VFV vs ZSP: If You Invested $10,000 Ten Years Ago, Which ETF Would Have Made You More Money? (2026 Comparison)

Quick answer: Based on 10-year annualized total returns as of May 31, 2026, VFV slightly beat ZSP. A $10,000 investment would have grown to about $43,510 in VFV versus about $43,435 in ZSP — a difference of only about $75 over 10 years before personal taxes, commissions, and other investor-specific costs.

This article is for educational purposes only and is not financial, investment, tax, legal, or personalized advice.

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Key Takeaways

• VFV and ZSP both track the S&P 500, giving Canadians exposure to large U.S. companies.
• Both ETFs have a 0.09% MER.
• Over 10 years, VFV’s annualized NAV return was 15.84%, while ZSP’s was 15.82%, as of May 31, 2026.
• On a $10,000 investment, the difference was roughly $75 over 10 years.
• The real decision is not only “which made more money?” but also account type, taxes, currency exposure, risk tolerance, and staying invested.

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VFV vs ZSP: Basic Comparison

VFV’s Vanguard factsheet shows a 0.09% MER, CAD currency, TSX listing, quarterly distributions, and ETF total net assets of about $32.85 billion as of May 31, 2026. Vanguard also states that investment funds are not guaranteed, values change frequently, and past performance may not be repeated. :contentReference[oaicite:0]{index=0}

BMO’s ETF Facts document shows ZSP seeks to replicate the S&P 500 Index, with 500 investments as of November 30, 2025. It also states that the ETF has no guarantees and investors may not get back the amount invested. :contentReference[oaicite:1]{index=1}

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If You Invested $10,000 Ten Years Ago

Using annualized 10-year total return data as of May 31, 2026:

Winner: VFV, but only by about $75.

VFV’s 10-year annualized NAV return was 15.84% as of May 31, 2026. ZSP’s 10-year annualized return was 15.82% as of the same date. :contentReference[oaicite:2]{index=2}

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Twikup Insight

The headline says “which ETF made more money,” but the real lesson is this:

The S&P 500 did almost all the work. The ETF choice barely changed the outcome.

Over 10 years, the difference between VFV and ZSP was tiny because both ETFs track the same index. For most Canadians, behaviour may matter more than the ticker.

That means:

• starting earlier
• investing consistently
• avoiding panic selling
• keeping costs low
• choosing the right account type

may matter more than switching between VFV and ZSP.

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Year-by-Year Returns

The calendar-year numbers show how close the two ETFs have been. Some years VFV was slightly ahead; other years ZSP was slightly ahead. :contentReference[oaicite:3]{index=3}

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Why Are Returns So Similar?

Because both ETFs track the S&P 500, which is a market-cap-weighted index of large U.S. companies. Vanguard describes the S&P 500 as designed to represent returns of large-cap U.S. stocks. BMO’s ETF Facts also describes the index as a market-capitalization-weighted index of 500 large U.S. public issuers. :contentReference[oaicite:4]{index=4}

In simple terms, VFV and ZSP are both driven by companies such as:

• NVIDIA
• Apple
• Microsoft
• Amazon
• Alphabet
• Broadcom
• Meta
• Tesla
• Berkshire Hathaway
• JPMorgan Chase

BMO’s ETF Facts listed NVIDIA, Apple, Microsoft, Alphabet, Amazon, Broadcom, Meta, Tesla, Berkshire Hathaway, and JPMorgan Chase among ZSP’s top holdings as of November 30, 2025. :contentReference[oaicite:5]{index=5}

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The Hidden Difference: Structure

VFV commonly holds exposure through Vanguard’s U.S.-listed S&P 500 ETF structure, while ZSP directly holds the underlying S&P 500 stocks. Fundata lists VFV’s top holding as Vanguard 500 Index ETF (VOO) at 100% as of May 31, 2026. :contentReference[oaicite:6]{index=6}

That structure may matter slightly for tracking, tax reporting, and fund mechanics, but historically the return difference has been very small.

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Fees: No Real Winner

Both ETFs are extremely low cost.

Vanguard’s factsheet shows VFV’s management fee at 0.08% and MER at 0.09%. BMO’s ETF Facts shows ZSP’s expenses were 0.09%, equal to $0.90 for every $1,000 invested. :contentReference[oaicite:7]{index=7}

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Taxes: Be Careful Before Declaring a Winner

Taxes depend on where the ETF is held:

• TFSA
• RRSP
• FHSA
• RESP
• non-registered account

BMO’s ETF Facts states that tax payable depends on tax laws where the investor lives and whether the ETF is held in a registered plan such as an RRSP or TFSA. It also notes that in a non-registered account, distributions are included in taxable income whether paid in cash or reinvested. :contentReference[oaicite:8]{index=8}

This article does not provide tax advice. Canadians should speak with a qualified tax professional for their specific situation.

