ZUE.TO vs. XUSC.TO

Last updated Jun 4, 2026

ZUE.TO (BMO S&P 500 (CAD Hedged)) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both exchange-traded funds - ZUE.TO is a S&P 500 fund tracking the S&P 500 Index, while XUSC.TO is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index. Both are passively managed. Over the past year, ZUE.TO returned 25.18% vs 27.68% for XUSC.TO. Their correlation of 0.83 suggests significant overlap in exposure. ZUE.TO charges 0.09%/yr vs 0.12%/yr for XUSC.TO.

Performance

ZUE.TO vs. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZUE.TO achieves a 9.67% return, which is significantly lower than XUSC.TO's 12.69% 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%

XUSC.TO

• 1D: 0.23%
• 1M: 7.55%
• YTD: 12.69%
• 6M: 10.97%
• 1Y: 27.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
ZUE.TO BMO S&P 500 (CAD Hedged)	9.67%	15.57%	5.95%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	12.69%	11.40%	11.76%

Correlation

The correlation between ZUE.TO and XUSC.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.83

The correlation between ZUE.TO and XUSC.TO has been stable across timeframes, ranging from 0.81 to 0.83 - a consistent structural relationship.

Return for Risk

ZUE.TO vs. XUSC.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: 62
ZUE.TO Sharpe Ratio Rank: 63
ZUE.TO Sortino Ratio Rank: 61
ZUE.TO Omega Ratio Rank: 62
ZUE.TO Calmar Ratio Rank: 54
ZUE.TO Martin Ratio Rank: 67

XUSC.TO

XUSC.TO Risk / Return Rank: 75
XUSC.TO Sharpe Ratio Rank: 75
XUSC.TO Sortino Ratio Rank: 76
XUSC.TO Omega Ratio Rank: 75
XUSC.TO Calmar Ratio Rank: 74
XUSC.TO Martin Ratio Rank: 72

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. XUSC.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 S&P 500 3% Capped Index ETF (CAD Units) (XUSC.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.TO	XUSC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.43	-0.32
Sortino ratio: Return per unit of downside risk	2.91	3.39	-0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.44	-0.06
Calmar ratio: Return relative to maximum drawdown	2.68	3.66	-0.98
Martin ratio: Return relative to average drawdown	12.32	13.42	-1.09
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. XUSC.TO - Sharpe Ratio Comparison

The current ZUE.TO Sharpe Ratio is 2.12, which is comparable to the XUSC.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ZUE.TO and XUSC.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.

Sharpe Ratios by Period

	ZUE.TO	XUSC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.43	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.27	-0.45

Drawdowns

ZUE.TO vs. XUSC.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, which is greater than XUSC.TO's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and XUSC.TO.

Drawdown Indicators

	ZUE.TO	XUSC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.56%	-18.31%	-17.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-7.60%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.34%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.56%	—	—
Current Drawdown Current decline from peak	-0.65%	0.00%	-0.65%
Average Drawdown Average peak-to-trough decline	-4.09%	-2.67%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.07%	-0.02%

Volatility

ZUE.TO vs. XUSC.TO - Volatility Comparison

BMO S&P 500 (CAD Hedged) (ZUE.TO) has a higher volatility of 3.43% compared to iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) at 2.61%. This indicates that ZUE.TO's price experiences larger fluctuations and is considered to be riskier than XUSC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUE.TO	XUSC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	2.61%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	9.15%	8.51%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.96%	11.46%	+0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	15.72%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.14%	15.72%	+2.42%

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

ZUE.TO has a 0.09% expense ratio, which is lower than XUSC.TO's 0.12% expense ratio. Despite the difference, 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. XUSC.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.80%, less than XUSC.TO's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.84%	0.94%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ZUE.TO and XUSC.TO in my portfolio?

ZUE.TO and XUSC.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUE.TO or XUSC.TO?

On fees, ZUE.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUE.TO or XUSC.TO?

ZUE.TO is cheaper with a 0.09% expense ratio, compared with 0.12% for XUSC.TO.

What is the main difference between ZUE.TO and XUSC.TO?

ZUE.TO is categorized as S&P 500, while XUSC.TO is Large Cap Blend Equities. ZUE.TO tracks S&P 500 Index, while XUSC.TO tracks S&P 500 3% Capped Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZUE.TO and 0.12% for XUSC.TO.