22.03%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	17.37%	+2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	18.89%	+3.52%