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

ZSP.TO vs. HXS.TO

Last updated Jun 4, 2026

ZSP.TO (BMO S&P 500 Index ETF) and HXS.TO (Global X S&P 500 Index Corporate Class ETF) are both S&P 500 funds tracking the S&P 500 Index, from BMO and Global X respectively. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.98%/yr vs 15.90%/yr for HXS.TO. With a 0.96 correlation, they move nearly in lockstep. ZSP.TO charges 0.09%/yr vs 0.10%/yr for HXS.TO.

Performance

ZSP.TO vs. HXS.TO - 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 Global X S&P 500 Index Corporate Class ETF (HXS.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with ZSP.TO having a 12.15% return and HXS.TO slightly lower at 11.99%. Both investments have delivered pretty close results over the past 10 years, with ZSP.TO having a 15.98% annualized return and HXS.TO not far behind at 15.90%.

ZSP.TO

1D
-0.29%
1M
7.18%
YTD
12.15%
6M
10.04%
1Y
28.96%
3Y*
23.44%
5Y*
16.74%
10Y*
15.98%

HXS.TO

1D
-0.27%
1M
7.20%
YTD
11.99%
6M
10.17%
1Y
29.00%
3Y*
23.29%
5Y*
16.64%
10Y*
15.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. HXS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		12.15%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%
HXS.TO
Global X S&P 500 Index Corporate Class ETF		11.99%11.93%34.98%23.22%-12.72%27.30%15.78%24.69%3.03%13.60%

Correlation

The correlation between ZSP.TO and HXS.TO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

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

0.98

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.96

The correlation between ZSP.TO and HXS.TO has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

ZSP.TO vs. HXS.TO - Sectors Allocation Comparison

Sectors
ZSP.TO
HXS.TO

Technology

35.5%
35.6%

Financial Services

12.1%
11.8%

Communication Services

10.9%
11.2%

Consumer Cyclical

10.3%
10.1%

Healthcare

8.7%
8.5%

Industrials

8.4%
8.3%

Consumer Defensive

4.8%
4.9%

Energy

3.3%
3.5%

Utilities

2.3%
2.4%

Real Estate

2.0%
1.9%

Basic Materials

1.8%
1.8%

Technology

ZSP.TO
35.5%
HXS.TO
35.6%

Financial Services

ZSP.TO
12.1%
HXS.TO
11.8%

Communication Services

ZSP.TO
10.9%
HXS.TO
11.2%

Consumer Cyclical

ZSP.TO
10.3%
HXS.TO
10.1%

Healthcare

ZSP.TO
8.7%
HXS.TO
8.5%

Industrials

ZSP.TO
8.4%
HXS.TO
8.3%

Consumer Defensive

ZSP.TO
4.8%
HXS.TO
4.9%

Energy

ZSP.TO
3.3%
HXS.TO
3.5%

Utilities

ZSP.TO
2.3%
HXS.TO
2.4%

Real Estate

ZSP.TO
2.0%
HXS.TO
1.9%

Basic Materials

ZSP.TO
1.8%
HXS.TO
1.8%

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

Global X S&P 500 Index Corporate Class 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 HXS.TO:
HXS.TO vs. HXQ.TOHXS.TO vs. VFV.TOHXS.TO vs. VOOHXS.TO vs. XUS.TOHXS.TO vs. SPYHXS.TO vs. TEC.TOHXS.TO vs. TPU.TO

Return for Risk

ZSP.TO vs. HXS.TO — 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: 7272
Overall Rank
ZSP.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 6868
Martin Ratio Rank
HXS.TO
HXS.TO Risk / Return Rank: 7171
Overall Rank
HXS.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
HXS.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
HXS.TO Omega Ratio Rank: 7474
Omega Ratio Rank
HXS.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
HXS.TO Martin Ratio Rank: 6767
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. HXS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and Global X S&P 500 Index Corporate Class ETF (HXS.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.TOHXS.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
2.46

+0.07

Sortino ratioReturn per unit of downside risk
3.45
3.36

+0.09

Omega ratioGain probability vs. loss probability

1.47

1.45

+0.01

Calmar ratioReturn relative to maximum drawdown

3.38

3.33

+0.04

Martin ratioReturn relative to average drawdown

12.70

12.62

+0.07

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. HXS.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.53, which is comparable to the HXS.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZSP.TO and HXS.TO, 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.TOHXS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

2.46

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.11

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.97

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

1.02

+0.14

Drawdowns

ZSP.TO vs. HXS.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, roughly equal to the maximum HXS.TO drawdown of -27.42%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and HXS.TO.

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Drawdown Indicators

ZSP.TOHXS.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-27.42%

+0.48%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-8.74%

+0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-18.98%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-22.63%

+0.38%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-27.42%

+0.48%

Current Drawdown

Current decline from peak

-0.29%

-0.27%

-0.02%

Average Drawdown

Average peak-to-trough decline

-3.34%

-3.54%

+0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

2.30%

-0.01%

Volatility

ZSP.TO vs. HXS.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) and Global X S&P 500 Index Corporate Class ETF (HXS.TO) have volatilities of 3.14% and 3.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOHXS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

3.27%

-0.13%

Volatility (6M)

Calculated over the trailing 6-month period

8.65%

8.83%

-0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

11.53%

11.85%

-0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

15.13%

-0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

16.53%

-0.17%

ZSP.TO vs. HXS.TO - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than HXS.TO's 0.10% expense ratio. Despite the difference, 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.TO vs. HXS.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, while HXS.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HXS.TO
Global X S&P 500 Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZSP.TO
BMO S&P 500 Index ETF		0.75%0.82%0.94%1.33%1.44%1.15%1.44%1.47%1.63%1.63%2.20%1.53%

Frequently Asked Questions

With a correlation of 0.99, ZSP.TO and HXS.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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 0.10% for HXS.TO.

Both ETFs track S&P 500 Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.09% for ZSP.TO and 0.10% for HXS.TO.

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