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

ZSP.TO vs. SPHQ

Last updated Jun 4, 2026

ZSP.TO (BMO S&P 500 Index ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both S&P 500 funds - ZSP.TO tracks the S&P 500 Index while SPHQ tracks the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.98%/yr vs 15.84%/yr for SPHQ. Their correlation of 0.88 suggests significant overlap in exposure. ZSP.TO charges 0.09%/yr vs 0.15%/yr for SPHQ.

Performance

ZSP.TO vs. SPHQ - 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 Invesco S&P 500 Quality ETF (SPHQ). 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 SPHQ is traded in USD. To make them comparable, the SPHQ 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 12.15% return, which is significantly lower than SPHQ's 16.95% return. Both investments have delivered pretty close results over the past 10 years, with ZSP.TO having a 15.98% annualized return and SPHQ not far behind at 15.84%.

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%

SPHQ

1D
0.69%
1M
9.31%
YTD
16.95%
6M
15.61%
1Y
24.81%
3Y*
23.83%
5Y*
17.81%
10Y*
15.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. SPHQ - 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%
SPHQ
Invesco S&P 500 Quality ETF		16.95%8.06%36.22%22.08%-9.76%26.87%15.38%27.07%0.78%11.52%

Correlation

The correlation between ZSP.TO and SPHQ is 0.73, 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

0.73

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

0.83

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

0.87

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

0.88

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

0.88

The correlation between ZSP.TO and SPHQ shifts across timeframes, from 0.73 (1 year) to 0.88 (10 years), reflecting how their relationship changes across market environments.

ZSP.TO vs. SPHQ - Sectors Allocation Comparison

Sectors
ZSP.TO
SPHQ

Technology

35.5%
28.1%

Financial Services

12.1%
13.3%

Communication Services

10.9%
2.0%

Consumer Cyclical

10.3%
4.6%

Healthcare

8.7%
8.4%

Industrials

8.4%
24.3%

Consumer Defensive

4.8%
15.4%

Energy

3.3%
0.7%

Utilities

2.3%
1.0%

Real Estate

2.0%

-

Basic Materials

1.8%
2.2%

Technology

ZSP.TO
35.5%
SPHQ
28.1%

Financial Services

ZSP.TO
12.1%
SPHQ
13.3%

Communication Services

ZSP.TO
10.9%
SPHQ
2.0%

Consumer Cyclical

ZSP.TO
10.3%
SPHQ
4.6%

Healthcare

ZSP.TO
8.7%
SPHQ
8.4%

Industrials

ZSP.TO
8.4%
SPHQ
24.3%

Consumer Defensive

ZSP.TO
4.8%
SPHQ
15.4%

Energy

ZSP.TO
3.3%
SPHQ
0.7%

Utilities

ZSP.TO
2.3%
SPHQ
1.0%

Real Estate

ZSP.TO
2.0%
SPHQ

-

Basic Materials

ZSP.TO
1.8%
SPHQ
2.2%

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

Invesco S&P 500 Quality 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 SPHQ:
SPHQ vs. QUALSPHQ vs. VOOSPHQ vs. SPYSPHQ vs. JQUASPHQ vs. SCHDSPHQ vs. SPYVSPHQ vs. QQQ

Return for Risk

ZSP.TO vs. SPHQ — 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
SPHQ
SPHQ Risk / Return Rank: 5454
Overall Rank
SPHQ Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
SPHQ Sortino Ratio Rank: 5555
Sortino Ratio Rank
SPHQ Omega Ratio Rank: 4949
Omega Ratio Rank
SPHQ Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPHQ Martin Ratio Rank: 6161
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. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.TO) and Invesco S&P 500 Quality ETF (SPHQ). 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.TOSPHQDifference
Sharpe ratioReturn per unit of total volatility
2.53
1.99

+0.54

Sortino ratioReturn per unit of downside risk
3.45
2.94

+0.51

Omega ratioGain probability vs. loss probability

1.47

1.35

+0.11

Calmar ratioReturn relative to maximum drawdown

3.38

3.56

-0.19

Martin ratioReturn relative to average drawdown

12.70

13.76

-1.07

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. SPHQ - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.53, which is comparable to the SPHQ Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of ZSP.TO and SPHQ, 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.TOSPHQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

1.99

+0.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.23

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.98

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

1.16

0.00

Drawdowns

ZSP.TO vs. SPHQ - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, which is greater than SPHQ's maximum drawdown of -25.18%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and SPHQ.

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Drawdown Indicators

ZSP.TOSPHQDifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-25.18%

-1.76%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-6.99%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-16.87%

-2.08%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-21.66%

-0.59%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-25.18%

-1.76%

Current Drawdown

Current decline from peak

-0.29%

0.00%

-0.29%

Average Drawdown

Average peak-to-trough decline

-3.34%

-2.86%

-0.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

1.81%

+0.48%

Volatility

ZSP.TO vs. SPHQ - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.14%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 3.59%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOSPHQDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

3.59%

-0.45%

Volatility (6M)

Calculated over the trailing 6-month period

8.65%

10.08%

-1.43%

Volatility (1Y)

Calculated over the trailing 1-year period

11.53%

12.54%

-1.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

14.54%

+0.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

16.26%

+0.10%

ZSP.TO vs. SPHQ - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than SPHQ's 0.15% 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. SPHQ - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, less than SPHQ's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
SPHQ
Invesco S&P 500 Quality ETF		1.04%1.09%1.15%1.42%1.85%1.19%1.55%1.51%1.85%1.57%1.67%2.29%
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

ZSP.TO and SPHQ have a correlation of 0.73, 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 0.15% for SPHQ.

ZSP.TO tracks S&P 500 Index, while SPHQ tracks S&P 500 Quality Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.09% for ZSP.TO and 0.15% for SPHQ.

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