ZSP.TO vs. XEF-U.TO
ZSP.TO (BMO S&P 500 Index ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 5 years, ZSP.TO returned 16.74%/yr vs 10.23%/yr for XEF-U.TO. At a 0.29 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.21%/yr for XEF-U.TO.
Performance
ZSP.TO vs. XEF-U.TO - Performance Comparison
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Different Trading Currencies
ZSP.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-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 12.15% return, which is significantly higher than XEF-U.TO's 9.83% return.
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%
XEF-U.TO
- 1D
- -0.35%
- 1M
- 5.65%
- YTD
- 9.83%
- 6M
- 10.47%
- 1Y
- 22.33%
- 3Y*
- 17.30%
- 5Y*
- 10.23%
- 10Y*
- —
ZSP.TO vs. XEF-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZSP.TO BMO S&P 500 Index ETF | 12.15% | 12.02% | 35.07% | 23.30% | -12.68% | 27.53% | 15.61% | 5.77% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 9.83% | 25.22% | 11.01% | 13.32% | -9.54% | 9.81% | 6.64% | 2.91% |
Correlation
The correlation between ZSP.TO and XEF-U.TO is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019 | 0.29 |
Over the past year, ZSP.TO and XEF-U.TO have become more correlated (0.68) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
ZSP.TO vs. XEF-U.TO — Risk / Return Rank
ZSP.TO
XEF-U.TO
ZSP.TO vs. XEF-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 iShares Core MSCI EAFE IMI Index ETF (XEF-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.
| ZSP.TO | XEF-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.29 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 1.99 | +1.39 |
| Martin ratioReturn relative to average drawdown | 12.70 | 8.01 | +4.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZSP.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 1.59 | +0.94 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | 0.90 | +0.22 |
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 | 0.91 | +0.24 |
Drawdowns
ZSP.TO vs. XEF-U.TO - Drawdown Comparison
The maximum ZSP.TO drawdown since its inception was -26.94%, roughly equal to the maximum XEF-U.TO drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XEF-U.TO.
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Drawdown Indicators
| ZSP.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.94% | -27.28% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -8.61% | -11.37% | +2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.95% | -13.81% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | -25.05% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -26.94% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | -0.91% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -3.89% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.81% | -0.52% |
Volatility
ZSP.TO vs. XEF-U.TO - Volatility Comparison
The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.14%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 4.81%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than XEF-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.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 4.81% | -1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 11.84% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 14.28% | -2.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 17.82% | -2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.36% | 20.35% | -3.99% |
ZSP.TO vs. XEF-U.TO - Expense Ratio Comparison
ZSP.TO has a 0.09% expense ratio, which is lower than XEF-U.TO's 0.21% 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. XEF-U.TO - Dividend Comparison
ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, less than XEF-U.TO's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 1.63% | 1.77% | 2.05% | 2.09% | 2.27% | 1.94% | 1.41% | 0.77% | 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
ZSP.TO and XEF-U.TO have a correlation of 0.68, 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 0.21% for XEF-U.TO.
ZSP.TO is categorized as S&P 500, while XEF-U.TO is Global Equities. ZSP.TO tracks S&P 500 Index, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.21% for XEF-U.TO.
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