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BMO MSCI Emerging Markets Index ETF (ZEM.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

The BMO MSCI Emerging Markets Index ETF aims to replicate the performance of the MSCI Emerging Markets Index, net of expenses, by investing in emerging markets equity using a sampling methodology and may hold underlying ETFs to reduce management fees.

Looking to diversify beyond ZEM.TO? The ETFs below have the lowest correlation with ZEM.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZEM.TO.

Best Diversifiers for ZEM.TO

10 ETFs have low correlation with ZEM.TO (below 0.3), 2 of which are negatively correlated. The least correlated is BMO Equal Weight Oil & Gas Index ETF (ZEO.TO) (Energy Equities) with a 1Y correlation of -0.08, down from 0.16 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZEO.TO
BMO Equal Weight Oil & Gas Index ETF-0.080.130.16
86
Energy EquitiesZEM.TO vs ZEO.TO
XEG.TO
iShares S&P/TSX Capped Energy Index ETF-0.070.130.16
86
Energy EquitiesZEM.TO vs XEG.TO
CASH.TO
Global X High Interest Savings ETF0.000.01—
100
Money MarketZEM.TO vs CASH.TO
ZMMK.TO
BMO Money Market Fund ETF Series0.160.07—
100
Money MarketZEM.TO vs ZMMK.TO
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF0.170.350.34
98
Canada EquitiesZEM.TO vs XEI.TO
See all 47 diversifiers for ZEM.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZEM.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZEM.TO and solid risk/return profiles. The least correlated is Sprott Physical Gold Trust (PHYS.TO) (Financial Services) with a 1Y correlation of 0.28, up from 0.13 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
PHYS.TO
Sprott Physical Gold Trust0.280.190.13
73
Financial Services
CEF.TO
Sprott Physical Gold and Silver Trust0.310.270.20
77
Financial Services
SPPP.TO
Sprott Physical Platinum and Palladium Trust0.380.370.28
64
Financial Services

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Diversification Analysis

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