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

ZUE.TO vs. XSP.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P 500 (CAD Hedged) (ZUE.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO).

ZUE.TO and XSP.TO 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. XSP.TO is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on May 24, 2001. Both ZUE.TO and XSP.TO 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. XSP.TO - 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 iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

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ZUE.TO vs. XSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		-4.98%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%

Returns By Period

The year-to-date returns for both stocks are quite close, with ZUE.TO having a -4.96% return and XSP.TO slightly lower at -4.98%. Both investments have delivered pretty close results over the past 10 years, with ZUE.TO having a 12.34% annualized return and XSP.TO not far ahead at 12.35%.

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%

XSP.TO

1D
2.96%
1M
-5.30%
YTD
-4.98%
6M
-2.94%
1Y
15.25%
3Y*
16.38%
5Y*
10.15%
10Y*
12.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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)

iShares Core S&P 500 Index ETF (CAD-Hedged)

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Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO

ZUE.TO vs. XSP.TO - Expense Ratio Comparison

Both ZUE.TO and XSP.TO have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

ZUE.TO
BMO S&P 500 (CAD Hedged)
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)

Return for Risk

ZUE.TO vs. XSP.TO — 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: 5353
Overall Rank
ZUE.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 5454
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6363
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 5757
Overall Rank
XSP.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5454
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
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. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 (CAD Hedged) (ZUE.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.

ZUE.TOXSP.TODifference

Sharpe ratio

Return per unit of total volatility

0.86

0.86

0.00

Sortino ratio

Return per unit of downside risk

1.32

1.33

-0.01

Omega ratio

Gain probability vs. loss probability

1.20

1.20

0.00

Calmar ratio

Return relative to maximum drawdown

1.34

1.33

+0.01

Martin ratio

Return relative to average drawdown

6.15

6.13

+0.01

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. XSP.TO - Sharpe Ratio Comparison

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

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Sharpe Ratios by Period

ZUE.TOXSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.86

0.86

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.61

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.68

0.68

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.34

+0.43

Correlation

The correlation between ZUE.TO and XSP.TO is 0.91, 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. XSP.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.92%, less than XSP.TO's 1.29% yield.

TTM20252024202320222021202020192018201720162015
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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.29%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%

Drawdowns

ZUE.TO vs. XSP.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and XSP.TO.

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Drawdown Indicators

ZUE.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-57.82%

+22.26%

Max Drawdown (1Y)

Largest decline over 1 year

-11.95%

-11.93%

-0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-25.44%

+0.10%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-36.05%

+0.49%

Current Drawdown

Current decline from peak

-6.72%

-6.73%

+0.01%

Average Drawdown

Average peak-to-trough decline

-4.12%

-12.19%

+8.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.60%

2.59%

+0.01%

Volatility

ZUE.TO vs. XSP.TO - Volatility Comparison

BMO S&P 500 (CAD Hedged) (ZUE.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) have volatilities of 5.44% and 5.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUE.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

5.36%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

9.50%

9.38%

+0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

18.08%

17.80%

+0.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

16.74%

+0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

18.17%

-0.05%