ZSP vs VFV: which ETF is better?
BMO S&P 500 Index ETF (ZSP) and Vanguard S&P 500 Index ETF (VFV) compared on fees, holdings overlap, dividend yield, returns and risk, using the latest data.
- ZSP and VFV have very high overlap: 92% of each fund by weight sits in the same holdings.
- VFV is cheaper at 0.08% a year against 0.09% for ZSP, about C$1 less in fees per C$10,000 invested each year.
- Over the last 10 years, VFV returned an average of 15.6% a year against 15.6% for ZSP, with dividends reinvested.
- Overlap by weight
- 92.2%
- Shared holdings
- 500
| ZSP | VFV | |
|---|---|---|
| Name | BMO S&P 500 Index ETF | Vanguard S&P 500 Index ETF |
| Issuer | BMO | Vanguard |
| Listed on | Toronto Stock Exchange · CAD | Toronto Stock Exchange · CAD |
| Expense ratio | 0.09% | 0.08% |
| Assets (AUM) | C$24.9B | C$35.9B |
| Launched | Nov 14, 2012 | Nov 2, 2012 |
| Holdings | 504 | 505 |
| Dividend yield (12m) | 0.80% · quarterly | 0.88% · quarterly |
| Asset class | Equity | Equity |
| Annualised return | ZSP | VFV |
|---|---|---|
| 1 year | +10.9% | +10.9% |
| 3 years | +21.6% | +21.6% |
| 5 years | +13.5% | +13.5% |
| 10 years | +15.6% | +15.6% |
| Volatility | 14.8% | 14.7% |
| Max drawdown | -26.9% | -27.4% |
Volatility is the annualised standard deviation of daily returns over 3 years. Max drawdown is the largest fall from a peak over the last 10 years, or since launch.
| Holding | ZSP | VFV |
|---|---|---|
| AAPLApple Inc. | 7.93% | 7.38% |
| NVDANVIDIA Corporation | 6.94% | 8.39% |
| MSFTMicrosoft Corporation | 6.28% | 5.78% |
| AMZNAmazon.com, Inc. | 4.04% | 3.71% |
| GOOGLAlphabet Inc. Cl A | 2.62% | 3.07% |
| AVGOBroadcom Inc. | 2.19% | 2.54% |
| GOOGAlphabet Inc. Cap Stk Cl C | 2.11% | 2.45% |
| METAMeta Platforms, Inc. | 2.11% | 2.43% |
| TSLATesla, Inc. | 1.53% | 1.52% |
| BRK-BBerkshire Hathaway Inc. | 1.69% | 1.41% |
Pull each fund's details, full price history and holdings into Google Sheets or Excel, so your comparison updates itself.
=SF("ZSP.TO","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("ZSP.TO","2016-10-01",TODAY(),"dailyAdj")=SF("VFV.TO","etfInfo","expenseRatio&assetsUnderManagement&holdingsCount")=SF_TIMESERIES("VFV.TO","2016-10-01",TODAY(),"dailyAdj")Prices to Nov 6, 2026; holdings last checked Nov 7, 2026. Returns are in each fund's trading currency (CAD). Past performance doesn't predict future returns. For information only, not investment advice.
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ZSP vs VFV: frequently asked questions
How much do ZSP and VFV overlap?
92.2% by weight. They share 500 holdings, and that share of each fund is invested in exactly the same positions. That's very high, so holding both adds little diversification.
Is ZSP or VFV cheaper?
VFV is cheaper. ZSP's expense ratio is 0.09% a year and VFV's is 0.08%, so on C$10,000 you'd pay about C$9 and C$8 a year.
Which has performed better, ZSP or VFV?
Over the last 10 years, VFV has. ZSP returned 15.6% and VFV 15.6% a year on average, including reinvested dividends, as of Nov 6, 2026. Past returns don't predict future ones.
Which pays a higher dividend, ZSP or VFV?
VFV does. Over the last 12 months ZSP yielded 0.80%, paid quarterly, and VFV 0.88%, paid quarterly.
Should I hold both ZSP and VFV?
Holding both mostly doubles up on the same stocks, since 92% of each fund is in the same positions. Most investors pick one, often the cheaper one. This is general information, not advice.
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