ZSP-U.TO vs. SPXU

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and SPXU (ProShares UltraPro Short S&P500) are both S&P 500 funds - ZSP-U.TO tracks the S&P 500 Index while SPXU tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, ZSP-U.TO returned 14.67%/yr vs -41.04%/yr for SPXU. At a correlation of -0.83, they often move in opposite directions. ZSP-U.TO charges 0.09%/yr vs 0.90%/yr for SPXU.

Performance

ZSP-U.TO vs. SPXU - 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 ProShares UltraPro Short S&P500 (SPXU). 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 higher than SPXU's -22.60% return. Over the past 10 years, ZSP-U.TO has outperformed SPXU with an annualized return of 14.67%, while SPXU has yielded a comparatively lower -41.04% annualized 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%

SPXU

• 1D: 3.19%
• 1M: -0.86%
• 6M: -19.71%
• YTD: -22.60%
• 1Y: -38.23%
• 3Y*: -38.79%
• 5Y*: -33.32%
• 10Y*: -41.04%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZSP-U.TO BMO S&P 500 Index ETF (USD)	9.40%	17.73%	24.40%	26.04%	-18.51%	28.46%	18.41%	30.99%	-5.39%	21.42%
SPXU ProShares UltraPro Short S&P500	-22.60%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Correlation

The correlation between ZSP-U.TO and SPXU is -0.93, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.93
Correlation (3Y) Calculated over the trailing 3-year period	-0.94
Correlation (5Y) Calculated over the trailing 5-year period	-0.94
Correlation (10Y) Calculated over the trailing 10-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012	-0.83

The correlation between ZSP-U.TO and SPXU shifts across timeframes, from -0.94 (5 years) to -0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZSP-U.TO vs. SPXU — 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

SPXU

SPXU Risk / Return Rank: 2
SPXU Sharpe Ratio Rank: 2
SPXU Sortino Ratio Rank: 2
SPXU Omega Ratio Rank: 2
SPXU Calmar Ratio Rank: 2
SPXU Martin Ratio Rank: 1

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. SPXU - 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 ProShares UltraPro Short S&P500 (SPXU). 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	SPXU	Difference
Sharpe ratio: Return per unit of total volatility	1.55	-1.02	+2.57
Sortino ratio: Return per unit of downside risk	2.15	-1.53	+3.68
Omega ratio: Gain probability vs. loss probability	1.28	0.83	+0.45
Calmar ratio: Return relative to maximum drawdown	2.18	-0.88	+3.06
Martin ratio: Return relative to average drawdown	9.42	-1.49	+10.91

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is higher than the SPXU Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and SPXU, 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. SPXU - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and SPXU.

Drawdown Indicators

	ZSP-U.TO	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-99.99%	+66.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-43.83%	+34.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-84.36%	+65.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-90.23%	+65.56%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-99.56%	+65.84%
Current Drawdown Current decline from peak	-1.92%	-99.99%	+98.07%
Average Drawdown Average peak-to-trough decline	-3.74%	-93.36%	+89.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	25.71%	-23.64%

Volatility

ZSP-U.TO vs. SPXU - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 10.69%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	10.69%	-7.68%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	30.14%	-19.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	37.66%	-25.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	50.67%	-33.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	53.34%	-35.85%

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

ZSP-U.TO has a 0.09% expense ratio, which is lower than SPXU's 0.90% expense ratio.

Dividends

ZSP-U.TO vs. SPXU - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, less than SPXU's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXU ProShares UltraPro Short S&P500	6.71%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%	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 SPXU in my portfolio?

ZSP-U.TO and SPXU have a correlation of -0.93, 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 SPXU?

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 SPXU?

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.90% for SPXU.

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

ZSP-U.TO tracks S&P 500 Index, while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.09% for ZSP-U.TO and 0.90% for SPXU.