PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZSP-U.TO vs. ZLB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZSP-U.TO vs. ZLB.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO S&P 500 Index ETF (USD) (ZSP-U.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO).

ZSP-U.TO and ZLB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSP-U.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on Nov 14, 2012. ZLB.TO is an actively managed fund by BMO. It was launched on Oct 21, 2011.

Performance

ZSP-U.TO vs. ZLB.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 BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Loading graphics...

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

2026 (YTD)202520242023202220212020201920182017
ZSP-U.TO
BMO S&P 500 Index ETF (USD)		-4.00%16.84%23.97%25.49%-18.84%28.13%17.65%30.51%-5.76%20.96%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		0.76%26.07%6.10%11.78%-7.12%23.72%3.42%27.89%-10.41%18.62%
Different Trading Currencies

ZSP-U.TO is traded in USD, while ZLB.TO is traded in CAD. To make them comparable, the ZLB.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 -4.00% return, which is significantly lower than ZLB.TO's 0.76% return. Over the past 10 years, ZSP-U.TO has outperformed ZLB.TO with an annualized return of 13.30%, while ZLB.TO has yielded a comparatively lower 9.46% annualized return.

ZSP-U.TO

1D
0.71%
1M
-4.60%
YTD
-4.00%
6M
-2.08%
1Y
16.91%
3Y*
17.59%
5Y*
11.13%
10Y*
13.30%

ZLB.TO

1D
0.62%
1M
-4.03%
YTD
0.76%
6M
3.40%
1Y
19.07%
3Y*
12.04%
5Y*
9.44%
10Y*
9.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO S&P 500 Index ETF (USD)

BMO Low Volatility Canadian Equity ETF

Often compared with ZSP-U.TO:
ZSP-U.TO vs. EQLI.TOZSP-U.TO vs. TULV.TOZSP-U.TO vs. ESG.TOZSP-U.TO vs. ZSP.TOZSP-U.TO vs. VSP.TOZSP-U.TO vs. ZNQ.TOZSP-U.TO vs. XSP.TO
Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XDIV.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. XUU-U.TO

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

ZSP-U.TO has a 0.09% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

ZLB.TO
BMO Low Volatility Canadian Equity ETF
ZSP-U.TO
BMO S&P 500 Index ETF (USD)

Return for Risk

ZSP-U.TO vs. ZLB.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: 5252
Overall Rank
ZSP-U.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZSP-U.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZSP-U.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZSP-U.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZSP-U.TO Martin Ratio Rank: 5959
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 7878
Overall Rank
ZLB.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 7777
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 7575
Martin Ratio Rank
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. ZLB.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 BMO Low Volatility Canadian Equity ETF (ZLB.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.

ZSP-U.TOZLB.TODifference

Sharpe ratio

Return per unit of total volatility

0.94

1.56

-0.62

Sortino ratio

Return per unit of downside risk

1.43

2.13

-0.70

Omega ratio

Gain probability vs. loss probability

1.22

1.31

-0.10

Calmar ratio

Return relative to maximum drawdown

1.43

2.77

-1.34

Martin ratio

Return relative to average drawdown

6.69

9.59

-2.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZSP-U.TO Sharpe Ratio is 0.94, which is lower than the ZLB.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ZSP-U.TO and ZLB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Loading graphics...

Sharpe Ratios by Period

ZSP-U.TOZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.94

1.56

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.72

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

0.61

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.69

+0.17

Correlation

The correlation between ZSP-U.TO and ZLB.TO is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

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

ZSP-U.TO has not paid dividends to shareholders, while ZLB.TO's dividend yield for the trailing twelve months is around 1.91%.

TTM20252024202320222021202020192018201720162015
ZSP-U.TO
BMO S&P 500 Index ETF (USD)		0.00%0.14%0.71%0.98%1.13%0.91%1.02%1.07%1.26%1.22%1.43%1.29%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.91%1.93%2.28%2.56%2.56%2.29%2.72%2.34%2.65%2.42%2.82%2.25%

Drawdowns

ZSP-U.TO vs. ZLB.TO - Drawdown Comparison

The maximum ZSP-U.TO drawdown since its inception was -33.72%, smaller than the maximum ZLB.TO drawdown of -39.76%. Use the drawdown chart below to compare losses from any high point for ZSP-U.TO and ZLB.TO.

Loading graphics...

Drawdown Indicators

ZSP-U.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.72%

-33.96%

+0.24%

Max Drawdown (1Y)

Largest decline over 1 year

-12.08%

-6.53%

-5.55%

Max Drawdown (5Y)

Largest decline over 5 years

-24.88%

-13.04%

-11.84%

Max Drawdown (10Y)

Largest decline over 10 years

-33.72%

-33.96%

+0.24%

Current Drawdown

Current decline from peak

-5.93%

-2.58%

-3.35%

Average Drawdown

Average peak-to-trough decline

-3.99%

-2.51%

-1.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.59%

1.94%

+0.65%

Volatility

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

BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a higher volatility of 5.34% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 3.86%. This indicates that ZSP-U.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

ZSP-U.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.34%

3.86%

+1.48%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

8.30%

+1.21%

Volatility (1Y)

Calculated over the trailing 1-year period

18.04%

12.30%

+5.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.81%

13.15%

+3.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.77%

15.48%

+2.29%