ZSP-U.TO vs. SPY

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds tracking the S&P 500 Index, from BMO and State Street respectively. Both are passively managed. Over the past 10 years, ZSP-U.TO returned 14.67%/yr vs 14.97%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. ZSP-U.TO charges 0.09%/yr vs 0.09%/yr for SPY.

Performance

ZSP-U.TO vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZSP-U.TO having a 9.40% return and SPY slightly higher at 9.58%. Both investments have delivered pretty close results over the past 10 years, with ZSP-U.TO having a 14.67% annualized return and SPY not far ahead at 14.97%.

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%

SPY

• 1D: -0.99%
• 1M: 0.57%
• 6M: 8.04%
• YTD: 9.58%
• 1Y: 19.66%
• 3Y*: 19.32%
• 5Y*: 13.02%
• 10Y*: 14.97%

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

ZSP-U.TO vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.58%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ZSP-U.TO and SPY is 0.93, 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	0.93
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 SPY shifts across timeframes, from 0.83 (all time) to 0.94 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZSP-U.TO vs. SPY — 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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 55
SPY Martin Ratio Rank: 68

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.57	-0.01
Sortino ratio: Return per unit of downside risk	2.15	2.18	-0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio: Return relative to maximum drawdown	2.18	2.22	-0.04
Martin ratio: Return relative to average drawdown	9.42	9.66	-0.24

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is comparable to the SPY Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and SPY, 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. SPY - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and SPY.

Drawdown Indicators

	ZSP-U.TO	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-55.19%	+21.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.88%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-18.76%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-24.50%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-33.72%	0.00%
Current Drawdown Current decline from peak	-1.92%	-1.89%	-0.03%
Average Drawdown Average peak-to-trough decline	-3.74%	-9.02%	+5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.04%	+0.03%

Volatility

ZSP-U.TO vs. SPY - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 3.67%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	3.67%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	10.06%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	12.63%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	17.17%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	17.93%	-0.44%

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

ZSP-U.TO has a 0.09% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
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 SPY in my portfolio?

With a correlation of 0.93, ZSP-U.TO and SPY 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.

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

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 SPY?

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

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

Both ETFs track S&P 500 Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.09% for ZSP-U.TO and 0.09% for SPY.