ZSP.TO vs. ZUQ.TO

Last updated Jun 4, 2026

ZSP.TO (BMO S&P 500 Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, ZSP.TO returned 15.98%/yr vs 16.38%/yr for ZUQ.TO. Their correlation of 0.82 suggests significant overlap in exposure. ZSP.TO charges 0.09%/yr vs 0.33%/yr for ZUQ.TO.

Performance

ZSP.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZSP.TO achieves a 12.15% return, which is significantly higher than ZUQ.TO's 9.39% return. Both investments have delivered pretty close results over the past 10 years, with ZSP.TO having a 15.98% annualized return and ZUQ.TO not far ahead at 16.38%.

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%

ZUQ.TO

• 1D: 0.28%
• 1M: 5.91%
• YTD: 9.39%
• 6M: 3.18%
• 1Y: 19.10%
• 3Y*: 20.39%
• 5Y*: 15.26%
• 10Y*: 16.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSP.TO vs. ZUQ.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%
ZUQ.TO BMO MSCI USA High Quality Index ETF	9.39%	5.78%	34.02%	33.24%	-18.33%	26.40%	19.92%	31.74%	4.70%	16.90%

Correlation

The correlation between ZSP.TO and ZUQ.TO is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014	0.82

The correlation between ZSP.TO and ZUQ.TO shifts across timeframes, from 0.82 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	ZSP.TO	ZUQ.TO
Technology	35.5%	33.8%
Financial Services	12.1%	10.1%
Communication Services	10.9%	14.5%
Consumer Cyclical	10.3%	2.8%
Healthcare	8.7%	14.8%
Industrials	8.4%	11.0%
Consumer Defensive	4.8%	11.1%
Energy	3.3%	0.2%
Utilities	2.3%	0.1%
Real Estate	2.0%	-
Basic Materials	1.8%	1.7%

Return for Risk

ZSP.TO vs. ZUQ.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: 72
ZSP.TO Sharpe Ratio Rank: 76
ZSP.TO Sortino Ratio Rank: 75
ZSP.TO Omega Ratio Rank: 76
ZSP.TO Calmar Ratio Rank: 67
ZSP.TO Martin Ratio Rank: 68

ZUQ.TO

ZUQ.TO Risk / Return Rank: 41
ZUQ.TO Sharpe Ratio Rank: 43
ZUQ.TO Sortino Ratio Rank: 42
ZUQ.TO Omega Ratio Rank: 46
ZUQ.TO Calmar Ratio Rank: 36
ZUQ.TO Martin Ratio Rank: 37

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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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	ZUQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	1.56	+0.96
Sortino ratio: Return per unit of downside risk	3.45	2.15	+1.30
Omega ratio: Gain probability vs. loss probability	1.47	1.30	+0.17
Calmar ratio: Return relative to maximum drawdown	3.38	1.81	+1.56
Martin ratio: Return relative to average drawdown	12.70	5.87	+6.83
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. ZUQ.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.53, which is higher than the ZUQ.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of ZSP.TO and ZUQ.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.

Sharpe Ratios by Period

	ZSP.TO	ZUQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	1.56	+0.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.13	0.94	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	0.94	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.94	+0.22

Drawdowns

ZSP.TO vs. ZUQ.TO - Drawdown Comparison

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

Drawdown Indicators

	ZSP.TO	ZUQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-26.94%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-10.57%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-18.95%	-17.93%	-1.02%
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	-26.94%	+4.69%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	-26.94%	0.00%
Current Drawdown Current decline from peak	-0.29%	-0.10%	-0.19%
Average Drawdown Average peak-to-trough decline	-3.34%	-4.60%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	3.26%	-0.97%

Volatility

ZSP.TO vs. ZUQ.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.14% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 2.31%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZSP.TO	ZUQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	2.31%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	9.60%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.53%	12.29%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	16.35%	-1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	17.52%	-1.16%

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

ZSP.TO has a 0.09% expense ratio, which is lower than ZUQ.TO's 0.33% expense ratio.

Dividends

ZSP.TO vs. ZUQ.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, more than ZUQ.TO's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.43%	0.46%	0.57%	0.86%	0.99%	0.80%	0.96%	0.96%	1.07%	1.16%	1.00%	0.88%

Frequently Asked Questions

Can I hold both ZSP.TO and ZUQ.TO in my portfolio?

With a correlation of 0.90, ZSP.TO and ZUQ.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.

Which ETF is better, ZSP.TO or ZUQ.TO?

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.

Which ETF is cheaper, ZSP.TO or ZUQ.TO?

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.33% for ZUQ.TO.

What is the main difference between ZSP.TO and ZUQ.TO?

ZSP.TO is categorized as S&P 500, while ZUQ.TO is Large Cap Blend Equities. ZSP.TO tracks S&P 500 Index, while ZUQ.TO tracks MSCI USA Quality Index. Their fees differ too: 0.09% for ZSP.TO and 0.33% for ZUQ.TO.