VS
iShares Core MSCI All Country World ex Canada Index ETF (XAW) and BMO S&P 500 Index ETF (ZSP) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XAW focuses its top 3 sector exposures on Technology, Finance, and Industrials, while ZSP leans towards Technology, Finance, and Healthcare. When evaluating costs, XAW features a management fee (MER) of 0.2%, compared to 0.08% for ZSP. Performance-wise, XAW has returned 15.43% year-to-date with +$500 M in net flows, whereas ZSP is at 16.31% with +$1 B. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XAW
ZSP
| AuM | $4,657.62 M | $25,462.70 M |
| Management Fees | 0.20% | 0.08% |
| Exp. ratio | 0.22% | 0.09% |
| Tracking Difference | -0.09% | -0.05% |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XAW | -1.78% | +2.19% | +15.43% | +14.92% | +83.08% |
ZSP | -0.36% | +3.89% | +16.31% | +15.87% | +90.66% | |
| Flows | XAW | +$48 M | +$203 M | +$500 M | +$730 M | +$1,088 M |
ZSP | +$394 M | +$760 M | +$1,045 M | +$1,830 M | +$5,690 M |
XAW vs ZSP exposure
Countries
XAW
USA
63.01%
Other
36.99%
ZSP
USA
97.65%
Sectors
XAW
Technology
35.61%
Finance
18.20%
Industrials
9.80%
Healthcare
8.48%
Consumer Non-Cyclicals
8.01%
Other
19.90%
ZSP
Technology
45.20%
Finance
13.72%
Healthcare
9.09%
Consumer Non-Cyclicals
8.98%
Industrials
7.57%
Other
15.44%
As of October 19, 2026
Top 10 Holdings
XAW
NVIDIA Corp.
4.72%
Apple, Inc.
4.11%
Microsoft Corp.
3.33%
Amazon.com, Inc.
2.24%
Alphabet, Inc.
1.76%
Taiwan Semiconductor Manufacturing Co., Ltd.
1.70%
Broadcom Inc.
1.55%
Alphabet, Inc.
1.40%
Meta Platforms, Inc.
1.11%
Micron Technology, Inc.
0.95%
ZSP
NVIDIA Corp.
7.95%
Apple, Inc.
7.09%
Microsoft Corp.
5.75%
Amazon.com, Inc.
3.93%
Alphabet, Inc.
3.06%
Broadcom Inc.
2.64%
Alphabet, Inc.
2.44%
Meta Platforms, Inc.
1.92%
Micron Technology, Inc.
1.59%
Tesla, Inc.
1.48%
Diversification
XAW
Total weight of top 10 holdings out of 8,012 total
22.86%
ZSP
Total weight of top 10 holdings out of 502 total
37.84%
Characteristics
Compare
XAW
ZSP
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI ACWI ex Canada IMI Net Total Return Index - CAD | S&P 500 CAD Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.20% | 0.77% |
| Meets ESG criteria | No | No |
| Inception Date | February 10, 2015 | November 14, 2012 |
Frequently asked questions about XAW and ZSP
Which ETF has performed better year to date: XAW or ZSP?
As of October 19, 2026, XAW has returned 15.43% year to date, while ZSP has returned 16.31%. ZSP is ahead on YTD performance.
Which ETF is larger by assets under management: XAW or ZSP?
As of October 19, 2026, XAW manages $4.66 B in assets, while ZSP manages $25.46 B. ZSP is the larger fund by AUM.
How are XAW and ZSP managed?
XAW is passively managed by iShares. It tracks the MSCI ACWI ex Canada IMI Net Total Return Index - CAD benchmark. ZSP is passively managed by BMO. It tracks the S&P 500 CAD Total Return Index - CAD benchmark.
What sectors do XAW and ZSP emphasize?
XAW is most exposed to Technology, Finance, and Industrials. ZSP is most exposed to Technology, Finance, and Healthcare.
Which ETF is attracting more investor flows: XAW or ZSP?
Year to date, XAW has seen +$499.94 M in net flows, compared with +$1,044.53 M for ZSP. ZSP has attracted more net investor money so far.
How do the fees of XAW and ZSP compare?
XAW has an expense ratio of 0.22%, while ZSP has an expense ratio of 0.09%.
What are the top holdings of XAW and ZSP?
XAW's largest holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp.. ZSP's top holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp..
Which ETF is more diversified: XAW or ZSP?
XAW holds 7899 securities, while ZSP holds 499. On holdings count, XAW is the more diversified portfolio.
Recent articles about XAW and ZSP
The ETF Market Canada is brought to you by Cboe in partnership with Trackinsight SA who is providing all the data, analysis and editorial content on this site. Unless explicitly stated as such, any information that you receive is not real-time.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.
All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.