ZSP.TO vs. SMH

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.12%/yr vs 38.67%/yr for SMH. A 0.61 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.35%/yr for SMH.

Performance

ZSP.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZSP.TO is traded in CAD, while SMH is traded in USD. To make them comparable, the SMH 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 11.01% return, which is significantly lower than SMH's 75.64% return. Over the past 10 years, ZSP.TO has underperformed SMH with an annualized return of 16.12%, while SMH has yielded a comparatively higher 38.67% annualized return.

ZSP.TO

• 1D: 0.74%
• 1M: 2.05%
• YTD: 11.01%
• 6M: 11.06%
• 1Y: 29.16%
• 3Y*: 22.66%
• 5Y*: 16.33%
• 10Y*: 16.12%

SMH

• 1D: 1.91%
• 1M: 13.45%
• YTD: 75.64%
• 6M: 78.12%
• 1Y: 148.68%
• 3Y*: 62.45%
• 5Y*: 42.48%
• 10Y*: 38.67%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SMH VanEck Semiconductor ETF	75.64%	42.36%	50.88%	69.25%	-29.32%	42.06%	51.84%	57.67%	-1.41%	29.10%

Correlation

The correlation between ZSP.TO and SMH is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Nov 26, 2012	0.61

The correlation between ZSP.TO and SMH has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

ZSP.TO vs. SMH - Sectors Allocation Comparison

Sectors	ZSP.TO	SMH
Technology	36.2%	100.0%
Financial Services	11.9%	-
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.2%	-
Consumer Defensive	4.8%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

ZSP.TO vs. SMH — 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: 79
ZSP.TO Sharpe Ratio Rank: 84
ZSP.TO Sortino Ratio Rank: 81
ZSP.TO Omega Ratio Rank: 83
ZSP.TO Calmar Ratio Rank: 73
ZSP.TO Martin Ratio Rank: 74

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 96

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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and VanEck Semiconductor ETF (SMH). 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.TO	SMH	Difference
Sharpe ratio: Return per unit of total volatility	2.32	4.28	-1.96
Sortino ratio: Return per unit of downside risk	3.12	4.42	-1.29
Omega ratio: Gain probability vs. loss probability	1.43	1.62	-0.19
Calmar ratio: Return relative to maximum drawdown	3.22	10.40	-7.18
Martin ratio: Return relative to average drawdown	12.00	36.66	-24.67

ZSP.TO vs. SMH - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is lower than the SMH Sharpe Ratio of 4.28. The chart below compares the historical Sharpe Ratios of ZSP.TO and SMH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZSP.TO vs. SMH - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum SMH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and SMH.

Drawdown Indicators

	ZSP.TO	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-65.72%	+38.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-13.69%	+5.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-33.72%	+14.77%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-41.26%	+19.01%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	-41.26%	+14.32%
Current Drawdown Current decline from peak	-1.47%	-1.91%	+0.44%
Average Drawdown Average peak-to-trough decline	-3.34%	-19.94%	+16.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.88%	-1.57%

Volatility

ZSP.TO vs. SMH - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 4.54%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.35%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	16.35%	-11.81%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	27.94%	-18.63%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	33.30%	-21.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	36.05%	-21.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	33.59%	-17.20%

ZSP.TO vs. SMH - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

ZSP.TO vs. SMH - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, more than SMH's 0.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.18%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
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

Can I hold both ZSP.TO and SMH in my portfolio?

ZSP.TO and SMH have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZSP.TO or SMH?

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.

Which ETF is cheaper, ZSP.TO or SMH?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.35% for SMH.

What is the main difference between ZSP.TO and SMH?

ZSP.TO is categorized as S&P 500, while SMH is Semiconductors. ZSP.TO tracks S&P 500 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.09% for ZSP.TO and 0.35% for SMH.