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

ZSP.TO vs. RY.TO

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) is S&P 500 fund tracking the S&P 500 Index, while RY.TO (Royal Bank of Canada) is a stock. Over the past 10 years, ZSP.TO returned 16.12%/yr vs 18.12%/yr for RY.TO. At a 0.46 correlation, their price movements are largely independent.

Performance

ZSP.TO vs. RY.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 Royal Bank of Canada (RY.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZSP.TO achieves a 11.01% return, which is significantly lower than RY.TO's 20.87% return. Over the past 10 years, ZSP.TO has underperformed RY.TO with an annualized return of 16.12%, while RY.TO has yielded a comparatively higher 18.12% annualized return.

ZSP.TO

1D
0.74%
1M
1.01%
YTD
11.01%
6M
11.06%
1Y
29.16%
3Y*
22.66%
5Y*
16.33%
10Y*
16.12%

RY.TO

1D
0.36%
1M
10.50%
YTD
20.87%
6M
23.89%
1Y
65.59%
3Y*
35.54%
5Y*
21.56%
10Y*
18.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		11.01%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%
RY.TO
Royal Bank of Canada		20.87%39.60%34.37%9.80%-1.52%33.09%6.52%14.33%-5.50%17.12%

Correlation

The correlation between ZSP.TO and RY.TO is 0.53, 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

0.53

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

0.45

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

0.47

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

0.48

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2012

0.46

The correlation between ZSP.TO and RY.TO has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

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

Royal Bank of Canada

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 RY.TO:
RY.TO vs. TD.TORY.TO vs. VDY.TORY.TO vs. BMO.TORY.TO vs. CNR.TORY.TO vs. BNS.TORY.TO vs. XDIV.TORY.TO vs. CM.TO

Return for Risk

ZSP.TO vs. RY.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: 7979
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7474
Martin Ratio Rank
RY.TO
RY.TO Risk / Return Rank: 9898
Overall Rank
RY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RY.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
RY.TO Omega Ratio Rank: 9999
Omega Ratio Rank
RY.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
RY.TO Martin Ratio Rank: 9898
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. RY.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 Royal Bank of Canada (RY.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.

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.TORY.TODifference
Sharpe ratioReturn per unit of total volatility
2.32
4.65

-2.33

Sortino ratioReturn per unit of downside risk
3.12
6.62

-3.49

Omega ratioGain probability vs. loss probability

1.43

1.85

-0.42

Calmar ratioReturn relative to maximum drawdown

3.22

7.91

-4.69

Martin ratioReturn relative to average drawdown

12.00

29.39

-17.39

ZSP.TO vs. RY.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is lower than the RY.TO Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of ZSP.TO and RY.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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Drawdowns

ZSP.TO vs. RY.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum RY.TO drawdown of -54.03%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and RY.TO.

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Drawdown Indicators

ZSP.TORY.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-54.03%

+27.09%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-8.12%

-0.49%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-16.00%

-2.95%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-21.21%

-1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-33.84%

+6.90%

Current Drawdown

Current decline from peak

-1.47%

0.00%

-1.47%

Average Drawdown

Average peak-to-trough decline

-3.34%

-6.72%

+3.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

2.18%

+0.13%

Volatility

ZSP.TO vs. RY.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 4.54% compared to Royal Bank of Canada (RY.TO) at 4.23%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than RY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TORY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

4.23%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

10.44%

-1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

11.94%

13.82%

-1.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.03%

14.93%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

17.26%

-0.87%

Dividends

ZSP.TO vs. RY.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than RY.TO's 2.28% yield.

PositionTTM20252024202320222021202020192018201720162015
RY.TO
Royal Bank of Canada		2.28%2.58%3.23%3.99%3.90%3.22%4.10%3.96%4.03%3.39%3.57%4.15%
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 RY.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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