ZSP-U.TO vs. VUG

Last updated Jul 18, 2026

ZSP-U.TO (BMO S&P 500 Index ETF (USD)) and VUG (Vanguard Growth ETF) are both exchange-traded funds - ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index, while VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 10 years, ZSP-U.TO returned 14.67%/yr vs 17.46%/yr for VUG. A 0.79 correlation means they provide meaningful diversification when combined. ZSP-U.TO charges 0.09%/yr vs 0.03%/yr for VUG.

Performance

ZSP-U.TO vs. VUG - 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 Growth ETF (VUG). 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 VUG's 5.10% return. Over the past 10 years, ZSP-U.TO has underperformed VUG with an annualized return of 14.67%, while VUG has yielded a comparatively higher 17.46% 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%

VUG

• 1D: -1.49%
• 1M: -0.29%
• 6M: 5.70%
• YTD: 5.10%
• 1Y: 14.67%
• 3Y*: 20.96%
• 5Y*: 12.63%
• 10Y*: 17.46%

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

ZSP-U.TO vs. VUG - 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%
VUG Vanguard Growth ETF	5.10%	19.40%	32.69%	46.83%	-33.16%	27.35%	40.25%	37.03%	-3.32%	27.72%

Correlation

The correlation between ZSP-U.TO and VUG is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 11, 2012	0.79

The correlation between ZSP-U.TO and VUG shifts across timeframes, from 0.79 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZSP-U.TO vs. VUG — 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

VUG

VUG Risk / Return Rank: 27
VUG Sharpe Ratio Rank: 28
VUG Sortino Ratio Rank: 27
VUG Omega Ratio Rank: 27
VUG Calmar Ratio Rank: 24
VUG Martin Ratio Rank: 27

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. VUG - 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 Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.85	+0.70
Sortino ratio: Return per unit of downside risk	2.15	1.26	+0.90
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.13
Calmar ratio: Return relative to maximum drawdown	2.18	0.89	+1.29
Martin ratio: Return relative to average drawdown	9.42	2.93	+6.50

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

The current ZSP-U.TO Sharpe Ratio is 1.55, which is higher than the VUG Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and VUG, 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. VUG - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and VUG.

Drawdown Indicators

	ZSP-U.TO	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-33.72%	-50.68%	+16.96%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-16.53%	+7.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.70%	-22.85%	+4.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-35.61%	+10.94%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-35.61%	+1.89%
Current Drawdown Current decline from peak	-1.92%	-5.45%	+3.53%
Average Drawdown Average peak-to-trough decline	-3.74%	-7.08%	+3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	5.02%	-2.95%

Volatility

ZSP-U.TO vs. VUG - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (USD) (ZSP-U.TO) is 3.01%, while Vanguard Growth ETF (VUG) has a volatility of 5.87%. This indicates that ZSP-U.TO experiences smaller price fluctuations and is considered to be less risky than VUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP-U.TO	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	5.87%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	14.01%	-3.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	17.31%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	22.46%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	21.52%	-4.03%

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

ZSP-U.TO has a 0.09% expense ratio, which is higher than VUG's 0.03% 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. VUG - Dividend Comparison

ZSP-U.TO's dividend yield for the trailing twelve months is around 0.81%, more than VUG's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUG Vanguard Growth ETF	0.40%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%
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 VUG in my portfolio?

ZSP-U.TO and VUG have a correlation of 0.87, 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 VUG?

On fees, VUG is cheaper at 0.03% 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 VUG?

VUG is cheaper with a 0.03% expense ratio, compared with 0.09% for ZSP-U.TO.

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

ZSP-U.TO is categorized as S&P 500, while VUG is Large Cap Growth Equities. ZSP-U.TO tracks S&P 500 Index, while VUG tracks CRSP US Large Cap Growth Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.09% for ZSP-U.TO and 0.03% for VUG.