ZSP.TO vs. AVDV

Last updated Jun 13, 2026

ZSP.TO (BMO S&P 500 Index ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. ZSP.TO is passively managed, while AVDV is actively managed. Over the past 5 years, ZSP.TO returned 16.33%/yr vs 16.98%/yr for AVDV. At a 0.47 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.36%/yr for AVDV.

Performance

ZSP.TO vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 Index ETF (ZSP.TO) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZSP.TO is traded in CAD, while AVDV is traded in USD. To make them comparable, the AVDV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZSP.TO achieves a 11.01% return, which is significantly lower than AVDV's 17.38% return.

ZSP.TO

• 1D: 0.74%
• 1M: 1.95%
• YTD: 11.01%
• 6M: 11.06%
• 1Y: 27.62%
• 3Y*: 22.66%
• 5Y*: 16.33%
• 10Y*: 16.12%

AVDV

• 1D: 1.12%
• 1M: 0.07%
• YTD: 17.38%
• 6M: 18.91%
• 1Y: 44.16%
• 3Y*: 28.64%
• 5Y*: 16.98%
• 10Y*: —

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

ZSP.TO vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZSP.TO BMO S&P 500 Index ETF	11.01%	12.36%	35.07%	23.30%	-12.68%	27.54%	15.61%	6.36%
AVDV Avantis International Small Cap Value ETF	17.44%	42.55%	17.87%	14.07%	-5.86%	15.74%	2.51%	10.13%

Correlation

The correlation between ZSP.TO and AVDV is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.47

The correlation between ZSP.TO and AVDV shifts across timeframes, from 0.38 (3 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.

ZSP.TO vs. AVDV - Sectors Allocation Comparison

Sectors	ZSP.TO	AVDV
Technology	36.2%	6.4%
Financial Services	11.9%	13.7%
Communication Services	10.9%	2.0%
Consumer Cyclical	10.1%	14.4%
Healthcare	8.4%	2.1%
Industrials	8.2%	21.3%
Consumer Defensive	4.8%	3.4%
Energy	3.5%	10.8%
Utilities	2.3%	1.7%
Real Estate	1.9%	1.1%
Basic Materials	1.8%	22.5%

Return for Risk

ZSP.TO vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSP.TO

ZSP.TO Risk / Return Rank: 79
ZSP.TO Sharpe Ratio Rank: 84
ZSP.TO Sortino Ratio Rank: 81
ZSP.TO Omega Ratio Rank: 83
ZSP.TO Calmar Ratio Rank: 73
ZSP.TO Martin Ratio Rank: 74

AVDV

AVDV Risk / Return Rank: 81
AVDV Sharpe Ratio Rank: 88
AVDV Sortino Ratio Rank: 86
AVDV Omega Ratio Rank: 86
AVDV Calmar Ratio Rank: 71
AVDV Martin Ratio Rank: 76

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.TO vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and Avantis International Small Cap Value ETF (AVDV). 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.TO	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.69	-0.37
Sortino ratio: Return per unit of downside risk	3.12	3.54	-0.42
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.04
Calmar ratio: Return relative to maximum drawdown	3.22	3.46	-0.24
Martin ratio: Return relative to average drawdown	12.00	14.22	-2.22

ZSP.TO vs. AVDV - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the AVDV Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of ZSP.TO and AVDV, 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.TO vs. AVDV - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum AVDV drawdown of -37.43%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and AVDV.

Drawdown Indicators

	ZSP.TO	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-37.43%	+10.49%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-12.81%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-14.53%	-4.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-22.53%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	—	—
Current Drawdown Current decline from peak	-1.47%	-1.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-3.34%	-5.01%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.12%	-0.81%

Volatility

ZSP.TO vs. AVDV - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 4.54%, while Avantis International Small Cap Value ETF (AVDV) has a volatility of 6.40%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	6.40%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	14.18%	-4.87%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	16.48%	-4.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	18.25%	-3.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	20.45%	-4.06%

ZSP.TO vs. AVDV - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

ZSP.TO vs. AVDV - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than AVDV's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	4.11%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
ZSP.TO BMO S&P 500 Index ETF	0.76%	0.82%	0.94%	1.33%	1.44%	1.15%	1.45%	1.48%	1.68%	1.68%	2.23%	1.60%

Frequently Asked Questions

Can I hold both ZSP.TO and AVDV in my portfolio?

ZSP.TO and AVDV have a correlation of 0.49, 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.TO or AVDV?

On fees, ZSP.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.TO or AVDV?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.36% for AVDV.

What is the main difference between ZSP.TO and AVDV?

ZSP.TO is categorized as S&P 500, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: BMO and Avantis. Their fees differ too: 0.09% for ZSP.TO and 0.36% for AVDV.