ZSP-U.TO vs. VTV

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and VTV (Vanguard Value ETF) are both exchange-traded funds - ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index, while VTV is a Large Cap Value Equities fund tracking the CRSP US Large Cap Value Index. Both are passively managed. Over the past 10 years, ZSP-U.TO returned 14.67%/yr vs 12.35%/yr for VTV. A 0.71 correlation means they provide meaningful diversification when combined. ZSP-U.TO charges 0.09%/yr vs 0.04%/yr for VTV.

Performance

ZSP-U.TO vs. VTV - 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 Value ETF (VTV). 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 VTV's 15.30% return. Over the past 10 years, ZSP-U.TO has outperformed VTV with an annualized return of 14.67%, while VTV has yielded a comparatively lower 12.35% 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%

VTV

• 1D: -0.43%
• 1M: 1.34%
• 6M: 11.01%
• YTD: 15.30%
• 1Y: 25.02%
• 3Y*: 17.51%
• 5Y*: 12.38%
• 10Y*: 12.35%

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

ZSP-U.TO vs. VTV - 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%
VTV Vanguard Value ETF	15.30%	15.27%	15.95%	9.32%	-2.09%	26.53%	2.33%	25.66%	-5.47%	17.15%

Correlation

The correlation between ZSP-U.TO and VTV is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012	0.71

The correlation between ZSP-U.TO and VTV shifts across timeframes, from 0.58 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZSP-U.TO vs. VTV — 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

VTV

VTV Risk / Return Rank: 89
VTV Sharpe Ratio Rank: 90
VTV Sortino Ratio Rank: 91
VTV Omega Ratio Rank: 88
VTV Calmar Ratio Rank: 87
VTV Martin Ratio Rank: 88

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. VTV - 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 Value ETF (VTV). 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	VTV	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.44	-0.89
Sortino ratio: Return per unit of downside risk	2.15	3.55	-1.39
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.16
Calmar ratio: Return relative to maximum drawdown	2.18	3.96	-1.77
Martin ratio: Return relative to average drawdown	9.42	15.00	-5.58

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is lower than the VTV Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and VTV, 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. VTV - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum VTV drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and VTV.

Drawdown Indicators

	ZSP-U.TO	VTV	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-59.27%	+25.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-6.35%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-14.52%	-4.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-17.04%	-7.63%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-36.78%	+3.06%
Current Drawdown Current decline from peak	-1.92%	-0.75%	-1.17%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.83%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.67%	+0.40%

Volatility

ZSP-U.TO vs. VTV - Volatility Comparison

BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a higher volatility of 3.01% compared to Vanguard Value ETF (VTV) at 2.70%. This indicates that ZSP-U.TO's price experiences larger fluctuations and is considered to be riskier than VTV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	VTV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	2.70%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	7.77%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	10.31%	+2.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	13.85%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	16.61%	+0.88%

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

ZSP-U.TO has a 0.09% expense ratio, which is higher than VTV's 0.04% expense ratio. However, 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. VTV - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, less than VTV's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTV Vanguard Value ETF	1.88%	2.05%	2.31%	2.46%	2.52%	2.15%	2.56%	2.50%	2.73%	2.29%	2.44%	2.60%
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 VTV in my portfolio?

ZSP-U.TO and VTV have a correlation of 0.58, 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 VTV?

On fees, VTV is cheaper at 0.04% 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 VTV?

VTV is cheaper with a 0.04% expense ratio, compared with 0.09% for ZSP-U.TO.

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

ZSP-U.TO is categorized as S&P 500, while VTV is Large Cap Value Equities. ZSP-U.TO tracks S&P 500 Index, while VTV tracks CRSP US Large Cap Value Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.09% for ZSP-U.TO and 0.04% for VTV.