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Currency Risk: Both ETFs Are Still Exposed to the U.S. Dollar

VFV and ZSP trade in Canadian dollars, but the underlying companies are U.S. stocks.

That means your return is affected by:

1. S&P 500 performance
2. USD/CAD exchange rate changes

If the U.S. dollar strengthens against the Canadian dollar, Canadian investors may benefit. If the Canadian dollar strengthens, returns may be reduced.

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Which ETF Is Better for Canadians in 2026?

For most long-term Canadian investors, VFV and ZSP are nearly interchangeable.

VFV may make sense if you prefer:

• Vanguard
• larger brand recognition among Canadian DIY investors
• the Vanguard ecosystem

ZSP may make sense if you prefer:

• BMO ETFs
• direct exposure to the underlying stocks
• using BMO products or platforms

But the numbers suggest the choice is unlikely to materially change long-term wealth by itself.

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The Bigger Risk: Thinking Past Returns Predict the Future

The past 10 years were excellent for S&P 500 investors, especially Canadian investors who also benefited at times from U.S. dollar strength.

But this does not guarantee the next 10 years will look the same.

Vanguard clearly states that investment funds are not guaranteed, values change frequently, and past performance may not be repeated. BMO also states that ETFs do not have guarantees and investors may not get back the amount invested. :contentReference[oaicite:9]{index=9}

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Twikup Insight

The most important takeaway is not “VFV beat ZSP.”

The real takeaway is:

A $10,000 investment in either ETF became more than $43,000 over 10 years, but the difference between the two ETFs was only about $75.

That tells us something powerful.

For Canadian investors, the ETF provider mattered far less than:

• owning productive assets
• staying invested
• reinvesting distributions
• avoiding emotional selling
• using the right investment account
• understanding risk

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Compliance Note for Canadian Readers

This article is for general education only. It is not a recommendation to buy, sell, or hold VFV, ZSP, or any other investment.

Before investing, Canadians should review:

• the ETF Facts document
• the prospectus
• fees and expenses
• risk rating
• tax implications
• personal financial goals
• time horizon
• risk tolerance

Investment funds may rise or fall in value. You can lose money. Past performance does not guarantee future results.

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📘 Related Twikup Guide

Wondering whether you should buy a Canadian-listed ETF like VFV or invest directly in the S&P 500 through a U.S.-listed fund such as VOO? While both provide exposure to the same index, there are important differences in currency conversion, taxes, account types, fees, and simplicity for Canadian investors.

Read next:
👉 Should Canadians Buy VFV or Invest Directly in the S&P 500? (2026 Canadian Investor Guide)

FAQ

Is VFV better than ZSP?

Based on 10-year annualized returns as of May 31, 2026, VFV slightly outperformed ZSP. But the difference was extremely small.

Which ETF made more money over the past 10 years?

Using 10-year annualized total returns, $10,000 in VFV grew to about $43,510, while $10,000 in ZSP grew to about $43,435.

Are VFV and ZSP both S&P 500 ETFs?

Yes. Both are Canadian-listed ETFs designed to track the S&P 500.

Do VFV and ZSP have the same MER?

Yes. Both have a 0.09% MER based on current fund documents.

Are VFV and ZSP currency hedged?

No. Both are unhedged, meaning Canadian investors are exposed to USD/CAD currency movements.

Can I lose money in VFV or ZSP?

Yes. Both are equity ETFs. Their values can go down, and investors may lose money.

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Final Verdict

If the only question is:

“Which ETF made more money over the past 10 years?”

The answer is:

VFV, but by a very small margin.

If the better question is:

“Which ETF makes more sense for Canadians?”

The answer is:

Either may work for long-term investors, but the decision should depend on account type, tax situation, risk tolerance, investment goals, and whether the investor can stay invested through market volatility.

For most Canadians, the difference between VFV and ZSP is less important than building a disciplined, low-cost, long-term investment plan.

Continue Learning

If you're building a long-term investment portfolio, you may also enjoy:

• 👉 Should Canadians Buy VFV or Invest Directly in the S&P 500? (2026 Canadian Investor Guide) — Learn the differences between buying a Canadian-listed S&P 500 ETF and investing through a U.S.-listed ETF, including currency conversion, tax considerations, and account selection for Canadian investors.