ZSP.TO vs. XSU.TO
ZSP.TO (BMO S&P 500 Index ETF) and XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XSU.TO is a Small Cap Blend Equities fund tracking the Morningstar US SMID TR CAD. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.98%/yr vs 8.99%/yr for XSU.TO. A 0.66 correlation means they provide meaningful diversification when combined. ZSP.TO charges 0.09%/yr vs 0.35%/yr for XSU.TO.
Performance
ZSP.TO vs. XSU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSP.TO achieves a 12.15% return, which is significantly lower than XSU.TO's 15.84% return. Over the past 10 years, ZSP.TO has outperformed XSU.TO with an annualized return of 15.98%, while XSU.TO has yielded a comparatively lower 8.99% annualized 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%
XSU.TO
- 1D
- -1.37%
- 1M
- 3.54%
- YTD
- 15.84%
- 6M
- 14.30%
- 1Y
- 35.82%
- 3Y*
- 15.60%
- 5Y*
- 4.20%
- 10Y*
- 8.99%
ZSP.TO vs. XSU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSP.TO BMO S&P 500 Index ETF | 12.15% | 12.02% | 35.07% | 23.30% | -12.68% | 27.53% | 15.61% | 24.69% | 3.24% | 13.54% |
XSU.TO iShares U.S. Small Cap Index ETF (CAD-Hedged) | 15.84% | 10.50% | 9.67% | 14.70% | -21.66% | 12.77% | 15.71% | 23.81% | -12.82% | 13.66% |
Correlation
The correlation between ZSP.TO and XSU.TO is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012 | 0.66 |
The correlation between ZSP.TO and XSU.TO has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.
ZSP.TO vs. XSU.TO - Sectors Allocation Comparison
Sectors
ZSP.TO
XSU.TO
Technology
Financial Services
Communication Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Real Estate
Basic Materials
Technology
ZSP.TO
XSU.TO
Financial Services
ZSP.TO
XSU.TO
Communication Services
ZSP.TO
XSU.TO
Consumer Cyclical
ZSP.TO
XSU.TO
Healthcare
ZSP.TO
XSU.TO
Industrials
ZSP.TO
XSU.TO
Consumer Defensive
ZSP.TO
XSU.TO
Energy
ZSP.TO
XSU.TO
Utilities
ZSP.TO
XSU.TO
Real Estate
ZSP.TO
XSU.TO
Basic Materials
ZSP.TO
XSU.TO
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Return for Risk
ZSP.TO vs. XSU.TO — Risk / Return Rank
ZSP.TO
XSU.TO
ZSP.TO vs. XSU.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 U.S. Small Cap Index ETF (CAD-Hedged) (XSU.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 | XSU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.31 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 3.10 | +0.27 |
| Martin ratioReturn relative to average drawdown | 12.70 | 11.04 | +1.65 |
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 | XSU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 1.83 | +0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | 0.19 | +0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | 0.38 | +0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 0.26 | +0.89 |
Drawdowns
ZSP.TO vs. XSU.TO - Drawdown Comparison
The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum XSU.TO drawdown of -62.62%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and XSU.TO.
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Drawdown Indicators
| ZSP.TO | XSU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.94% | -62.62% | +35.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.61% | -11.60% | +2.99% |
Max Drawdown (3Y)Largest decline over 3 years | -18.95% | -28.16% | +9.21% |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | -33.98% | +11.73% |
Max Drawdown (10Y)Largest decline over 10 years | -26.94% | -44.60% | +17.66% |
Current DrawdownCurrent decline from peak | -0.29% | -1.53% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -13.72% | +10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 3.25% | -0.96% |
Volatility
ZSP.TO vs. XSU.TO - Volatility Comparison
The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.14%, while iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) has a volatility of 5.84%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than XSU.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 | XSU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 5.84% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 13.61% | -4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 19.68% | -8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 22.74% | -7.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.36% | 23.49% | -7.13% |
ZSP.TO vs. XSU.TO - Expense Ratio Comparison
ZSP.TO has a 0.09% expense ratio, which is lower than XSU.TO's 0.35% expense ratio.
Dividends
ZSP.TO vs. XSU.TO - Dividend Comparison
ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, more than XSU.TO's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSU.TO iShares U.S. Small Cap Index ETF (CAD-Hedged) | 0.73% | 0.85% | 0.93% | 1.09% | 1.28% | 0.73% | 0.79% | 1.00% | 1.12% | 0.95% | 1.16% | 1.28% |
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 XSU.TO have a correlation of 0.73, 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 0.35% for XSU.TO.
ZSP.TO is categorized as S&P 500, while XSU.TO is Small Cap Blend Equities. ZSP.TO tracks S&P 500 Index, while XSU.TO tracks Morningstar US SMID TR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZSP.TO and 0.35% for XSU.TO.
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