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ZSP.TO vs. HEWJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZSP.TO vs. HEWJ

Last updated Jun 9, 2026

ZSP.TO (BMO S&P 500 Index ETF) and HEWJ (iShares Currency Hedged MSCI Japan ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while HEWJ is a Japan Equities fund tracking the MSCI Japan 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.03%/yr vs 17.36%/yr for HEWJ. A 0.53 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.49%/yr for HEWJ.

Performance

ZSP.TO vs. HEWJ - 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 iShares Currency Hedged MSCI Japan ETF (HEWJ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZSP.TO is traded in CAD, while HEWJ is traded in USD. To make them comparable, the HEWJ 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 HEWJ's 20.10% return. Over the past 10 years, ZSP.TO has underperformed HEWJ with an annualized return of 16.03%, while HEWJ has yielded a comparatively higher 17.36% 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%

HEWJ

1D
1.50%
1M
3.86%
YTD
20.10%
6M
20.68%
1Y
52.14%
3Y*
29.67%
5Y*
24.54%
10Y*
17.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. HEWJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
HEWJ
iShares Currency Hedged MSCI Japan ETF		20.14%24.30%35.36%32.97%1.66%12.74%7.67%15.81%-7.50%13.25%

Correlation

The correlation between ZSP.TO and HEWJ is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.51

Correlation (10Y)
Calculated over the trailing 10-year period

0.53

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2014

0.53

The correlation between ZSP.TO and HEWJ has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

ZSP.TO vs. HEWJ - Sectors Allocation Comparison

Sectors
ZSP.TO
HEWJ

Technology

36.2%
19.1%

Financial Services

11.9%
17.6%

Communication Services

10.9%
7.9%

Consumer Cyclical

10.1%
12.2%

Healthcare

8.4%
6.2%

Industrials

8.2%
26.0%

Consumer Defensive

4.8%
3.6%

Energy

3.5%
1.1%

Utilities

2.3%
1.1%

Real Estate

1.9%
2.3%

Basic Materials

1.8%
3.0%

Technology

ZSP.TO
36.2%
HEWJ
19.1%

Financial Services

ZSP.TO
11.9%
HEWJ
17.6%

Communication Services

ZSP.TO
10.9%
HEWJ
7.9%

Consumer Cyclical

ZSP.TO
10.1%
HEWJ
12.2%

Healthcare

ZSP.TO
8.4%
HEWJ
6.2%

Industrials

ZSP.TO
8.2%
HEWJ
26.0%

Consumer Defensive

ZSP.TO
4.8%
HEWJ
3.6%

Energy

ZSP.TO
3.5%
HEWJ
1.1%

Utilities

ZSP.TO
2.3%
HEWJ
1.1%

Real Estate

ZSP.TO
1.9%
HEWJ
2.3%

Basic Materials

ZSP.TO
1.8%
HEWJ
3.0%

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

iShares Currency Hedged MSCI Japan ETF

Often compared with ZSP.TO:
ZSP.TO vs. VOOZSP.TO vs. XSP.TOZSP.TO vs. ZCN.TOZSP.TO vs. XUS.TOZSP.TO vs. ZEQT.TOZSP.TO vs. VSP.TOZSP.TO vs. ZQQ.TO
Often compared with HEWJ:
HEWJ vs. EWJHEWJ vs. EWJVHEWJ vs. DBJPHEWJ vs. FLJHHEWJ vs. HEFAHEWJ vs. DXJHEWJ vs. VOO

Return for Risk

ZSP.TO vs. HEWJ — 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: 7575
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7070
Martin Ratio Rank
HEWJ
HEWJ Risk / Return Rank: 8787
Overall Rank
HEWJ Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HEWJ Sortino Ratio Rank: 8787
Sortino Ratio Rank
HEWJ Omega Ratio Rank: 8686
Omega Ratio Rank
HEWJ Calmar Ratio Rank: 8888
Calmar Ratio Rank
HEWJ Martin Ratio Rank: 8989
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.TO vs. HEWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and iShares Currency Hedged MSCI Japan ETF (HEWJ). 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.TOHEWJDifference
Sharpe ratioReturn per unit of total volatility
2.32
2.72

-0.40

Sortino ratioReturn per unit of downside risk
3.12
3.66

-0.54

Omega ratioGain probability vs. loss probability

1.43

1.47

-0.04

Calmar ratioReturn relative to maximum drawdown

3.15

5.17

-2.02

Martin ratioReturn relative to average drawdown

11.81

19.59

-7.78

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. HEWJ - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the HEWJ Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ZSP.TO and HEWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZSP.TOHEWJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

2.72

-0.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

1.22

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.84

+0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.74

+0.40

Drawdowns

ZSP.TO vs. HEWJ - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum HEWJ drawdown of -30.59%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and HEWJ.

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Drawdown Indicators

ZSP.TOHEWJDifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-30.59%

+3.65%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-10.14%

+1.53%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-19.88%

+0.93%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-19.88%

-2.37%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-28.89%

+1.95%

Current Drawdown

Current decline from peak

-2.03%

-1.97%

-0.06%

Average Drawdown

Average peak-to-trough decline

-3.34%

-5.86%

+2.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

2.67%

-0.38%

Volatility

ZSP.TO vs. HEWJ - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.87%, while iShares Currency Hedged MSCI Japan ETF (HEWJ) has a volatility of 5.42%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than HEWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOHEWJDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

5.42%

-1.55%

Volatility (6M)

Calculated over the trailing 6-month period

9.00%

14.63%

-5.63%

Volatility (1Y)

Calculated over the trailing 1-year period

11.71%

19.33%

-7.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.00%

20.15%

-5.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

20.84%

-4.46%

ZSP.TO vs. HEWJ - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than HEWJ's 0.49% expense ratio.

Dividends

ZSP.TO vs. HEWJ - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than HEWJ's 4.32% yield.

PositionTTM20252024202320222021202020192018201720162015
HEWJ
iShares Currency Hedged MSCI Japan ETF		4.32%5.10%2.20%2.02%47.68%2.03%1.20%2.78%1.37%1.21%1.88%3.25%
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

ZSP.TO and HEWJ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.49% for HEWJ.

ZSP.TO is categorized as S&P 500, while HEWJ is Japan Equities. ZSP.TO tracks S&P 500 Index, while HEWJ tracks MSCI Japan 100% Hedged to USD Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.49% for HEWJ.

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