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ZSP.TO vs. USCC-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZSP.TO vs. USCC-U.TO

Last updated Jul 17, 2026
Documentation

ZSP.TO (BMO S&P 500 Index ETF) and USCC-U.TO (Global X S&P 500 Covered Call ETF) are both S&P 500 funds. ZSP.TO is passively managed, while USCC-U.TO is actively managed. Over the past 10 years, ZSP.TO returned 15.74%/yr vs 12.49%/yr for USCC-U.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

ZSP.TO vs. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.TO). 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 USCC-U.TO is traded in USD. To make them comparable, the USCC-U.TO 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 13.16% return, which is significantly higher than USCC-U.TO's 10.20% return. Over the past 10 years, ZSP.TO has outperformed USCC-U.TO with an annualized return of 15.74%, while USCC-U.TO has yielded a comparatively lower 12.49% annualized return.

ZSP.TO

1D
-0.43%
1M
0.64%
6M
10.17%
YTD
13.16%
1Y
24.62%
3Y*
22.35%
5Y*
15.47%
10Y*
15.74%

USCC-U.TO

1D
-0.17%
1M
0.89%
6M
9.06%
YTD
10.20%
1Y
22.52%
3Y*
18.34%
5Y*
12.16%
10Y*
12.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. USCC-U.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		13.16%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%
USCC-U.TO
Global X S&P 500 Covered Call ETF		10.20%9.23%32.70%17.66%-9.19%24.09%10.14%16.78%0.90%7.48%

Correlation

The correlation between ZSP.TO and USCC-U.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

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

0.46

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

0.35

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

0.26

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

0.29

The correlation between ZSP.TO and USCC-U.TO shifts across timeframes, from 0.26 (10 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

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

Global X S&P 500 Covered Call 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 USCC-U.TO:
USCC-U.TO vs. EQL.TOUSCC-U.TO vs. XSP.TOUSCC-U.TO vs. XUS-U.TOUSCC-U.TO vs. XUS.TOUSCC-U.TO vs. CASH.TOUSCC-U.TO vs. CBIL.TOUSCC-U.TO vs. CHPS.TO

Return for Risk

ZSP.TO vs. USCC-U.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: 7676
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 7979
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7373
Martin Ratio Rank
USCC-U.TO
USCC-U.TO Risk / Return Rank: 7474
Overall Rank
USCC-U.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
USCC-U.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
USCC-U.TO Omega Ratio Rank: 8282
Omega Ratio Rank
USCC-U.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
USCC-U.TO Martin Ratio Rank: 7777
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. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.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.TOUSCC-U.TODifference
Sharpe ratioReturn per unit of total volatility
2.02
2.21

-0.18

Sortino ratioReturn per unit of downside risk
2.79
3.09

-0.30

Omega ratioGain probability vs. loss probability

1.37

1.41

-0.05

Calmar ratioReturn relative to maximum drawdown

2.87

3.33

-0.46

Martin ratioReturn relative to average drawdown

10.62

12.95

-2.33

ZSP.TO vs. USCC-U.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.02, which is comparable to the USCC-U.TO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ZSP.TO and USCC-U.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. USCC-U.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum USCC-U.TO drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and USCC-U.TO.

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Drawdown Indicators

ZSP.TOUSCC-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-36.21%

+9.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-6.80%

-1.81%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-18.22%

-0.73%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-18.22%

-4.03%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-36.21%

+9.27%

Current Drawdown

Current decline from peak

-1.26%

-1.09%

-0.17%

Average Drawdown

Average peak-to-trough decline

-3.32%

-4.87%

+1.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

1.74%

+0.59%

Volatility

ZSP.TO vs. USCC-U.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.17% compared to Global X S&P 500 Covered Call ETF (USCC-U.TO) at 2.59%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than USCC-U.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.TOUSCC-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

2.59%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

9.61%

8.10%

+1.51%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

10.27%

+1.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.09%

14.20%

+0.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

24.70%

-8.32%

Dividends

ZSP.TO vs. USCC-U.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than USCC-U.TO's 9.66% yield.

PositionTTM20252024202320222021202020192018201720162015
USCC-U.TO
Global X S&P 500 Covered Call ETF		9.66%9.88%10.20%11.22%10.76%5.11%4.95%5.09%6.49%5.36%5.62%6.13%
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 USCC-U.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: BMO and Global X.

Portfolio Optimizer

Find the right allocation for ZSP.TO and USCC-U.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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