ZSP.TO vs. IVLU
ZSP.TO (BMO S&P 500 Index ETF) and IVLU (iShares MSCI Intl 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. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.03%/yr vs 12.11%/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
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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 10.37% return, which is significantly lower than IVLU's 13.01% return. Over the past 10 years, ZSP.TO has outperformed IVLU with an annualized return of 16.03%, while IVLU has yielded a comparatively lower 12.11% 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%
IVLU
- 1D
- 0.73%
- 1M
- 2.13%
- YTD
- 13.01%
- 6M
- 15.46%
- 1Y
- 35.33%
- 3Y*
- 25.11%
- 5Y*
- 17.00%
- 10Y*
- 12.11%
ZSP.TO vs. IVLU - 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% |
IVLU iShares MSCI Intl Value Factor ETF | 13.01% | 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 low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
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 16, 2015 | 0.43 |
The correlation between ZSP.TO and IVLU shifts across timeframes, from 0.40 (3 years) to 0.50 (1 year), reflecting how their relationship changes across market environments.
ZSP.TO vs. IVLU - Sectors Allocation Comparison
Sectors
ZSP.TO
IVLU
Technology
Financial Services
Communication Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Real Estate
Basic Materials
Technology
ZSP.TO
IVLU
Financial Services
ZSP.TO
IVLU
Communication Services
ZSP.TO
IVLU
Consumer Cyclical
ZSP.TO
IVLU
Healthcare
ZSP.TO
IVLU
Industrials
ZSP.TO
IVLU
Consumer Defensive
ZSP.TO
IVLU
Energy
ZSP.TO
IVLU
Utilities
ZSP.TO
IVLU
Real Estate
ZSP.TO
IVLU
Basic Materials
ZSP.TO
IVLU
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Return for Risk
ZSP.TO vs. IVLU — Risk / Return Rank
ZSP.TO
IVLU
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 Intl 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.
| ZSP.TO | IVLU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.39 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.15 | 3.10 | +0.05 |
| Martin ratioReturn relative to average drawdown | 11.81 | 11.82 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSP.TO | IVLU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.32 | 2.26 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | 0.97 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | 0.65 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.14 | 0.49 | +0.65 |
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.TO | IVLU | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -2.03% | -1.68% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -6.56% | +3.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 3.00% | -0.71% |
Volatility
ZSP.TO vs. IVLU - Volatility Comparison
The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.87%, while iShares MSCI Intl Value Factor ETF (IVLU) has a volatility of 4.75%. 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.TO | IVLU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.87% | 4.75% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 9.00% | 12.88% | -3.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.71% | 15.75% | -4.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.00% | 17.59% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.38% | 18.66% | -2.28% |
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 0.76%, less than IVLU's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVLU iShares MSCI Intl Value Factor ETF | 3.34% | 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 | 0.76% | 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 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. 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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