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

ZSP.TO vs. ZGI.TO

Last updated Jul 17, 2026
Documentation

ZSP.TO (BMO S&P 500 Index ETF) and ZGI.TO (BMO Global Infrastructure Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZGI.TO is a Industrials Equities fund tracking the Dow Jones Brookfield Global Infrastructure North American Listed Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.74%/yr vs 8.59%/yr for ZGI.TO. At a 0.46 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.61%/yr for ZGI.TO.

Performance

ZSP.TO vs. ZGI.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 BMO Global Infrastructure Index ETF (ZGI.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 13.16% return, which is significantly lower than ZGI.TO's 18.47% return. Over the past 10 years, ZSP.TO has outperformed ZGI.TO with an annualized return of 15.74%, while ZGI.TO has yielded a comparatively lower 8.59% annualized return.

ZSP.TO

1D
-0.43%
1M
0.64%
6M
10.17%
YTD
13.16%
1Y
24.62%
3Y*
22.35%
5Y*
15.47%
10Y*
15.74%

ZGI.TO

1D
0.97%
1M
3.01%
6M
15.95%
YTD
18.47%
1Y
18.91%
3Y*
16.09%
5Y*
10.87%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		13.16%12.36%35.07%23.30%-12.68%27.54%15.61%24.69%3.28%13.60%
ZGI.TO
BMO Global Infrastructure Index ETF		18.47%1.01%25.45%-0.64%4.56%26.89%-10.43%25.26%-0.75%2.97%

Correlation

The correlation between ZSP.TO and ZGI.TO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

-0.09

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

0.15

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

0.29

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

0.41

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

0.46

The correlation between ZSP.TO and ZGI.TO shifts across timeframes, from -0.09 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZSP.TO
ZGI.TO

Technology

38.7%

-

Financial Services

11.5%

-

Communication Services

9.6%

-

Consumer Cyclical

9.4%

-

Healthcare

8.9%

-

Industrials

8.1%
1.6%

Consumer Defensive

4.5%

-

Energy

3.0%
44.8%

Utilities

2.7%
41.7%

Real Estate

1.8%
11.9%

Basic Materials

1.7%

-

Technology

ZSP.TO
38.7%
ZGI.TO

-

Financial Services

ZSP.TO
11.5%
ZGI.TO

-

Communication Services

ZSP.TO
9.6%
ZGI.TO

-

Consumer Cyclical

ZSP.TO
9.4%
ZGI.TO

-

Healthcare

ZSP.TO
8.9%
ZGI.TO

-

Industrials

ZSP.TO
8.1%
ZGI.TO
1.6%

Consumer Defensive

ZSP.TO
4.5%
ZGI.TO

-

Energy

ZSP.TO
3.0%
ZGI.TO
44.8%

Utilities

ZSP.TO
2.7%
ZGI.TO
41.7%

Real Estate

ZSP.TO
1.8%
ZGI.TO
11.9%

Basic Materials

ZSP.TO
1.7%
ZGI.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

BMO Global Infrastructure Index ETF

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Often compared with ZGI.TO:
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Return for Risk

ZSP.TO vs. ZGI.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: 7676
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: 7979
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7373
Martin Ratio Rank
ZGI.TO
ZGI.TO Risk / Return Rank: 5757
Overall Rank
ZGI.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
ZGI.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZGI.TO Omega Ratio Rank: 5050
Omega Ratio Rank
ZGI.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
ZGI.TO Martin Ratio Rank: 5757
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. ZGI.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 BMO Global Infrastructure Index ETF (ZGI.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.TOZGI.TODifference
Sharpe ratioReturn per unit of total volatility
2.02
1.49

+0.53

Sortino ratioReturn per unit of downside risk
2.79
2.14

+0.66

Omega ratioGain probability vs. loss probability

1.37

1.26

+0.11

Calmar ratioReturn relative to maximum drawdown

2.87

2.86

+0.01

Martin ratioReturn relative to average drawdown

10.62

7.86

+2.76

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

The current ZSP.TO Sharpe Ratio is 2.02, which is higher than the ZGI.TO Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of ZSP.TO and ZGI.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. ZGI.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum ZGI.TO drawdown of -34.76%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and ZGI.TO.

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Drawdown Indicators

ZSP.TOZGI.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-34.76%

+7.82%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-6.65%

-1.96%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-10.07%

-8.88%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-16.61%

-5.64%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-34.76%

+7.82%

Current Drawdown

Current decline from peak

-1.26%

-0.70%

-0.56%

Average Drawdown

Average peak-to-trough decline

-3.32%

-4.37%

+1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

2.41%

-0.08%

Volatility

ZSP.TO vs. ZGI.TO - Volatility Comparison

The current volatility for BMO S&P 500 Index ETF (ZSP.TO) is 3.17%, while BMO Global Infrastructure Index ETF (ZGI.TO) has a volatility of 4.42%. This indicates that ZSP.TO experiences smaller price fluctuations and is considered to be less risky than ZGI.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.TOZGI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

4.42%

-1.25%

Volatility (6M)

Calculated over the trailing 6-month period

9.61%

10.22%

-0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

12.71%

-0.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.09%

13.40%

+1.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.38%

15.98%

+0.40%

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

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

Dividends

ZSP.TO vs. ZGI.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.76%, less than ZGI.TO's 2.23% yield.

PositionTTM20252024202320222021202020192018201720162015
ZGI.TO
BMO Global Infrastructure Index ETF		2.23%2.77%2.82%3.33%3.01%3.06%3.75%2.85%2.99%2.59%2.60%2.97%
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 ZGI.TO have a correlation of -0.09, 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 ZGI.TO.

ZSP.TO is categorized as S&P 500, while ZGI.TO is Industrials Equities. ZSP.TO tracks S&P 500 Index, while ZGI.TO tracks Dow Jones Brookfield Global Infrastructure North American Listed Index. Their fees differ too: 0.09% for ZSP.TO and 0.61% for ZGI.TO.

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