ZUD.TO vs. ZSP.TO
ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZUD.TO is a Dividend fund managed by BMO, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ZUD.TO returned 9.32%/yr vs 16.20%/yr for ZSP.TO. A 0.52 correlation means they provide meaningful diversification when combined. ZUD.TO charges 0.30%/yr vs 0.09%/yr for ZSP.TO.
Performance
ZUD.TO vs. ZSP.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZUD.TO having a 14.29% return and ZSP.TO slightly lower at 13.62%. Over the past 10 years, ZUD.TO has underperformed ZSP.TO with an annualized return of 9.32%, while ZSP.TO has yielded a comparatively higher 16.20% annualized return.
ZUD.TO
- 1D
- 0.18%
- 1M
- -0.75%
- YTD
- 14.29%
- 6M
- 13.68%
- 1Y
- 21.33%
- 3Y*
- 15.49%
- 5Y*
- 10.22%
- 10Y*
- 9.32%
ZSP.TO
- 1D
- 0.55%
- 1M
- 1.75%
- YTD
- 13.62%
- 6M
- 13.06%
- 1Y
- 27.01%
- 3Y*
- 23.01%
- 5Y*
- 16.12%
- 10Y*
- 16.20%
ZUD.TO vs. ZSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUD.TO BMO US Dividend Hedged to CAD ETF | 14.29% | 11.69% | 15.31% | 6.36% | -7.23% | 25.80% | -5.27% | 21.08% | -5.69% | 13.59% |
ZSP.TO BMO S&P 500 Index ETF | 13.62% | 12.36% | 35.07% | 23.30% | -12.68% | 27.54% | 15.61% | 24.69% | 3.28% | 13.60% |
Correlation
The correlation between ZUD.TO and ZSP.TO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.52 |
The correlation between ZUD.TO and ZSP.TO has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
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Return for Risk
ZUD.TO vs. ZSP.TO — Risk / Return Rank
ZUD.TO
ZSP.TO
ZUD.TO vs. ZSP.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Dividend Hedged to CAD ETF (ZUD.TO) and BMO S&P 500 Index ETF (ZSP.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.
| ZUD.TO | ZSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.41 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 3.15 | +0.63 |
| Martin ratioReturn relative to average drawdown | 12.14 | 11.67 | +0.47 |
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Drawdowns
ZUD.TO vs. ZSP.TO - Drawdown Comparison
The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ZSP.TO's maximum drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ZSP.TO.
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Drawdown Indicators
| ZUD.TO | ZSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.60% | -26.94% | -13.66% |
Max Drawdown (1Y)Largest decline over 1 year | -5.67% | -8.61% | +2.94% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -18.95% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -17.65% | -22.25% | +4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -40.60% | -26.94% | -13.66% |
Current DrawdownCurrent decline from peak | -1.23% | -0.09% | -1.14% |
Average DrawdownAverage peak-to-trough decline | -4.08% | -3.33% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.76% | 2.32% | -0.56% |
Volatility
ZUD.TO vs. ZSP.TO - Volatility Comparison
The current volatility for BMO US Dividend Hedged to CAD ETF (ZUD.TO) is 3.42%, while BMO S&P 500 Index ETF (ZSP.TO) has a volatility of 4.81%. This indicates that ZUD.TO experiences smaller price fluctuations and is considered to be less risky than ZSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUD.TO | ZSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 4.81% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 7.74% | 9.58% | -1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.46% | 12.11% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.24% | 15.08% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 16.39% | +0.60% |
ZUD.TO vs. ZSP.TO - Expense Ratio Comparison
ZUD.TO has a 0.30% expense ratio, which is higher than ZSP.TO's 0.09% expense ratio.
Dividends
ZUD.TO vs. ZSP.TO - Dividend Comparison
ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, more than ZSP.TO's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZUD.TO BMO US Dividend Hedged to CAD ETF | 1.47% | 1.68% | 2.17% | 2.54% | 2.77% | 2.50% | 3.76% | 3.13% | 3.11% | 2.69% | 2.61% | 2.97% |
Frequently Asked Questions
ZUD.TO and ZSP.TO have a correlation of 0.56, 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 0.30% for ZUD.TO.
ZUD.TO is categorized as Dividend, while ZSP.TO is S&P 500. Their fees differ too: 0.30% for ZUD.TO and 0.09% for ZSP.TO.
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