ZSP.TO vs. ZSP-U.TO
ZSP.TO (BMO S&P 500 Index ETF) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both S&P 500 funds from BMO tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.98%/yr vs 15.53%/yr for ZSP-U.TO. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.09% expense ratio.
Performance
ZSP.TO vs. ZSP-U.TO - Performance Comparison
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Different Trading Currencies
ZSP.TO is traded in CAD, while ZSP-U.TO is traded in USD. To make them comparable, the ZSP-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with ZSP.TO having a 12.15% return and ZSP-U.TO slightly lower at 11.99%. Both investments have delivered pretty close results over the past 10 years, with ZSP.TO having a 15.98% annualized return and ZSP-U.TO not far behind at 15.53%.
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%
ZSP-U.TO
- 1D
- -0.20%
- 1M
- 7.23%
- YTD
- 11.99%
- 6M
- 9.98%
- 1Y
- 28.45%
- 3Y*
- 22.90%
- 5Y*
- 16.30%
- 10Y*
- 15.53%
ZSP.TO vs. ZSP-U.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% |
ZSP-U.TO BMO S&P 500 Index ETF (USD) | 11.99% | 11.48% | 34.63% | 22.72% | -13.06% | 26.97% | 15.66% | 24.09% | 2.24% | 13.25% |
Correlation
The correlation between ZSP.TO and ZSP-U.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2012 | 0.84 |
The correlation between ZSP.TO and ZSP-U.TO shifts across timeframes, from 0.84 (all time) to 0.96 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZSP.TO vs. ZSP-U.TO — Risk / Return Rank
ZSP.TO
ZSP-U.TO
ZSP.TO vs. ZSP-U.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 S&P 500 Index ETF (USD) (ZSP-U.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 | ZSP-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.45 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 3.24 | +0.14 |
| Martin ratioReturn relative to average drawdown | 12.70 | 12.46 | +0.23 |
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 | ZSP-U.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 2.46 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | 1.10 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | 1.01 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 1.20 | -0.05 |
Drawdowns
ZSP.TO vs. ZSP-U.TO - Drawdown Comparison
The maximum ZSP.TO drawdown since its inception was -26.94%, roughly equal to the maximum ZSP-U.TO drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and ZSP-U.TO.
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Drawdown Indicators
| ZSP.TO | ZSP-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.94% | -27.34% | +0.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.61% | -8.83% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -18.95% | -18.89% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | -22.19% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | -26.94% | -27.34% | +0.40% |
Current DrawdownCurrent decline from peak | -0.29% | -0.20% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -3.51% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.29% | 0.00% |
Volatility
ZSP.TO vs. ZSP-U.TO - Volatility Comparison
BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.14% compared to BMO S&P 500 Index ETF (USD) (ZSP-U.TO) at 2.96%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than ZSP-U.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 | ZSP-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 2.96% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 8.99% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 11.64% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 14.95% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.36% | 16.04% | +0.32% |
ZSP.TO vs. ZSP-U.TO - Expense Ratio Comparison
Both ZSP.TO and ZSP-U.TO have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ZSP.TO vs. ZSP-U.TO - Dividend Comparison
ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, while ZSP-U.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZSP-U.TO BMO S&P 500 Index ETF (USD) | 0.00% | 0.14% | 0.71% | 0.98% | 1.13% | 0.91% | 1.02% | 1.07% | 1.26% | 1.22% | 1.43% | 1.29% |
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
With a correlation of 0.96, ZSP.TO and ZSP-U.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZSP.TO and ZSP-U.TO have the same expense ratio: 0.09% per year.
Both ETFs track S&P 500 Index.
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