ZUQ.TO vs. ZSP-U.TO

Last updated Jun 4, 2026

ZUQ.TO (BMO MSCI USA High Quality Index ETF) and ZSP-U.TO (BMO S&P 500 Index ETF (USD)) are both exchange-traded funds - ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index, while ZSP-U.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ZUQ.TO returned 16.38%/yr vs 15.53%/yr for ZSP-U.TO. A 0.79 correlation means they provide meaningful diversification when combined. ZUQ.TO charges 0.33%/yr vs 0.09%/yr for ZSP-U.TO.

Performance

ZUQ.TO vs. ZSP-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI USA High Quality Index ETF (ZUQ.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZUQ.TO achieves a 9.39% return, which is significantly lower than ZSP-U.TO's 11.99% return. Over the past 10 years, ZUQ.TO has outperformed ZSP-U.TO with an annualized return of 16.38%, while ZSP-U.TO has yielded a comparatively lower 15.53% annualized return.

ZUQ.TO

• 1D: 0.28%
• 1M: 5.91%
• YTD: 9.39%
• 6M: 3.18%
• 1Y: 19.10%
• 3Y*: 20.39%
• 5Y*: 15.26%
• 10Y*: 16.38%

ZSP-U.TO

• 1D: -0.20%
• 1M: 7.23%
• YTD: 11.99%
• 6M: 9.98%
• 1Y: 28.45%
• 3Y*: 22.90%
• 5Y*: 16.30%
• 10Y*: 15.53%

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

ZUQ.TO vs. ZSP-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZUQ.TO BMO MSCI USA High Quality Index ETF	9.39%	5.78%	34.02%	33.24%	-18.33%	26.40%	19.92%	31.74%	4.70%	16.90%
ZSP-U.TO BMO S&P 500 Index ETF (USD)	11.99%	11.48%	34.63%	22.72%	-13.06%	26.97%	15.66%	24.09%	2.24%	13.25%

Correlation

The correlation between ZUQ.TO and ZSP-U.TO is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 14, 2014	0.79

The correlation between ZUQ.TO and ZSP-U.TO shifts across timeframes, from 0.79 (all time) to 0.91 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZUQ.TO vs. ZSP-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZUQ.TO

ZUQ.TO Risk / Return Rank: 41
ZUQ.TO Sharpe Ratio Rank: 43
ZUQ.TO Sortino Ratio Rank: 42
ZUQ.TO Omega Ratio Rank: 46
ZUQ.TO Calmar Ratio Rank: 36
ZUQ.TO Martin Ratio Rank: 37

ZSP-U.TO

ZSP-U.TO Risk / Return Rank: 68
ZSP-U.TO Sharpe Ratio Rank: 69
ZSP-U.TO Sortino Ratio Rank: 67
ZSP-U.TO Omega Ratio Rank: 69
ZSP-U.TO Calmar Ratio Rank: 60
ZSP-U.TO Martin Ratio Rank: 73

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.

ZUQ.TO vs. ZSP-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI USA High Quality Index ETF (ZUQ.TO) and BMO S&P 500 Index ETF (USD) (ZSP-U.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.

	ZUQ.TO	ZSP-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.46	-0.89
Sortino ratio: Return per unit of downside risk	2.15	3.35	-1.20
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.16
Calmar ratio: Return relative to maximum drawdown	1.81	3.24	-1.42
Martin ratio: Return relative to average drawdown	5.87	12.46	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUQ.TO vs. ZSP-U.TO - Sharpe Ratio Comparison

The current ZUQ.TO Sharpe Ratio is 1.56, which is lower than the ZSP-U.TO Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of ZUQ.TO and ZSP-U.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

	ZUQ.TO	ZSP-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.46	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	1.10	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	1.01	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	1.20	-0.26

Drawdowns

ZUQ.TO vs. ZSP-U.TO - Drawdown Comparison

The maximum ZUQ.TO drawdown since its inception was -26.94%, roughly equal to the maximum ZSP-U.TO drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for ZUQ.TO and ZSP-U.TO.

Drawdown Indicators

	ZUQ.TO	ZSP-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.94%	-27.34%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.57%	-8.83%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.93%	-18.89%	+0.96%
Max Drawdown (5Y) Largest decline over 5 years	-26.94%	-22.19%	-4.75%
Max Drawdown (10Y) Largest decline over 10 years	-26.94%	-27.34%	+0.40%
Current Drawdown Current decline from peak	-0.10%	-0.20%	+0.10%
Average Drawdown Average peak-to-trough decline	-4.60%	-3.51%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.29%	+0.97%

Volatility

ZUQ.TO vs. ZSP-U.TO - Volatility Comparison

The current volatility for BMO MSCI USA High Quality Index ETF (ZUQ.TO) is 2.31%, while BMO S&P 500 Index ETF (USD) (ZSP-U.TO) has a volatility of 2.96%. This indicates that ZUQ.TO experiences smaller price fluctuations and is considered to be less risky than ZSP-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUQ.TO	ZSP-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	2.96%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	9.60%	8.99%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	11.64%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.35%	14.95%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	16.04%	+1.48%

ZUQ.TO vs. ZSP-U.TO - Expense Ratio Comparison

ZUQ.TO has a 0.33% expense ratio, which is higher than ZSP-U.TO's 0.09% expense ratio.

Dividends

ZUQ.TO vs. ZSP-U.TO - Dividend Comparison

ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%, while ZSP-U.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZSP-U.TO BMO S&P 500 Index ETF (USD)	0.00%	0.14%	0.71%	0.98%	1.13%	0.91%	1.02%	1.07%	1.26%	1.22%	1.43%	1.29%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.43%	0.46%	0.57%	0.86%	0.99%	0.80%	0.96%	0.96%	1.07%	1.16%	1.00%	0.88%

Frequently Asked Questions

Can I hold both ZUQ.TO and ZSP-U.TO in my portfolio?

ZUQ.TO and ZSP-U.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUQ.TO or ZSP-U.TO?

On fees, ZSP-U.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, ZUQ.TO or ZSP-U.TO?

ZSP-U.TO is cheaper with a 0.09% expense ratio, compared with 0.33% for ZUQ.TO.

What is the main difference between ZUQ.TO and ZSP-U.TO?

ZUQ.TO is categorized as Large Cap Blend Equities, while ZSP-U.TO is S&P 500. ZUQ.TO tracks MSCI USA Quality Index, while ZSP-U.TO tracks S&P 500 Index. Their fees differ too: 0.33% for ZUQ.TO and 0.09% for ZSP-U.TO.