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

ZSP.TO vs. ZWU.TO

Last updated Jun 5, 2026

ZSP.TO (BMO S&P 500 Index ETF) and ZWU.TO (BMO Covered Call Utilities ETF) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZWU.TO is a Utilities Equities fund actively managed by BMO. ZSP.TO is passively managed, while ZWU.TO is actively managed. Over the past 10 years, ZSP.TO returned 16.09%/yr vs 6.05%/yr for ZWU.TO. At a 0.35 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.65%/yr for ZWU.TO.

Performance

ZSP.TO vs. ZWU.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 Covered Call Utilities ETF (ZWU.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 12.66% return, which is significantly higher than ZWU.TO's 10.43% return. Over the past 10 years, ZSP.TO has outperformed ZWU.TO with an annualized return of 16.09%, while ZWU.TO has yielded a comparatively lower 6.05% annualized return.

ZSP.TO

1D
0.46%
1M
6.77%
YTD
12.66%
6M
10.38%
1Y
29.97%
3Y*
23.62%
5Y*
16.85%
10Y*
16.09%

ZWU.TO

1D
0.25%
1M
-0.43%
YTD
10.43%
6M
9.84%
1Y
16.30%
3Y*
10.85%
5Y*
6.39%
10Y*
6.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZSP.TO
BMO S&P 500 Index ETF		12.66%12.02%35.07%23.30%-12.68%27.53%15.61%24.69%3.24%13.54%
ZWU.TO
BMO Covered Call Utilities ETF		10.43%13.18%10.97%-2.79%-3.89%15.80%-7.09%23.48%-5.73%5.63%

Correlation

The correlation between ZSP.TO and ZWU.TO is -0.06, 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

-0.06

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

0.11

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

0.25

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

0.34

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

0.35

The correlation between ZSP.TO and ZWU.TO shifts across timeframes, from -0.06 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZSP.TO
ZWU.TO

Technology

35.5%

-

Financial Services

12.1%

-

Communication Services

10.9%
21.5%

Consumer Cyclical

10.3%

-

Healthcare

8.7%

-

Industrials

8.4%

-

Consumer Defensive

4.8%

-

Energy

3.3%
25.8%

Utilities

2.3%
52.7%

Real Estate

2.0%

-

Basic Materials

1.8%

-

Technology

ZSP.TO
35.5%
ZWU.TO

-

Financial Services

ZSP.TO
12.1%
ZWU.TO

-

Communication Services

ZSP.TO
10.9%
ZWU.TO
21.5%

Consumer Cyclical

ZSP.TO
10.3%
ZWU.TO

-

Healthcare

ZSP.TO
8.7%
ZWU.TO

-

Industrials

ZSP.TO
8.4%
ZWU.TO

-

Consumer Defensive

ZSP.TO
4.8%
ZWU.TO

-

Energy

ZSP.TO
3.3%
ZWU.TO
25.8%

Utilities

ZSP.TO
2.3%
ZWU.TO
52.7%

Real Estate

ZSP.TO
2.0%
ZWU.TO

-

Basic Materials

ZSP.TO
1.8%
ZWU.TO

-

Compare stocks, funds, or ETFs

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BMO S&P 500 Index ETF

BMO Covered Call Utilities ETF

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Often compared with ZWU.TO:
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Return for Risk

ZSP.TO vs. ZWU.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: 7777
Overall Rank
ZSP.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
ZSP.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
ZSP.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZSP.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
ZSP.TO Martin Ratio Rank: 7171
Martin Ratio Rank
ZWU.TO
ZWU.TO Risk / Return Rank: 6565
Overall Rank
ZWU.TO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ZWU.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZWU.TO Omega Ratio Rank: 6565
Omega Ratio Rank
ZWU.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
ZWU.TO Martin Ratio Rank: 5656
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. ZWU.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 Covered Call Utilities ETF (ZWU.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.TOZWU.TODifference
Sharpe ratioReturn per unit of total volatility
2.62
2.17

+0.45

Sortino ratioReturn per unit of downside risk
3.56
3.18

+0.38

Omega ratioGain probability vs. loss probability

1.48

1.39

+0.10

Calmar ratioReturn relative to maximum drawdown

3.50

3.37

+0.13

Martin ratioReturn relative to average drawdown

13.14

9.48

+3.66

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. ZWU.TO - Sharpe Ratio Comparison

The current ZSP.TO Sharpe Ratio is 2.62, which is comparable to the ZWU.TO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ZSP.TO and ZWU.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.TOZWU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.62

2.17

+0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

0.61

+0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.99

0.43

+0.56

Sharpe Ratio (All Time)

Calculated using the full available price history

1.16

0.42

+0.74

Drawdowns

ZSP.TO vs. ZWU.TO - Drawdown Comparison

The maximum ZSP.TO drawdown since its inception was -26.94%, smaller than the maximum ZWU.TO drawdown of -37.41%. Use the drawdown chart below to compare losses from any high point for ZSP.TO and ZWU.TO.

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Drawdown Indicators

ZSP.TOZWU.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.94%

-37.41%

+10.47%

Max Drawdown (1Y)

Largest decline over 1 year

-8.61%

-4.86%

-3.75%

Max Drawdown (3Y)

Largest decline over 3 years

-18.95%

-12.85%

-6.10%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-23.36%

+1.11%

Max Drawdown (10Y)

Largest decline over 10 years

-26.94%

-37.41%

+10.47%

Current Drawdown

Current decline from peak

0.00%

-2.06%

+2.06%

Average Drawdown

Average peak-to-trough decline

-3.34%

-5.38%

+2.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

1.72%

+0.57%

Volatility

ZSP.TO vs. ZWU.TO - Volatility Comparison

BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.09% compared to BMO Covered Call Utilities ETF (ZWU.TO) at 2.80%. This indicates that ZSP.TO's price experiences larger fluctuations and is considered to be riskier than ZWU.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.TOZWU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

2.80%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

6.26%

+2.40%

Volatility (1Y)

Calculated over the trailing 1-year period

11.52%

7.59%

+3.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.97%

10.47%

+4.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

14.18%

+2.18%

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

ZSP.TO has a 0.09% expense ratio, which is lower than ZWU.TO's 0.65% expense ratio.

Dividends

ZSP.TO vs. ZWU.TO - Dividend Comparison

ZSP.TO's dividend yield for the trailing twelve months is around 0.74%, less than ZWU.TO's 7.08% yield.

PositionTTM20252024202320222021202020192018201720162015
ZSP.TO
BMO S&P 500 Index ETF		0.74%0.82%0.94%1.33%1.44%1.15%1.44%1.47%1.63%1.63%2.20%1.53%
ZWU.TO
BMO Covered Call Utilities ETF		7.08%7.59%7.96%8.54%8.35%7.43%7.94%6.29%6.84%6.46%6.77%7.57%

Frequently Asked Questions

ZSP.TO and ZWU.TO have a correlation of -0.06, 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 0.65% for ZWU.TO.

ZSP.TO is categorized as S&P 500, while ZWU.TO is Utilities Equities. Their fees differ too: 0.09% for ZSP.TO and 0.65% for ZWU.TO.

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