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

ZSML.TO vs. ZQQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P US Small Cap Index ETF (ZSML.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO).

ZSML.TO and ZQQ.TO 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. ZQQ.TO is a passively managed fund by BMO that tracks the performance of the NASDAQ-100 Index. It was launched on Jan 19, 2010. Both ZSML.TO and ZQQ.TO 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. ZQQ.TO - 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 BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). The values are adjusted to include any dividend payments, if applicable.

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ZSML.TO vs. ZQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZSML.TO
BMO S&P US Small Cap Index ETF		4.62%0.20%17.47%12.67%-11.12%28.32%6.20%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		-6.55%18.38%24.00%52.52%-33.75%26.68%31.44%

Returns By Period

In the year-to-date period, ZSML.TO achieves a 4.62% return, which is significantly higher than ZQQ.TO's -6.55% 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*
—

ZQQ.TO

1D
3.44%
1M
-5.14%
YTD
-6.55%
6M
-4.71%
1Y
20.77%
3Y*
20.23%
5Y*
11.19%
10Y*
17.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO S&P US Small Cap Index ETF

BMO NASDAQ 100 Equity (CAD Hedged)

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ZSML.TO vs. ZQQ.TO - Expense Ratio Comparison

ZSML.TO has a 0.22% expense ratio, which is lower than ZQQ.TO's 0.39% expense ratio.

ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)
ZSML.TO
BMO S&P US Small Cap Index ETF

Return for Risk

ZSML.TO vs. ZQQ.TO — 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: 4141
Overall Rank
ZSML.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
ZSML.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZSML.TO Omega Ratio Rank: 3737
Omega Ratio Rank
ZSML.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
ZSML.TO Martin Ratio Rank: 4646
Martin Ratio Rank
ZQQ.TO
ZQQ.TO Risk / Return Rank: 6262
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 6161
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 6262
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. ZQQ.TO - 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 BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.

ZSML.TOZQQ.TODifference

Sharpe ratio

Return per unit of total volatility

0.67

0.94

-0.27

Sortino ratio

Return per unit of downside risk

1.10

1.49

-0.38

Omega ratio

Gain probability vs. loss probability

1.15

1.21

-0.06

Calmar ratio

Return relative to maximum drawdown

1.21

1.62

-0.41

Martin ratio

Return relative to average drawdown

4.39

5.71

-1.32

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. ZQQ.TO - Sharpe Ratio Comparison

The current ZSML.TO Sharpe Ratio is 0.67, which is comparable to the ZQQ.TO Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of ZSML.TO and ZQQ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZSML.TOZQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.67

0.94

-0.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

0.50

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.83

-0.43

Correlation

The correlation between ZSML.TO and ZQQ.TO is 0.33, 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. ZQQ.TO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 1.14%, more than ZQQ.TO's 0.28% yield.

TTM20252024202320222021202020192018201720162015
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%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.28%0.27%0.37%0.32%0.45%0.14%0.41%0.51%0.64%0.57%1.60%0.81%

Drawdowns

ZSML.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZSML.TO drawdown since its inception was -35.32%, roughly equal to the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZSML.TO and ZQQ.TO.

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Drawdown Indicators

ZSML.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.32%

-36.39%

+1.07%

Max Drawdown (1Y)

Largest decline over 1 year

-14.11%

-12.86%

-1.25%

Max Drawdown (5Y)

Largest decline over 5 years

-26.87%

-36.39%

+9.52%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

-4.03%

-9.86%

+5.83%

Average Drawdown

Average peak-to-trough decline

-9.08%

-5.41%

-3.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.95%

3.65%

+0.30%

Volatility

ZSML.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO S&P US Small Cap Index ETF (ZSML.TO) is 6.04%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 6.59%. This indicates that ZSML.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSML.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

6.59%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

12.56%

12.63%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

23.10%

22.20%

+0.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.50%

22.59%

-3.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.41%

22.36%

+0.05%