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

ZSP.TO vs. IVLU

Last updated Jul 21, 2026
Documentation

ZSP.TO (BMO S&P 500 Index ETF) and IVLU (iShares MSCI International Value Factor ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while IVLU is a Foreign Large Cap Equities fund tracking the MSCI World ex USA Enhanced Value Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.40%/yr vs 11.78%/yr for IVLU. At a 0.43 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.30%/yr for IVLU.

Performance

ZSP.TO vs. IVLU - 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 MSCI International Value Factor ETF (IVLU). 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 IVLU is traded in USD. To make them comparable, the IVLU 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 11.94% return, which is significantly lower than IVLU's 14.40% return. Over the past 10 years, ZSP.TO has outperformed IVLU with an annualized return of 15.40%, while IVLU has yielded a comparatively lower 11.78% annualized return.

ZSP.TO

1D
0.23%
1M
-1.56%
6M
10.62%
YTD
11.94%
1Y
22.30%
3Y*
21.68%
5Y*
15.16%
10Y*
15.40%
ALL TIME*
17.60%

IVLU

1D
-0.84%
1M
-1.47%
6M
8.70%
YTD
14.40%
1Y
35.73%
3Y*
24.20%
5Y*
17.38%
10Y*
11.78%
ALL TIME*
9.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. IVLU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		11.94%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%
IVLU
iShares MSCI International Value Factor ETF		14.40%39.42%15.81%17.21%0.24%15.55%-6.76%10.84%-7.97%14.76%

Correlation

The correlation between ZSP.TO and IVLU is 0.50, 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

0.50

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

0.41

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

0.44

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

0.45

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2015

0.43

The correlation between ZSP.TO and IVLU has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

ZSP.TO vs. IVLU - Sectors Allocation Comparison

Sectors
ZSP.TO
IVLU

Technology

38.6%
9.9%

Financial Services

11.6%
29.1%

Communication Services

10.3%
3.5%

Consumer Cyclical

9.6%
6.7%

Healthcare

8.5%
9.7%

Industrials

8.1%
17.4%

Consumer Defensive

4.6%
5.9%

Energy

3.1%
5.3%

Utilities

2.1%
3.6%

Real Estate

1.8%
1.4%

Basic Materials

1.7%
7.1%

Technology

ZSP.TO
38.6%
IVLU
9.9%

Financial Services

ZSP.TO
11.6%
IVLU
29.1%

Communication Services

ZSP.TO
10.3%
IVLU
3.5%

Consumer Cyclical

ZSP.TO
9.6%
IVLU
6.7%

Healthcare

ZSP.TO
8.5%
IVLU
9.7%

Industrials

ZSP.TO
8.1%
IVLU
17.4%

Consumer Defensive

ZSP.TO
4.6%
IVLU
5.9%

Energy

ZSP.TO
3.1%
IVLU
5.3%

Utilities

ZSP.TO
2.1%
IVLU
3.6%

Real Estate

ZSP.TO
1.8%
IVLU
1.4%

Basic Materials

ZSP.TO
1.7%
IVLU
7.1%

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 MSCI International Value Factor 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 IVLU:
IVLU vs. DFIVIVLU vs. FIVAIVLU vs. VXUSIVLU vs. IDMOIVLU vs. DISVIVLU vs. IEFAIVLU vs. SFNNX

Return for Risk

ZSP.TO vs. IVLU — 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: 7474
Overall Rank
ZSP.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 7575
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7272
Martin Ratio Rank
IVLU
IVLU Risk / Return Rank: 8181
Overall Rank
IVLU Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IVLU Sortino Ratio Rank: 8585
Sortino Ratio Rank
IVLU Omega Ratio Rank: 8383
Omega Ratio Rank
IVLU Calmar Ratio Rank: 7575
Calmar Ratio Rank
IVLU Martin Ratio Rank: 7878
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. IVLU - 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 MSCI International Value Factor ETF (IVLU). 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.TOIVLUDifference
Sharpe ratioReturn per unit of total volatility
1.83
2.24

-0.41

Sortino ratioReturn per unit of downside risk
2.53
3.08

-0.55

Omega ratioGain probability vs. loss probability

1.33

1.39

-0.06

Calmar ratioReturn relative to maximum drawdown

2.60

3.13

-0.53

Martin ratioReturn relative to average drawdown

9.57

11.87

-2.29

ZSP.TO vs. IVLU - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 1.83, which is comparable to the IVLU Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of ZSP.TO and IVLU, 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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Drawdowns

ZSP.TO vs. IVLU - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum IVLU drawdown of -34.14%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and IVLU.

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Drawdown Indicators

ZSP.TOIVLUDifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-34.14%

+7.20%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-11.47%

+2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-15.85%

-3.10%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-20.32%

-1.93%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-34.14%

+7.20%

Current Drawdown

Current decline from peak

-2.33%

-3.65%

+1.32%

Average Drawdown

Average peak-to-trough decline

-3.32%

-6.51%

+3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.34%

3.02%

-0.68%

Volatility

ZSP.TO vs. IVLU - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.17%, while iShares MSCI International Value Factor ETF (IVLU) has a volatility of 4.28%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than IVLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOIVLUDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

4.28%

-1.11%

Volatility (6M)

Calculated over the trailing 6-month period

9.57%

13.55%

-3.98%

Volatility (1Y)

Calculated over the trailing 1-year period

12.29%

16.05%

-3.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.09%

17.52%

-2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

18.39%

-2.00%

ZSP.TO vs. IVLU - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than IVLU's 0.30% expense ratio.

Dividends

ZSP.TO vs. IVLU - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.77%, less than IVLU's 3.36% yield.

PositionTTM20252024202320222021202020192018201720162015
IVLU
iShares MSCI International Value Factor ETF		3.36%3.71%4.46%4.69%3.59%3.47%2.05%3.53%2.82%2.87%2.53%0.93%
ZSP.TO
BMO S&P 500 Index ETF		0.77%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 IVLU have a correlation of 0.50, 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 0.30% for IVLU.

ZSP.TO is categorized as S&P 500, while IVLU is Foreign Large Cap Equities. ZSP.TO tracks S&P 500 Index, while IVLU tracks MSCI World ex USA Enhanced Value Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.30% for IVLU.

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