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

ZSP.TO vs. XAW.TO

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.12%/yr vs 13.57%/yr for XAW.TO. Their correlation of 0.92 suggests significant overlap in exposure. ZSP.TO charges 0.09%/yr vs 0.22%/yr for XAW.TO.

Performance

ZSP.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZSP.TO achieves a 11.01% return, which is significantly lower than XAW.TO's 13.18% return. Over the past 10 years, ZSP.TO has outperformed XAW.TO with an annualized return of 16.12%, while XAW.TO has yielded a comparatively lower 13.57% annualized return.

ZSP.TO

1D
0.74%
1M
1.01%
YTD
11.01%
6M
11.06%
1Y
29.16%
3Y*
22.66%
5Y*
16.33%
10Y*
16.12%

XAW.TO

1D
0.59%
1M
1.95%
YTD
13.18%
6M
13.54%
1Y
30.93%
3Y*
21.11%
5Y*
13.62%
10Y*
13.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. XAW.TO - 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%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.18%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%

Correlation

The correlation between ZSP.TO and XAW.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.95

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

0.94

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

0.94

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

0.93

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2015

0.92

The correlation between ZSP.TO and XAW.TO has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

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

Sectors
ZSP.TO
XAW.TO

Technology

36.2%
31.2%

Financial Services

11.9%
13.9%

Communication Services

10.9%
7.8%

Consumer Cyclical

10.1%
8.6%

Healthcare

8.4%
7.8%

Industrials

8.2%
9.8%

Consumer Defensive

4.8%
4.5%

Energy

3.5%
3.5%

Utilities

2.3%
2.4%

Real Estate

1.9%
1.8%

Basic Materials

1.8%
3.0%

Technology

ZSP.TO
36.2%
XAW.TO
31.2%

Financial Services

ZSP.TO
11.9%
XAW.TO
13.9%

Communication Services

ZSP.TO
10.9%
XAW.TO
7.8%

Consumer Cyclical

ZSP.TO
10.1%
XAW.TO
8.6%

Healthcare

ZSP.TO
8.4%
XAW.TO
7.8%

Industrials

ZSP.TO
8.2%
XAW.TO
9.8%

Consumer Defensive

ZSP.TO
4.8%
XAW.TO
4.5%

Energy

ZSP.TO
3.5%
XAW.TO
3.5%

Utilities

ZSP.TO
2.3%
XAW.TO
2.4%

Real Estate

ZSP.TO
1.9%
XAW.TO
1.8%

Basic Materials

ZSP.TO
1.8%
XAW.TO
3.0%

Compare stocks, funds, or ETFs

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BMO S&P 500 Index ETF

iShares Core MSCI All Country World ex Canada Index ETF

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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 XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

ZSP.TO vs. XAW.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: 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
XAW.TO
XAW.TO Risk / Return Rank: 8282
Overall Rank
XAW.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8484
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 8282
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. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
2.32
2.28

+0.05

Sortino ratioReturn per unit of downside risk
3.12
3.13

-0.01

Omega ratioGain probability vs. loss probability

1.43

1.43

0.00

Calmar ratioReturn relative to maximum drawdown

3.22

3.58

-0.36

Martin ratioReturn relative to average drawdown

12.00

14.26

-2.26

ZSP.TO vs. XAW.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the XAW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZSP.TO and XAW.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. XAW.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, roughly equal to the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XAW.TO.

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Drawdown Indicators

ZSP.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-27.32%

+0.38%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-8.16%

-0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-16.66%

-2.29%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-21.02%

-1.23%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-27.32%

+0.38%

Current Drawdown

Current decline from peak

-1.47%

-0.86%

-0.61%

Average Drawdown

Average peak-to-trough decline

-3.34%

-3.91%

+0.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

2.05%

+0.26%

Volatility

ZSP.TO vs. XAW.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 4.54%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 5.32%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than XAW.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.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

5.32%

-0.78%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

10.61%

-1.30%

Volatility (1Y)

Calculated over the trailing 1-year period

11.94%

12.84%

-0.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.03%

13.67%

+1.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

15.16%

+1.23%

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

ZSP.TO has a 0.09% expense ratio, which is lower than XAW.TO's 0.22% 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. XAW.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than XAW.TO's 1.17% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%
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

With a correlation of 0.95, ZSP.TO and XAW.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.

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 0.22% for XAW.TO.

ZSP.TO is categorized as S&P 500, while XAW.TO is Global Equities. ZSP.TO tracks S&P 500 Index, while XAW.TO tracks MSCI ACWI ex Canada IMI Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.22% for XAW.TO.

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