ZSP-U.TO vs. SPXU.TO

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and SPXU.TO (BetaPro S&P 500 2x Daily Bull ETF) are both exchange-traded funds - ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index, while SPXU.TO is a Leveraged Equities fund actively managed by Global X. ZSP-U.TO is passively managed, while SPXU.TO is actively managed. Over the past 10 years, ZSP-U.TO returned 14.67%/yr vs 27.88%/yr for SPXU.TO. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

ZSP-U.TO vs. SPXU.TO - 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 BetaPro S&P 500 2x Daily Bull ETF (SPXU.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZSP-U.TO is traded in USD, while SPXU.TO is traded in CAD. To make them comparable, the SPXU.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZSP-U.TO achieves a 9.40% return, which is significantly lower than SPXU.TO's 10.96% return. Over the past 10 years, ZSP-U.TO has underperformed SPXU.TO with an annualized return of 14.67%, while SPXU.TO has yielded a comparatively higher 27.88% 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.TO

• 1D: -1.96%
• 1M: 0.12%
• 6M: 9.83%
• YTD: 10.96%
• 1Y: 26.39%
• 3Y*: 25.05%
• 5Y*: 12.46%
• 10Y*: 27.88%

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

ZSP-U.TO vs. SPXU.TO - 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.TO BetaPro S&P 500 2x Daily Bull ETF	10.96%	28.35%	29.87%	47.10%	-44.34%	57.59%	140.45%	68.30%	-22.91%	52.37%

Correlation

The correlation between ZSP-U.TO and SPXU.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012	0.83

The correlation between ZSP-U.TO and SPXU.TO shifts across timeframes, from 0.83 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ZSP-U.TO vs. SPXU.TO — 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.TO

SPXU.TO Risk / Return Rank: 43
SPXU.TO Sharpe Ratio Rank: 43
SPXU.TO Sortino Ratio Rank: 41
SPXU.TO Omega Ratio Rank: 41
SPXU.TO Calmar Ratio Rank: 40
SPXU.TO Martin Ratio Rank: 50

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.TO - 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 BetaPro S&P 500 2x Daily Bull ETF (SPXU.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.

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.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.03	+0.52
Sortino ratio: Return per unit of downside risk	2.15	1.49	+0.66
Omega ratio: Gain probability vs. loss probability	1.28	1.19	+0.09
Calmar ratio: Return relative to maximum drawdown	2.18	1.30	+0.88
Martin ratio: Return relative to average drawdown	9.42	5.09	+4.34

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is higher than the SPXU.TO Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and SPXU.TO, 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.TO - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum SPXU.TO drawdown of -63.06%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and SPXU.TO.

Drawdown Indicators

	ZSP-U.TO	SPXU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-63.06%	+29.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-20.40%	+11.44%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-36.41%	+17.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-51.81%	+27.14%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-63.06%	+29.34%
Current Drawdown Current decline from peak	-1.92%	-6.29%	+4.37%
Average Drawdown Average peak-to-trough decline	-3.74%	-12.08%	+8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	5.20%	-3.13%

Volatility

ZSP-U.TO vs. SPXU.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while BetaPro S&P 500 2x Daily Bull ETF (SPXU.TO) has a volatility of 6.39%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than SPXU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	SPXU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	6.39%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	20.47%	-10.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	25.78%	-13.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	34.24%	-17.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	48.33%	-30.84%

Dividends

ZSP-U.TO vs. SPXU.TO - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, while SPXU.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXU.TO BetaPro S&P 500 2x Daily Bull ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 SPXU.TO in my portfolio?

With a correlation of 0.96, ZSP-U.TO and SPXU.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

ZSP-U.TO is categorized as S&P 500, while SPXU.TO is Leveraged Equities. They also come from different issuers: BMO and Global X.