ZSP.TO vs. DXJ

Last updated Jun 9, 2026

ZSP.TO (BMO S&P 500 Index ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.03%/yr vs 19.32%/yr for DXJ. A 0.52 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.48%/yr for DXJ.

Performance

ZSP.TO vs. DXJ - 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 WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZSP.TO is traded in CAD, while DXJ is traded in USD. To make them comparable, the DXJ 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 10.37% return, which is significantly lower than DXJ's 20.01% return. Over the past 10 years, ZSP.TO has underperformed DXJ with an annualized return of 16.03%, while DXJ has yielded a comparatively higher 19.32% annualized return.

ZSP.TO

• 1D: 0.34%
• 1M: 2.27%
• YTD: 10.37%
• 6M: 9.38%
• 1Y: 26.98%
• 3Y*: 22.94%
• 5Y*: 16.43%
• 10Y*: 16.03%

DXJ

• 1D: 0.67%
• 1M: 4.12%
• YTD: 20.01%
• 6M: 21.97%
• 1Y: 54.44%
• 3Y*: 33.66%
• 5Y*: 29.53%
• 10Y*: 19.32%

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

ZSP.TO vs. DXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZSP.TO BMO S&P 500 Index ETF	10.37%	12.36%	35.07%	23.30%	-12.68%	27.54%	15.61%	24.69%	3.28%	13.60%
DXJ WisdomTree Japan Hedged Equity Fund	20.01%	26.72%	40.82%	38.66%	12.68%	17.93%	1.47%	14.04%	-13.04%	14.49%

Correlation

The correlation between ZSP.TO and DXJ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012	0.52

The correlation between ZSP.TO and DXJ has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.

ZSP.TO vs. DXJ - Sectors Allocation Comparison

Sectors	ZSP.TO	DXJ
Technology	36.2%	12.9%
Financial Services	11.9%	18.3%
Communication Services	10.9%	2.7%
Consumer Cyclical	10.1%	15.6%
Healthcare	8.4%	6.8%
Industrials	8.2%	27.4%
Consumer Defensive	4.8%	4.7%
Energy	3.5%	1.7%
Utilities	2.3%	0.1%
Real Estate	1.9%	-
Basic Materials	1.8%	8.5%

Return for Risk

ZSP.TO vs. DXJ — 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: 75
ZSP.TO Sharpe Ratio Rank: 80
ZSP.TO Sortino Ratio Rank: 78
ZSP.TO Omega Ratio Rank: 80
ZSP.TO Calmar Ratio Rank: 69
ZSP.TO Martin Ratio Rank: 70

DXJ

DXJ Risk / Return Rank: 90
DXJ Sharpe Ratio Rank: 92
DXJ Sortino Ratio Rank: 91
DXJ Omega Ratio Rank: 90
DXJ Calmar Ratio Rank: 88
DXJ Martin Ratio Rank: 89

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. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.TO	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.32	3.05	-0.73
Sortino ratio: Return per unit of downside risk	3.12	4.06	-0.94
Omega ratio: Gain probability vs. loss probability	1.43	1.53	-0.10
Calmar ratio: Return relative to maximum drawdown	3.15	5.09	-1.94
Martin ratio: Return relative to average drawdown	11.81	19.22	-7.41
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.TO vs. DXJ - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the DXJ Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of ZSP.TO and DXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZSP.TO	DXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	3.05	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	1.48	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.91	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	0.47	+0.67

Drawdowns

ZSP.TO vs. DXJ - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum DXJ drawdown of -51.50%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and DXJ.

Drawdown Indicators

	ZSP.TO	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-51.50%	+24.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-10.75%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-20.75%	+1.80%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-20.75%	-1.50%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	-32.56%	+5.62%
Current Drawdown Current decline from peak	-2.03%	-1.70%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.34%	-15.96%	+12.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.84%	-0.55%

Volatility

ZSP.TO vs. DXJ - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.87%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 4.44%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.44%	-0.57%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	13.85%	-4.85%
Volatility (1Y) Calculated over the trailing 1-year period	11.71%	17.95%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.00%	20.04%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.38%	21.26%	-4.88%

ZSP.TO vs. DXJ - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

ZSP.TO vs. DXJ - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than DXJ's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	1.10%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
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 DXJ in my portfolio?

ZSP.TO and DXJ have a correlation of 0.46, 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 DXJ?

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 DXJ?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.48% for DXJ.

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

ZSP.TO is categorized as S&P 500, while DXJ is Japan Equities. ZSP.TO tracks S&P 500 Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: BMO and WisdomTree. Their fees differ too: 0.09% for ZSP.TO and 0.48% for DXJ.