ZSP.TO vs. USCL.TO

Last updated Jun 4, 2026

ZSP.TO (BMO S&P 500 Index ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while USCL.TO is a Derivative Income fund actively managed by Global X. ZSP.TO is passively managed, while USCL.TO is actively managed. Over the past year, ZSP.TO returned 28.96% vs 29.89% for USCL.TO. Their correlation of 0.95 suggests significant overlap in exposure. ZSP.TO charges 0.09%/yr vs 0.04%/yr for USCL.TO.

Performance

ZSP.TO vs. USCL.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 Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZSP.TO having a 12.15% return and USCL.TO slightly lower at 11.57%.

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%

USCL.TO

• 1D: -0.08%
• 1M: 7.59%
• YTD: 11.57%
• 6M: 9.93%
• 1Y: 29.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZSP.TO BMO S&P 500 Index ETF	12.15%	12.02%	35.07%	7.88%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.57%	10.03%	38.54%	4.33%

Correlation

The correlation between ZSP.TO and USCL.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.95

The correlation between ZSP.TO and USCL.TO has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

ZSP.TO vs. USCL.TO - Sectors Allocation Comparison

Sectors	ZSP.TO	USCL.TO
Technology	35.5%	33.1%
Financial Services	12.1%	12.3%
Communication Services	10.9%	10.7%
Consumer Cyclical	10.3%	10.1%
Healthcare	8.7%	9.8%
Industrials	8.4%	8.7%
Consumer Defensive	4.8%	5.4%
Energy	3.3%	3.5%
Utilities	2.3%	2.5%
Real Estate	2.0%	2.0%
Basic Materials	1.8%	1.9%

Return for Risk

ZSP.TO vs. USCL.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: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

USCL.TO

USCL.TO Risk / Return Rank: 75
USCL.TO Sharpe Ratio Rank: 77
USCL.TO Sortino Ratio Rank: 75
USCL.TO Omega Ratio Rank: 80
USCL.TO Calmar Ratio Rank: 70
USCL.TO Martin Ratio Rank: 75

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. USCL.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 Enhanced S&P 500 Covered Call ETF (USCL.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.

	ZSP.TO	USCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.55	-0.02
Sortino ratio: Return per unit of downside risk	3.45	3.43	+0.02
Omega ratio: Gain probability vs. loss probability	1.47	1.49	-0.02
Calmar ratio: Return relative to maximum drawdown	3.38	3.51	-0.13
Martin ratio: Return relative to average drawdown	12.70	14.29	-1.60
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. USCL.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.53, which is comparable to the USCL.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of ZSP.TO and USCL.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.

Sharpe Ratios by Period

	ZSP.TO	USCL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.55	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.42	-0.27

Drawdowns

ZSP.TO vs. USCL.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and USCL.TO.

Drawdown Indicators

	ZSP.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-21.85%	-5.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.56%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.08%	-0.21%
Average Drawdown Average peak-to-trough decline	-3.34%	-2.55%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.10%	+0.19%

Volatility

ZSP.TO vs. USCL.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.14% compared to Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) at 2.86%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than USCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.86%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	9.31%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	11.79%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	15.44%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	15.44%	+0.92%

ZSP.TO vs. USCL.TO - Expense Ratio Comparison

ZSP.TO has a 0.09% expense ratio, which is higher than USCL.TO's 0.04% expense ratio. However, 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. USCL.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, less than USCL.TO's 11.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.95%	12.94%	11.57%	7.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

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

With a correlation of 0.96, ZSP.TO and USCL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZSP.TO or USCL.TO?

On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZSP.TO or USCL.TO?

USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.09% for ZSP.TO.

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

ZSP.TO is categorized as S&P 500, while USCL.TO is Derivative Income. They also come from different issuers: BMO and Global X. Their fees differ too: 0.09% for ZSP.TO and 0.04% for USCL.TO.