ZSML.TO vs. ZSP.TO
Compare and contrast key facts about BMO S&P US Small Cap Index ETF (ZSML.TO) and BMO S&P 500 Index ETF (ZSP.TO).
ZSML.TO and ZSP.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. ZSP.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on Nov 14, 2012. Both ZSML.TO and ZSP.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. ZSP.TO - Performance Comparison
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ZSML.TO vs. ZSP.TO - 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% |
ZSP.TO BMO S&P 500 Index ETF | -3.17% | 12.02% | 35.07% | 23.30% | -12.68% | 27.53% | 8.19% |
Returns By Period
In the year-to-date period, ZSML.TO achieves a 4.62% return, which is significantly higher than ZSP.TO's -3.17% 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*
- —
ZSP.TO
- 1D
- 2.73%
- 1M
- -3.14%
- YTD
- -3.17%
- 6M
- -2.25%
- 1Y
- 13.31%
- 3Y*
- 18.98%
- 5Y*
- 13.70%
- 10Y*
- 14.40%
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ZSML.TO vs. ZSP.TO - Expense Ratio Comparison
ZSML.TO has a 0.22% expense ratio, which is higher than ZSP.TO's 0.09% 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%.
Return for Risk
ZSML.TO vs. ZSP.TO — Risk / Return Rank
ZSML.TO
ZSP.TO
ZSML.TO vs. ZSP.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 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.
| ZSML.TO | ZSP.TO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.67 | 0.73 | -0.06 |
Sortino ratioReturn per unit of downside risk | 1.10 | 1.10 | 0.00 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.17 | +0.04 |
Martin ratioReturn relative to average drawdown | 4.39 | 4.37 | +0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSML.TO | ZSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 0.73 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.92 | -0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 1.08 | -0.68 |
Correlation
The correlation between ZSML.TO and ZSP.TO is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ZSML.TO vs. ZSP.TO - Dividend Comparison
ZSML.TO's dividend yield for the trailing twelve months is around 1.14%, more than ZSP.TO's 0.87% 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% |
ZSP.TO BMO S&P 500 Index ETF | 0.87% | 0.82% | 0.94% | 1.33% | 1.44% | 1.15% | 1.44% | 1.47% | 1.63% | 1.63% | 2.20% | 1.53% |
Drawdowns
ZSML.TO vs. ZSP.TO - Drawdown Comparison
The maximum ZSML.TO drawdown since its inception was -35.32%, 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 ZSML.TO and ZSP.TO.
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Drawdown Indicators
| ZSML.TO | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.32% | -26.94% | -8.38% |
Max Drawdown (1Y)Largest decline over 1 year | -14.11% | -12.43% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -26.87% | -22.25% | -4.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.94% | — |
Current DrawdownCurrent decline from peak | -4.03% | -6.12% | +2.09% |
Average DrawdownAverage peak-to-trough decline | -9.08% | -3.37% | -5.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.95% | 3.33% | +0.62% |
Volatility
ZSML.TO vs. ZSP.TO - Volatility Comparison
BMO S&P US Small Cap Index ETF (ZSML.TO) has a higher volatility of 6.04% compared to BMO S&P 500 Index ETF (ZSP.TO) at 5.16%. This indicates that ZSML.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.
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Volatility by Period
| ZSML.TO | ZSP.TO | 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% | 9.35% | +3.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.10% | 18.36% | +4.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.50% | 14.97% | +4.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.41% | 16.37% | +6.04% |