ZSP-U.TO vs. GARP

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and GARP (iShares MSCI USA Quality GARP ETF) are both exchange-traded funds - ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index, while GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, ZSP-U.TO returned 12.76%/yr vs 17.78%/yr for GARP. Their correlation of 0.83 suggests significant overlap in exposure. ZSP-U.TO charges 0.09%/yr vs 0.15%/yr for GARP.

Performance

ZSP-U.TO vs. GARP - Performance Comparison

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

Returns By Period

In the year-to-date period, ZSP-U.TO achieves a 9.40% return, which is significantly lower than GARP's 16.20% return.

ZSP-U.TO

• 1D: -0.86%
• 1M: 0.54%
• 6M: 7.86%
• YTD: 9.40%
• 1Y: 19.49%
• 3Y*: 19.09%
• 5Y*: 12.76%
• 10Y*: 14.67%

GARP

• 1D: -1.26%
• 1M: -1.05%
• 6M: 13.86%
• YTD: 16.20%
• 1Y: 29.27%
• 3Y*: 28.23%
• 5Y*: 17.78%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZSP-U.TO BMO S&P 500 Index ETF (USD)	9.40%	17.73%	24.40%	26.04%	-18.51%	28.46%	15.64%
GARP iShares MSCI USA Quality GARP ETF	16.20%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%

Correlation

The correlation between ZSP-U.TO and GARP is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.83

The correlation between ZSP-U.TO and GARP has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Return for Risk

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

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

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 60
ZSP-U.TO Sharpe Ratio Rank: 59
ZSP-U.TO Sortino Ratio Rank: 57
ZSP-U.TO Omega Ratio Rank: 58
ZSP-U.TO Calmar Ratio Rank: 55
ZSP-U.TO Martin Ratio Rank: 68

GARP

GARP Risk / Return Rank: 54
GARP Sharpe Ratio Rank: 55
GARP Sortino Ratio Rank: 52
GARP Omega Ratio Rank: 50
GARP Calmar Ratio Rank: 53
GARP Martin Ratio Rank: 59

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) and iShares MSCI USA Quality GARP ETF (GARP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ZSP-U.TO	GARP	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.50	+0.06
Sortino ratio: Return per unit of downside risk	2.15	2.05	+0.10
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.02
Calmar ratio: Return relative to maximum drawdown	2.18	2.15	+0.04
Martin ratio: Return relative to average drawdown	9.42	8.12	+1.31

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is comparable to the GARP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and GARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZSP-U.TO vs. GARP - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and GARP.

Drawdown Indicators

	ZSP-U.TO	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-31.34%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-13.69%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-23.73%	+5.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-30.61%	+5.94%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-1.92%	-4.90%	+2.98%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.28%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	3.62%	-1.55%

Volatility

ZSP-U.TO vs. GARP - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 6.18%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	6.18%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	15.90%	-5.73%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	19.64%	-7.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	22.30%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	23.94%	-6.45%

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

ZSP-U.TO has a 0.09% expense ratio, which is lower than GARP's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZSP-U.TO vs. GARP - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, more than GARP's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	0.81%	0.85%	1.04%	1.38%	1.55%	1.15%	1.57%	1.41%	1.67%	1.58%	1.49%	1.68%

Frequently Asked Questions

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

ZSP-U.TO and GARP have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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, ZSP-U.TO or GARP?

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.15% for GARP.

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

ZSP-U.TO is categorized as S&P 500, while GARP is Large Cap Growth Equities. ZSP-U.TO tracks S&P 500 Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP-U.TO and 0.15% for GARP.