ZUE.TO vs. VOO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P 500 (CAD Hedged) (ZUE.TO) and Vanguard S&P 500 ETF (VOO).

ZUE.TO and VOO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUE.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on May 29, 2009. VOO is a passively managed fund by Vanguard that tracks the performance of the S&P 500 Index. It was launched on Sep 7, 2010. Both ZUE.TO and VOO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZUE.TO vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

ZUE.TO vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUE.TO BMO S&P 500 (CAD Hedged)	-4.96%	15.57%	23.40%	24.35%	-19.43%	27.86%	15.42%	29.70%	-6.88%	21.02%
VOO Vanguard S&P 500 ETF	-3.12%	12.42%	35.71%	23.54%	-12.34%	27.63%	16.32%	24.91%	3.60%	14.02%

Different Trading Currencies

ZUE.TO is traded in CAD, while VOO is traded in USD. To make them comparable, the VOO 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 -4.96% return, which is significantly higher than VOO's -5.73% return. Over the past 10 years, ZUE.TO has underperformed VOO with an annualized return of 12.34%, while VOO has yielded a comparatively higher 14.50% annualized return.

ZUE.TO

• 1D: 3.00%
• 1M: -5.24%
• YTD: -4.96%
• 6M: -2.91%
• 1Y: 15.40%
• 3Y*: 16.29%
• 5Y*: 10.14%
• 10Y*: 12.34%

VOO

• 1D: 0.00%
• 1M: -5.74%
• YTD: -5.73%
• 6M: -4.57%
• 1Y: 10.68%
• 3Y*: 18.32%
• 5Y*: 13.46%
• 10Y*: 14.50%

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

ZUE.TO vs. VOO - Expense Ratio Comparison

ZUE.TO has a 0.09% expense ratio, which is higher than VOO's 0.03% 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%.

ZUE.TO

BMO S&P 500 (CAD Hedged)

VOO

Vanguard S&P 500 ETF

Return for Risk

ZUE.TO vs. VOO — 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: 53
ZUE.TO Sharpe Ratio Rank: 48
ZUE.TO Sortino Ratio Rank: 50
ZUE.TO Omega Ratio Rank: 54
ZUE.TO Calmar Ratio Rank: 53
ZUE.TO Martin Ratio Rank: 63

VOO

VOO Risk / Return Rank: 65
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 62
VOO Omega Ratio Rank: 66
VOO Calmar Ratio Rank: 65
VOO Martin Ratio Rank: 75

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. VOO - 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 S&P 500 ETF (VOO). 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.TO	VOO	Difference
Sharpe ratio Return per unit of total volatility	0.86	0.61	+0.25
Sortino ratio Return per unit of downside risk	1.32	0.94	+0.39
Omega ratio Gain probability vs. loss probability	1.20	1.15	+0.05
Calmar ratio Return relative to maximum drawdown	1.34	1.01	+0.33
Martin ratio Return relative to average drawdown	6.15	3.72	+2.43
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. VOO - Sharpe Ratio Comparison

The current ZUE.TO Sharpe Ratio is 0.86, which is higher than the VOO Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of ZUE.TO and VOO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZUE.TO	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.86	0.61	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.91	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.89	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.08	-0.31

Correlation

The correlation between ZUE.TO and VOO is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZUE.TO vs. VOO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.92%, less than VOO's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZUE.TO BMO S&P 500 (CAD Hedged)	0.92%	0.86%	1.02%	1.33%	1.50%	1.13%	1.37%	1.47%	1.76%	1.61%	1.67%	1.72%
VOO Vanguard S&P 500 ETF	1.19%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Drawdowns

ZUE.TO vs. VOO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, which is greater than VOO's maximum drawdown of -27.65%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and VOO.

Drawdown Indicators

	ZUE.TO	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-35.56%	-33.99%	-1.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.95%	-11.98%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-25.34%	-24.52%	-0.82%
Max Drawdown (10Y) Largest decline over 10 years	-35.56%	-33.99%	-1.57%
Current Drawdown Current decline from peak	-6.72%	-6.29%	-0.43%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.72%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.52%	+0.08%

Volatility

ZUE.TO vs. VOO - Volatility Comparison

BMO S&P 500 (CAD Hedged) (ZUE.TO) has a higher volatility of 5.44% compared to Vanguard S&P 500 ETF (VOO) at 4.28%. This indicates that ZUE.TO's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUE.TO	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	4.28%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	9.14%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	18.08%	17.76%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	14.87%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	16.26%	+1.86%