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ZUE.TO vs. VBR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUE.TO vs. VBR

Last updated Jun 4, 2026

ZUE.TO (BMO S&P 500 (CAD Hedged)) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - ZUE.TO is a S&P 500 fund tracking the S&P 500 Index, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, ZUE.TO returned 13.77%/yr vs 11.33%/yr for VBR. A 0.64 correlation means they provide meaningful diversification when combined. ZUE.TO charges 0.09%/yr vs 0.05%/yr for VBR.

Performance

ZUE.TO vs. VBR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 (CAD Hedged) (ZUE.TO) and Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZUE.TO is traded in CAD, while VBR is traded in USD. To make them comparable, the VBR values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZUE.TO achieves a 9.67% return, which is significantly lower than VBR's 13.09% return. Over the past 10 years, ZUE.TO has outperformed VBR with an annualized return of 13.77%, while VBR has yielded a comparatively lower 11.33% annualized return.

ZUE.TO

1D
-0.65%
1M
5.07%
YTD
9.67%
6M
9.51%
1Y
25.18%
3Y*
20.25%
5Y*
12.15%
10Y*
13.77%

VBR

1D
0.02%
1M
4.44%
YTD
13.09%
6M
11.52%
1Y
27.41%
3Y*
17.80%
5Y*
11.04%
10Y*
11.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUE.TO vs. VBR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUE.TO
BMO S&P 500 (CAD Hedged)		9.67%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%
VBR
Vanguard Small-Cap Value ETF		13.09%4.08%22.05%13.44%-2.92%26.93%4.11%16.74%-4.84%4.69%

Correlation

The correlation between ZUE.TO and VBR is 0.59, 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

0.59

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

0.63

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

0.68

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

0.65

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2009

0.64

The correlation between ZUE.TO and VBR has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

ZUE.TO vs. VBR - Sectors Allocation Comparison

Sectors
ZUE.TO
VBR

Technology

33.7%
10.6%

Financial Services

12.3%
17.6%

Communication Services

10.6%
2.5%

Consumer Cyclical

10.0%
12.4%

Healthcare

9.5%
7.9%

Industrials

8.6%
18.1%

Consumer Defensive

5.2%
4.0%

Energy

3.8%
5.2%

Utilities

2.5%
4.8%

Real Estate

2.0%
10.1%

Basic Materials

1.9%
6.3%

Technology

ZUE.TO
33.7%
VBR
10.6%

Financial Services

ZUE.TO
12.3%
VBR
17.6%

Communication Services

ZUE.TO
10.6%
VBR
2.5%

Consumer Cyclical

ZUE.TO
10.0%
VBR
12.4%

Healthcare

ZUE.TO
9.5%
VBR
7.9%

Industrials

ZUE.TO
8.6%
VBR
18.1%

Consumer Defensive

ZUE.TO
5.2%
VBR
4.0%

Energy

ZUE.TO
3.8%
VBR
5.2%

Utilities

ZUE.TO
2.5%
VBR
4.8%

Real Estate

ZUE.TO
2.0%
VBR
10.1%

Basic Materials

ZUE.TO
1.9%
VBR
6.3%

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 (CAD Hedged)

Vanguard Small-Cap Value ETF

Often compared with ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. VFV.TOZUE.TO vs. XEQT.TOZUE.TO vs. VCN.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TO
Often compared with VBR:
VBR vs. AVUVVBR vs. VBVBR vs. VBKVBR vs. VOOVBR vs. VTIVBR vs. VIOVVBR vs. VSIAX

Return for Risk

ZUE.TO vs. VBR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUE.TO
ZUE.TO Risk / Return Rank: 6262
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6767
Martin Ratio Rank
VBR
VBR Risk / Return Rank: 5252
Overall Rank
VBR Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VBR Sortino Ratio Rank: 5050
Sortino Ratio Rank
VBR Omega Ratio Rank: 4646
Omega Ratio Rank
VBR Calmar Ratio Rank: 5858
Calmar Ratio Rank
VBR Martin Ratio Rank: 5858
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.

ZUE.TO vs. VBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 (CAD Hedged) (ZUE.TO) and Vanguard Small-Cap Value ETF (VBR). 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.

ZUE.TOVBRDifference
Sharpe ratioReturn per unit of total volatility
2.12
1.84

+0.28

Sortino ratioReturn per unit of downside risk
2.91
2.65

+0.25

Omega ratioGain probability vs. loss probability

1.38

1.32

+0.06

Calmar ratioReturn relative to maximum drawdown

2.68

3.22

-0.54

Martin ratioReturn relative to average drawdown

12.32

12.21

+0.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUE.TO vs. VBR - Sharpe Ratio Comparison

The current ZUE.TO Sharpe Ratio is 2.12, which is comparable to the VBR Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of ZUE.TO and VBR, 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

ZUE.TOVBRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

1.84

+0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.63

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.58

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.79

+0.03

Drawdowns

ZUE.TO vs. VBR - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, smaller than the maximum VBR drawdown of -39.68%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and VBR.

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Drawdown Indicators

ZUE.TOVBRDifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-39.68%

+4.12%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-8.55%

-0.88%

Max Drawdown (3Y)

Largest decline over 3 years

-18.72%

-22.69%

+3.97%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-22.69%

-2.65%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-39.68%

+4.12%

Current Drawdown

Current decline from peak

-0.65%

0.00%

-0.65%

Average Drawdown

Average peak-to-trough decline

-4.09%

-4.74%

+0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

2.25%

-0.20%

Volatility

ZUE.TO vs. VBR - Volatility Comparison

The current volatility for BMO S&P 500 (CAD Hedged) (ZUE.TO) is 3.43%, while Vanguard Small-Cap Value ETF (VBR) has a volatility of 3.98%. This indicates that ZUE.TO experiences smaller price fluctuations and is considered to be less risky than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUE.TOVBRDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.43%

3.98%

-0.55%

Volatility (6M)

Calculated over the trailing 6-month period

9.15%

10.71%

-1.56%

Volatility (1Y)

Calculated over the trailing 1-year period

11.96%

15.04%

-3.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.88%

17.55%

-0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.14%

19.61%

-1.47%

ZUE.TO vs. VBR - Expense Ratio Comparison

ZUE.TO has a 0.09% expense ratio, which is higher than VBR's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZUE.TO vs. VBR - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.80%, less than VBR's 1.76% yield.

PositionTTM20252024202320222021202020192018201720162015
VBR
Vanguard Small-Cap Value ETF		1.76%1.95%1.98%2.12%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.80%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%

Frequently Asked Questions

ZUE.TO and VBR have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VBR is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VBR is cheaper with a 0.05% expense ratio, compared with 0.09% for ZUE.TO.

ZUE.TO is categorized as S&P 500, while VBR is Small Cap Value Equities. ZUE.TO tracks S&P 500 Index, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.09% for ZUE.TO and 0.05% for VBR.

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