VS
iShares S&P/TSX Small Cap Index ETF (XCS) and BMO S&P 500 Index ETF (ZSP) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XCS focuses its top 3 sector exposures on Non-Energy Materials, Energy, and Finance, while ZSP leans towards Technology, Finance, and Healthcare. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.08% for ZSP. Performance-wise, XCS has returned 13.76% year-to-date with -$12 M in net flows, whereas ZSP is at 13.66% 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
XCS
ZSP
| AuM | $233.94 M | $25,090.80 M |
| Management Fees | 0.55% | 0.08% |
| Exp. ratio | 0.60% | 0.09% |
| Tracking Difference | -0.76% | -0.27% |
Historical performance and flows
As of November 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -5.96% | -3.11% | +13.76% | +23.49% | +112.77% |
ZSP | -4.31% | -2.36% | +13.66% | +11.10% | +83.46% | |
| Flows | XCS | -$3 M | +$0 M | -$12 M | +$2 M | -$3 M |
ZSP | -$42 M | +$859 M | +$1,254 M | +$1,831 M | +$5,694 M |
XCS vs ZSP exposure
Countries
XCS
Canada
95.61%
ZSP
USA
97.60%
Sectors
XCS
Non-Energy Materials
35.57%
Energy
19.59%
Finance
15.09%
Industrials
12.52%
Other
17.24%
ZSP
Technology
47.39%
Finance
12.79%
Healthcare
9.20%
Consumer Non-Cyclicals
8.63%
Industrials
7.38%
Other
14.62%
As of November 2, 2026
Top 10 Holdings
XCS
Ero Copper Corp.
1.84%
Wesdome Gold Mines Ltd.
1.75%
Athabasca Oil Corp.
1.68%
Russel Metals, Inc.
1.67%
Kinaxis, Inc.
1.63%
Fortuna Mining Corp.
1.60%
Trekor Metals Ltd.
1.56%
Bird Construction, Inc.
1.53%
Baytex Energy Corp.
1.39%
Enerflex Ltd.
1.33%
ZSP
NVIDIA Corp.
8.33%
Apple, Inc.
7.28%
Microsoft Corp.
5.73%
Amazon.com, Inc.
3.67%
Alphabet, Inc.
3.03%
Broadcom Inc.
2.56%
Meta Platforms, Inc.
2.47%
Alphabet, Inc.
2.43%
Micron Technology, Inc.
1.83%
Advanced Micro Devices, Inc.
1.51%
Diversification
XCS
Total weight of top 10 holdings out of 233 total
15.98%
ZSP
Total weight of top 10 holdings out of 502 total
38.83%
Characteristics
Compare
XCS
ZSP
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Smallcap 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 | 1.65% | 0.79% |
| Meets ESG criteria | No | No |
| Inception Date | May 14, 2007 | November 14, 2012 |
Frequently asked questions about XCS and ZSP
Which ETF has performed better year to date: XCS or ZSP?
As of November 2, 2026, XCS has returned 13.76% year to date, while ZSP has returned 13.66%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or ZSP?
As of November 2, 2026, XCS manages $233.94 M in assets, while ZSP manages $25.09 B. ZSP is the larger fund by AUM.
How are XCS and ZSP managed?
XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap 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 XCS and ZSP emphasize?
XCS is most exposed to Non-Energy Materials, Energy, and Finance. ZSP is most exposed to Technology, Finance, and Healthcare.
Which ETF is attracting more investor flows: XCS or ZSP?
Year to date, XCS has seen -$12.37 M in net flows, compared with +$1,253.88 M for ZSP. ZSP has attracted more net investor money so far.
How do the fees of XCS and ZSP compare?
XCS has an expense ratio of 0.60%, while ZSP has an expense ratio of 0.09%.
What are the top holdings of XCS and ZSP?
XCS's largest holdings include Ero Copper Corp., Wesdome Gold Mines Ltd., and Athabasca Oil Corp.. ZSP's top holdings include NVIDIA Corp., Apple, Inc., and Microsoft Corp..
Which ETF is more diversified: XCS or ZSP?
XCS holds 232 securities, while ZSP holds 499. On holdings count, ZSP is the more diversified portfolio.
Recent articles about XCS and ZSP
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