ZSP.TO vs. XDIV.TO

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index. Both are passively managed. Over the past 5 years, ZSP.TO returned 16.33%/yr vs 17.21%/yr for XDIV.TO. At a 0.50 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.11%/yr for XDIV.TO.

Performance

ZSP.TO vs. XDIV.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 Canadian Quality Dividend Index ETF (XDIV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSP.TO achieves a 11.01% return, which is significantly lower than XDIV.TO's 21.85% 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%

XDIV.TO

• 1D: 0.57%
• 1M: 4.53%
• YTD: 21.85%
• 6M: 20.22%
• 1Y: 40.47%
• 3Y*: 24.13%
• 5Y*: 17.21%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	4.75%
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	21.85%	25.04%	19.84%	11.95%	0.49%	33.31%	-7.53%	25.14%	-9.81%	8.00%

Correlation

The correlation between ZSP.TO and XDIV.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.50

The correlation between ZSP.TO and XDIV.TO shifts across timeframes, from 0.38 (1 year) to 0.50 (all time), reflecting how their relationship changes across market environments.

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

Sectors	ZSP.TO	XDIV.TO
Technology	36.2%	1.3%
Financial Services	11.9%	46.7%
Communication Services	10.9%	0.4%
Consumer Cyclical	10.1%	11.5%
Healthcare	8.4%	-
Industrials	8.2%	-
Consumer Defensive	4.8%	-
Energy	3.5%	28.8%
Utilities	2.3%	11.3%
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

ZSP.TO vs. XDIV.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: 79
ZSP.TO Sharpe Ratio Rank: 84
ZSP.TO Sortino Ratio Rank: 81
ZSP.TO Omega Ratio Rank: 83
ZSP.TO Calmar Ratio Rank: 73
ZSP.TO Martin Ratio Rank: 74

XDIV.TO

XDIV.TO Risk / Return Rank: 98
XDIV.TO Sharpe Ratio Rank: 98
XDIV.TO Sortino Ratio Rank: 98
XDIV.TO Omega Ratio Rank: 98
XDIV.TO Calmar Ratio Rank: 99
XDIV.TO Martin Ratio Rank: 98

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. XDIV.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 Canadian Quality Dividend Index ETF (XDIV.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.TO	XDIV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.32	5.14	-2.81
Sortino ratio: Return per unit of downside risk	3.12	7.59	-4.47
Omega ratio: Gain probability vs. loss probability	1.43	2.07	-0.64
Calmar ratio: Return relative to maximum drawdown	3.22	17.55	-14.33
Martin ratio: Return relative to average drawdown	12.00	59.35	-47.35

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

The current ZSP.TO Sharpe Ratio is 2.32, which is lower than the XDIV.TO Sharpe Ratio of 5.14. The chart below compares the historical Sharpe Ratios of ZSP.TO and XDIV.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.

Drawdowns

ZSP.TO vs. XDIV.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum XDIV.TO drawdown of -41.29%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XDIV.TO.

Drawdown Indicators

	ZSP.TO	XDIV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-41.29%	+14.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-2.32%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-10.53%	-8.42%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-17.33%	-4.92%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	—	—
Current Drawdown Current decline from peak	-1.47%	0.00%	-1.47%
Average Drawdown Average peak-to-trough decline	-3.34%	-4.39%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	0.69%	+1.62%

Volatility

ZSP.TO vs. XDIV.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 4.54% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.47%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than XDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	XDIV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	2.47%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	6.45%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	7.95%	+3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	10.51%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	16.33%	+0.06%

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

ZSP.TO has a 0.09% expense ratio, which is lower than XDIV.TO's 0.11% 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. XDIV.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than XDIV.TO's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	3.25%	3.90%	4.50%	4.42%	4.15%	3.76%	4.85%	4.24%	5.13%	1.92%	0.00%	0.00%
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

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

ZSP.TO and XDIV.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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.

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

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.11% for XDIV.TO.

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

ZSP.TO is categorized as S&P 500, while XDIV.TO is Dividend. ZSP.TO tracks S&P 500 Index, while XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.11% for XDIV.TO.