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VFV vs XUS vs ZSP

Updated October 10, 2026 · StockSignalCheck

VFV, XUS and ZSP all track the S&P 500, the 500 large US companies that make up most of the American stock market. All three trade on the TSX in Canadian dollars, so you can buy them in a TFSA or RRSP without converting money to US dollars. They're close to identical, and the differences are smaller than most online debates suggest.

Figures were checked in October 2026 and change over time, so treat them as approximate and check the provider's own page before investing. This page compares features; it isn't a recommendation to buy any fund or use any broker.

Side by side

Source: fund data compiled by Cboe Canada (etfmarket.cboe.com), early October 2026. "Fee" is the management fee; the total MER is usually about 0.01–0.02 points higher. Yield is the trailing 12-month distribution yield and changes with prices and payouts.

What actually differs

1. Fees: effectively a tie. All three charge a 0.08% management fee. On a $10,000 investment that's about $8 a year.

2. How they hold the US stocks. Some Canadian S&P 500 ETFs hold a US-listed ETF inside them, while others hold the 500 stocks directly. This mainly affects how foreign withholding tax works inside the fund, and the effect on returns is small, typically a few hundredths of a percent a year. It's the main reason the funds' returns differ slightly from year to year.

3. Size and trading. All three are large and trade easily. For an individual investor, the bid-ask spread on any of them is usually a cent or two.

4. Yield differences are mostly timing. Their 12-month yields differ because of when distributions were paid and how withholding tax is handled, not because one owns better dividend stocks. They hold the same companies.

What they have in common

• Not currency hedged. When the US dollar rises against the Canadian dollar, these funds get a boost; when it falls, they lose a little. Each provider also offers a hedged version (VSP, XSP and ZUE) if you want to remove the currency effect, usually at a slightly higher cost.
• Heavy in big tech. The S&P 500 is weighted by company size, so a handful of large technology companies make up a big share of the index.
• 15% US dividend withholding tax is lost inside the fund in every account type, including an RRSP. See US dividend withholding tax for Canadians.
• US stocks only. No Canadian or international companies. Many investors pair an S&P 500 ETF with a Canadian one, or use an all-in-one fund like XEQT or VEQT instead.

Should you just buy VOO instead?

US-listed VOO and IVV have even lower fees and, in an RRSP, avoid the US withholding tax. But you need US dollars to buy them, and converting at a typical 1.5% fee can wipe out years of savings. Our VFV vs VOO guide works through the numbers.

Choosing between them

Any of the three does the job. Many people pick the one their broker shows first, or the one from the same family as their other ETFs. Holding more than one adds nothing, since they own the same 500 companies.

You can see each one's recent price trend on StockSignalCheck's S&P 500 page (SPY, the US-listed version) or set up a free alert for when the S&P 500 crosses its 200-day average.

Official fund pages

• Vanguard: VFV
• iShares: XUS
• BMO: ZSP

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This guide is for education only. It isn't personalized financial, investment or tax advice, and nothing here is a recommendation to buy or sell any security. Investing involves risk, including the possible loss of your money.