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

ZSP.TO vs. XQQ.TO

Last updated Jun 9, 2026

ZSP.TO (BMO S&P 500 Index ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, ZSP.TO returned 16.03%/yr vs 20.00%/yr for XQQ.TO. A 0.76 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.39%/yr for XQQ.TO.

Performance

ZSP.TO vs. XQQ.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 NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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 10.37% return, which is significantly lower than XQQ.TO's 15.19% return. Over the past 10 years, ZSP.TO has underperformed XQQ.TO with an annualized return of 16.03%, while XQQ.TO has yielded a comparatively higher 20.00% annualized return.

ZSP.TO

1D
0.34%
1M
2.27%
YTD
10.37%
6M
9.38%
1Y
26.98%
3Y*
22.94%
5Y*
16.43%
10Y*
16.03%

XQQ.TO

1D
1.43%
1M
0.65%
YTD
15.19%
6M
10.98%
1Y
29.64%
3Y*
24.33%
5Y*
14.33%
10Y*
20.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		10.37%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		15.19%15.77%24.69%53.25%-33.13%22.76%46.12%38.92%-1.32%33.41%

Correlation

The correlation between ZSP.TO and XQQ.TO is 0.83, 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

0.83

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

0.85

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

0.87

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

0.80

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

0.76

The correlation between ZSP.TO and XQQ.TO shifts across timeframes, from 0.76 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
ZSP.TO
XQQ.TO

Technology

36.2%
53.7%

Financial Services

11.9%
0.2%

Communication Services

10.9%
15.8%

Consumer Cyclical

10.1%
12.2%

Healthcare

8.4%
4.2%

Industrials

8.2%
3.1%

Consumer Defensive

4.8%
7.7%

Energy

3.5%
0.6%

Utilities

2.3%
1.4%

Real Estate

1.9%
0.1%

Basic Materials

1.8%
1.1%

Technology

ZSP.TO
36.2%
XQQ.TO
53.7%

Financial Services

ZSP.TO
11.9%
XQQ.TO
0.2%

Communication Services

ZSP.TO
10.9%
XQQ.TO
15.8%

Consumer Cyclical

ZSP.TO
10.1%
XQQ.TO
12.2%

Healthcare

ZSP.TO
8.4%
XQQ.TO
4.2%

Industrials

ZSP.TO
8.2%
XQQ.TO
3.1%

Consumer Defensive

ZSP.TO
4.8%
XQQ.TO
7.7%

Energy

ZSP.TO
3.5%
XQQ.TO
0.6%

Utilities

ZSP.TO
2.3%
XQQ.TO
1.4%

Real Estate

ZSP.TO
1.9%
XQQ.TO
0.1%

Basic Materials

ZSP.TO
1.8%
XQQ.TO
1.1%

Compare stocks, funds, or ETFs

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BMO S&P 500 Index ETF

iShares NASDAQ 100 Index ETF (CAD-Hedged)

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Return for Risk

ZSP.TO vs. XQQ.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: 7575
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7070
Martin Ratio Rank
XQQ.TO
XQQ.TO Risk / Return Rank: 5151
Overall Rank
XQQ.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 5353
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 5656
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 4545
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. XQQ.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 NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.32
1.78

+0.54

Sortino ratioReturn per unit of downside risk
3.12
2.32

+0.79

Omega ratioGain probability vs. loss probability

1.43

1.31

+0.12

Calmar ratioReturn relative to maximum drawdown

3.15

2.03

+1.12

Martin ratioReturn relative to average drawdown

11.81

6.80

+5.01

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. XQQ.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.32, which is higher than the XQQ.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of ZSP.TO and XQQ.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.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.32

1.78

+0.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

0.64

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.90

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.83

+0.31

Drawdowns

ZSP.TO vs. XQQ.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum XQQ.TO drawdown of -38.25%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XQQ.TO.

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Drawdown Indicators

ZSP.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-38.25%

+11.31%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-14.68%

+6.07%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-22.72%

+3.77%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-38.25%

+16.00%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-38.25%

+11.31%

Current Drawdown

Current decline from peak

-2.03%

-4.12%

+2.09%

Average Drawdown

Average peak-to-trough decline

-3.34%

-5.96%

+2.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

4.37%

-2.08%

Volatility

ZSP.TO vs. XQQ.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.87%, while iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a volatility of 6.74%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than XQQ.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.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

6.74%

-2.87%

Volatility (6M)

Calculated over the trailing 6-month period

9.00%

13.30%

-4.30%

Volatility (1Y)

Calculated over the trailing 1-year period

11.71%

16.75%

-5.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.00%

22.67%

-7.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

22.48%

-6.10%

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

ZSP.TO has a 0.09% expense ratio, which is lower than XQQ.TO's 0.39% expense ratio.

Dividends

ZSP.TO vs. XQQ.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, more than XQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		0.22%0.25%0.67%0.93%1.27%0.52%0.80%1.44%1.61%1.64%2.35%1.93%
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 XQQ.TO have a correlation of 0.83, 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 0.39% for XQQ.TO.

ZSP.TO is categorized as S&P 500, while XQQ.TO is Nasdaq-100. ZSP.TO tracks S&P 500 Index, while XQQ.TO tracks Morningstar US Market TR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.39% for XQQ.TO.

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