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

ZSP.TO vs. SPMO

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.12%/yr vs 21.90%/yr for SPMO. A 0.61 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.13%/yr for SPMO.

Performance

ZSP.TO vs. SPMO - 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 Momentum ETF (SPMO). 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 SPMO is traded in USD. To make them comparable, the SPMO 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 SPMO's 30.75% return. Over the past 10 years, ZSP.TO has underperformed SPMO with an annualized return of 16.12%, while SPMO has yielded a comparatively higher 21.90% 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%

SPMO

1D
1.45%
1M
8.20%
YTD
30.75%
6M
30.54%
1Y
48.91%
3Y*
43.65%
5Y*
27.12%
10Y*
21.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. SPMO - 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%
SPMO
Invesco S&P 500 Momentum ETF		30.75%20.80%58.16%14.76%-4.78%22.58%25.21%20.74%7.41%19.11%

Correlation

The correlation between ZSP.TO and SPMO is 0.70, 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

0.70

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

0.72

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 Oct 12, 2015

0.61

The correlation between ZSP.TO and SPMO shifts across timeframes, from 0.61 (all time) to 0.72 (3 years), reflecting how their relationship changes across market environments.

ZSP.TO vs. SPMO - Sectors Allocation Comparison

Sectors
ZSP.TO
SPMO

Technology

36.2%
54.9%

Financial Services

11.9%
5.9%

Communication Services

10.9%
8.2%

Consumer Cyclical

10.1%
1.2%

Healthcare

8.4%
6.4%

Industrials

8.2%
11.1%

Consumer Defensive

4.8%
4.1%

Energy

3.5%
3.1%

Utilities

2.3%
2.5%

Real Estate

1.9%
1.0%

Basic Materials

1.8%
1.5%

Technology

ZSP.TO
36.2%
SPMO
54.9%

Financial Services

ZSP.TO
11.9%
SPMO
5.9%

Communication Services

ZSP.TO
10.9%
SPMO
8.2%

Consumer Cyclical

ZSP.TO
10.1%
SPMO
1.2%

Healthcare

ZSP.TO
8.4%
SPMO
6.4%

Industrials

ZSP.TO
8.2%
SPMO
11.1%

Consumer Defensive

ZSP.TO
4.8%
SPMO
4.1%

Energy

ZSP.TO
3.5%
SPMO
3.1%

Utilities

ZSP.TO
2.3%
SPMO
2.5%

Real Estate

ZSP.TO
1.9%
SPMO
1.0%

Basic Materials

ZSP.TO
1.8%
SPMO
1.5%

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 Momentum 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 SPMO:
SPMO vs. VOOSPMO vs. QQQSPMO vs. SCHGSPMO vs. MTUMSPMO vs. VUGSPMO vs. VFMOSPMO vs. XMMO

Return for Risk

ZSP.TO vs. SPMO — 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
SPMO
SPMO Risk / Return Rank: 7979
Overall Rank
SPMO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
SPMO Sortino Ratio Rank: 7878
Sortino Ratio Rank
SPMO Omega Ratio Rank: 8080
Omega Ratio Rank
SPMO Calmar Ratio Rank: 7777
Calmar Ratio Rank
SPMO 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. SPMO - 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 Momentum ETF (SPMO). 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.TOSPMODifference
Sharpe ratioReturn per unit of total volatility
2.32
2.38

-0.06

Sortino ratioReturn per unit of downside risk
3.12
3.17

-0.05

Omega ratioGain probability vs. loss probability

1.43

1.43

0.00

Calmar ratioReturn relative to maximum drawdown

3.22

3.62

-0.40

Martin ratioReturn relative to average drawdown

12.00

12.11

-0.11

ZSP.TO vs. SPMO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the SPMO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ZSP.TO and SPMO, 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. SPMO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, roughly equal to the maximum SPMO drawdown of -26.80%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and SPMO.

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Drawdown Indicators

ZSP.TOSPMODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-26.80%

-0.14%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-12.95%

+4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-21.35%

+2.40%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-21.43%

-0.82%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-26.80%

-0.14%

Current Drawdown

Current decline from peak

-1.47%

-0.77%

-0.70%

Average Drawdown

Average peak-to-trough decline

-3.34%

-4.16%

+0.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

3.87%

-1.56%

Volatility

ZSP.TO vs. SPMO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 4.54%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.31%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOSPMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

10.31%

-5.77%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

16.96%

-7.65%

Volatility (1Y)

Calculated over the trailing 1-year period

11.94%

19.72%

-7.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.03%

20.54%

-5.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

21.56%

-5.17%

ZSP.TO vs. SPMO - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is lower than SPMO's 0.13% 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. SPMO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, more than SPMO's 0.67% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMO
Invesco S&P 500 Momentum ETF		0.67%0.73%0.48%1.63%1.66%0.52%1.27%1.39%1.05%0.77%1.94%0.36%
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 SPMO have a correlation of 0.70, 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 0.13% for SPMO.

ZSP.TO is categorized as S&P 500, while SPMO is Momentum. ZSP.TO tracks S&P 500 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.09% for ZSP.TO and 0.13% for SPMO.

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