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

ZSP.TO vs. XIC.TO

Last updated Jun 14, 2026

ZSP.TO (BMO S&P 500 Index ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.12%/yr vs 12.79%/yr for XIC.TO. A 0.59 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.06%/yr for XIC.TO.

Performance

ZSP.TO vs. XIC.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 S&P/TSX Capped Composite Index ETF (XIC.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with ZSP.TO having a 11.01% return and XIC.TO slightly higher at 11.27%. Over the past 10 years, ZSP.TO has outperformed XIC.TO with an annualized return of 16.12%, while XIC.TO has yielded a comparatively lower 12.79% 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%

XIC.TO

1D
0.79%
1M
2.23%
YTD
11.27%
6M
11.99%
1Y
34.84%
3Y*
23.86%
5Y*
14.57%
10Y*
12.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. XIC.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%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		11.27%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-8.72%8.99%

Correlation

The correlation between ZSP.TO and XIC.TO is 0.62, 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

0.62

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

0.60

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

0.62

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

0.63

Correlation (All Time)
Calculated using the full available price history since Nov 26, 2012

0.59

The correlation between ZSP.TO and XIC.TO has been stable across timeframes, ranging from 0.59 to 0.63 - a consistent structural relationship.

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

Sectors
ZSP.TO
XIC.TO

Technology

36.2%
7.2%

Financial Services

11.9%
34.4%

Communication Services

10.9%
1.8%

Consumer Cyclical

10.1%
3.8%

Healthcare

8.4%
0.1%

Industrials

8.2%
10.3%

Consumer Defensive

4.8%
3.0%

Energy

3.5%
17.5%

Utilities

2.3%
2.9%

Real Estate

1.9%
1.5%

Basic Materials

1.8%
16.4%

Technology

ZSP.TO
36.2%
XIC.TO
7.2%

Financial Services

ZSP.TO
11.9%
XIC.TO
34.4%

Communication Services

ZSP.TO
10.9%
XIC.TO
1.8%

Consumer Cyclical

ZSP.TO
10.1%
XIC.TO
3.8%

Healthcare

ZSP.TO
8.4%
XIC.TO
0.1%

Industrials

ZSP.TO
8.2%
XIC.TO
10.3%

Consumer Defensive

ZSP.TO
4.8%
XIC.TO
3.0%

Energy

ZSP.TO
3.5%
XIC.TO
17.5%

Utilities

ZSP.TO
2.3%
XIC.TO
2.9%

Real Estate

ZSP.TO
1.9%
XIC.TO
1.5%

Basic Materials

ZSP.TO
1.8%
XIC.TO
16.4%

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 Core S&P/TSX Capped Composite 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 XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO

Return for Risk

ZSP.TO vs. XIC.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
XIC.TO
XIC.TO Risk / Return Rank: 8787
Overall Rank
XIC.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8787
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XIC.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. XIC.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 S&P/TSX Capped Composite Index ETF (XIC.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.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
2.32
2.65

-0.32

Sortino ratioReturn per unit of downside risk
3.12
3.41

-0.29

Omega ratioGain probability vs. loss probability

1.43

1.47

-0.04

Calmar ratioReturn relative to maximum drawdown

3.22

3.72

-0.50

Martin ratioReturn relative to average drawdown

12.00

17.02

-5.02

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

The current ZSP.TO Sharpe Ratio is 2.32, which is comparable to the XIC.TO Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ZSP.TO and XIC.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. XIC.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum XIC.TO drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XIC.TO.

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Drawdown Indicators

ZSP.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-47.27%

+20.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-9.29%

+0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-12.27%

-6.68%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-16.24%

-6.01%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-37.21%

+10.27%

Current Drawdown

Current decline from peak

-1.47%

-0.75%

-0.72%

Average Drawdown

Average peak-to-trough decline

-3.34%

-6.73%

+3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.31%

2.03%

+0.28%

Volatility

ZSP.TO vs. XIC.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) have volatilities of 4.54% and 4.53%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSP.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.54%

4.53%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.31%

10.73%

-1.42%

Volatility (1Y)

Calculated over the trailing 1-year period

11.94%

13.06%

-1.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.03%

13.21%

+1.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.39%

14.98%

+1.41%

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

ZSP.TO has a 0.09% expense ratio, which is higher than XIC.TO's 0.06% 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. XIC.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than XIC.TO's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.01%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%
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

ZSP.TO and XIC.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.09% for ZSP.TO.

ZSP.TO is categorized as S&P 500, while XIC.TO is Canada Equities. ZSP.TO tracks S&P 500 Index, while XIC.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.06% for XIC.TO.

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