ZSP-U.TO vs. VFMO

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and VFMO (Vanguard U.S. Momentum Factor ETF) are both exchange-traded funds - ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index, while VFMO is a Momentum fund actively managed by Vanguard. ZSP-U.TO is passively managed, while VFMO is actively managed. Over the past 5 years, ZSP-U.TO returned 12.76%/yr vs 14.13%/yr for VFMO. A 0.77 correlation means they provide meaningful diversification when combined. ZSP-U.TO charges 0.09%/yr vs 0.13%/yr for VFMO.

Performance

ZSP-U.TO vs. VFMO - 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 Vanguard U.S. Momentum Factor ETF (VFMO). 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 VFMO's 19.60% 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%

VFMO

• 1D: 0.31%
• 1M: -4.12%
• 6M: 10.70%
• YTD: 19.60%
• 1Y: 30.56%
• 3Y*: 22.94%
• 5Y*: 14.13%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-6.15%
VFMO Vanguard U.S. Momentum Factor ETF	19.60%	17.39%	26.14%	16.25%	-12.84%	19.16%	31.36%	28.22%	-11.41%

Correlation

The correlation between ZSP-U.TO and VFMO is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Feb 15, 2018	0.77

The correlation between ZSP-U.TO and VFMO has been stable across timeframes, ranging from 0.73 to 0.80 - a consistent structural relationship.

Return for Risk

ZSP-U.TO vs. VFMO — 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

VFMO

VFMO Risk / Return Rank: 54
VFMO Sharpe Ratio Rank: 47
VFMO Sortino Ratio Rank: 43
VFMO Omega Ratio Rank: 44
VFMO Calmar Ratio Rank: 69
VFMO Martin Ratio Rank: 67

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. VFMO - 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 Vanguard U.S. Momentum Factor ETF (VFMO). 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	VFMO	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.33	+0.22
Sortino ratio: Return per unit of downside risk	2.15	1.84	+0.32
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.18	2.79	-0.61
Martin ratio: Return relative to average drawdown	9.42	9.43	-0.01

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is comparable to the VFMO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and VFMO, 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. VFMO - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum VFMO drawdown of -36.77%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and VFMO.

Drawdown Indicators

	ZSP-U.TO	VFMO	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-36.77%	+3.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-10.98%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-24.40%	+5.70%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-25.80%	+1.13%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-1.92%	-8.61%	+6.69%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.70%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	3.25%	-1.18%

Volatility

ZSP-U.TO vs. VFMO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while Vanguard U.S. Momentum Factor ETF (VFMO) has a volatility of 7.82%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than VFMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	VFMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	7.82%	-4.81%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	18.37%	-8.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	23.07%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	22.00%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	23.66%	-6.17%

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

ZSP-U.TO has a 0.09% expense ratio, which is lower than VFMO's 0.13% 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. VFMO - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, more than VFMO's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFMO Vanguard U.S. Momentum Factor ETF	0.61%	0.82%	0.72%	0.89%	1.72%	0.81%	0.45%	1.22%	0.70%	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 VFMO in my portfolio?

ZSP-U.TO and VFMO have a correlation of 0.73, 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 VFMO?

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 VFMO?

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for VFMO.

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

ZSP-U.TO is categorized as S&P 500, while VFMO is Momentum. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.09% for ZSP-U.TO and 0.13% for VFMO.