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

ZSP.TO vs. XEG.TO

Last updated Jun 5, 2026

ZSP.TO (BMO S&P 500 Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.09%/yr vs 11.72%/yr for XEG.TO. At a 0.24 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.61%/yr for XEG.TO.

Performance

ZSP.TO vs. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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 12.66% return, which is significantly lower than XEG.TO's 45.28% return. Over the past 10 years, ZSP.TO has outperformed XEG.TO with an annualized return of 16.09%, while XEG.TO has yielded a comparatively lower 11.72% annualized return.

ZSP.TO

1D
0.46%
1M
6.77%
YTD
12.66%
6M
10.38%
1Y
29.97%
3Y*
23.62%
5Y*
16.85%
10Y*
16.09%

XEG.TO

1D
0.65%
1M
-0.64%
YTD
45.28%
6M
40.30%
1Y
73.90%
3Y*
28.57%
5Y*
29.65%
10Y*
11.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		12.66%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		45.28%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%

Correlation

The correlation between ZSP.TO and XEG.TO is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.13

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

0.07

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

0.15

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

0.24

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2012

0.24

The correlation between ZSP.TO and XEG.TO shifts across timeframes, from -0.13 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZSP.TO
XEG.TO

Technology

35.5%

-

Financial Services

12.1%

-

Communication Services

10.9%

-

Consumer Cyclical

10.3%

-

Healthcare

8.7%

-

Industrials

8.4%

-

Consumer Defensive

4.8%

-

Energy

3.3%
100.0%

Utilities

2.3%

-

Real Estate

2.0%

-

Basic Materials

1.8%

-

Technology

ZSP.TO
35.5%
XEG.TO

-

Financial Services

ZSP.TO
12.1%
XEG.TO

-

Communication Services

ZSP.TO
10.9%
XEG.TO

-

Consumer Cyclical

ZSP.TO
10.3%
XEG.TO

-

Healthcare

ZSP.TO
8.7%
XEG.TO

-

Industrials

ZSP.TO
8.4%
XEG.TO

-

Consumer Defensive

ZSP.TO
4.8%
XEG.TO

-

Energy

ZSP.TO
3.3%
XEG.TO
100.0%

Utilities

ZSP.TO
2.3%
XEG.TO

-

Real Estate

ZSP.TO
2.0%
XEG.TO

-

Basic Materials

ZSP.TO
1.8%
XEG.TO

-

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

iShares S&P/TSX Capped Energy 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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

ZSP.TO vs. XEG.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: 7777
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7171
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 8989
Overall Rank
XEG.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8989
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. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.62
3.27

-0.66

Sortino ratioReturn per unit of downside risk
3.56
3.81

-0.25

Omega ratioGain probability vs. loss probability

1.48

1.51

-0.03

Calmar ratioReturn relative to maximum drawdown

3.50

6.68

-3.18

Martin ratioReturn relative to average drawdown

13.14

19.94

-6.79

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. XEG.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.62, which is comparable to the XEG.TO Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of ZSP.TO and XEG.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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Sharpe Ratios by Period

ZSP.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

3.27

-0.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.04

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.99

0.35

+0.64

Sharpe Ratio (All Time)

Calculated using the full available price history

1.16

0.28

+0.88

Drawdowns

ZSP.TO vs. XEG.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XEG.TO.

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Drawdown Indicators

ZSP.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-87.74%

+60.80%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-11.12%

+2.51%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-25.67%

+6.72%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-28.42%

+6.17%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-79.66%

+52.72%

Current Drawdown

Current decline from peak

0.00%

-3.38%

+3.38%

Average Drawdown

Average peak-to-trough decline

-3.34%

-29.18%

+25.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

3.72%

-1.43%

Volatility

ZSP.TO vs. XEG.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.09%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.24%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

9.24%

-6.15%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

18.90%

-10.24%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

22.74%

-11.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

28.62%

-13.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

33.40%

-17.04%

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

ZSP.TO has a 0.09% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.

Dividends

ZSP.TO vs. XEG.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.74%, less than XEG.TO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.64%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
ZSP.TO
BMO S&P 500 Index ETF		0.74%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 XEG.TO have a correlation of -0.13, 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 0.61% for XEG.TO.

ZSP.TO is categorized as S&P 500, while XEG.TO is Energy Equities. ZSP.TO tracks S&P 500 Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.61% for XEG.TO.

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