CEMFX vs. ZEM.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Cullen Emerging Markets High Dividend Fund (CEMFX) and BMO MSCI Emerging Markets Index ETF (ZEM.TO).

CEMFX is managed by Cullen Funds Trust. It was launched on Aug 30, 2012. ZEM.TO is a passively managed fund by BMO that tracks the performance of the MSCI Emerging Markets Index. It was launched on Oct 19, 2009.

Performance

CEMFX vs. ZEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Emerging Markets High Dividend Fund (CEMFX) and BMO MSCI Emerging Markets Index ETF (ZEM.TO). The values are adjusted to include any dividend payments, if applicable.

CEMFX vs. ZEM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEMFX Cullen Emerging Markets High Dividend Fund	6.79%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%
ZEM.TO BMO MSCI Emerging Markets Index ETF	4.49%	33.77%	6.11%	9.82%	-21.44%	-1.92%	18.74%	18.85%	-15.20%	39.18%

Different Trading Currencies

CEMFX is traded in USD, while ZEM.TO is traded in CAD. To make them comparable, the ZEM.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CEMFX achieves a 6.79% return, which is significantly higher than ZEM.TO's 4.49% return. Over the past 10 years, CEMFX has outperformed ZEM.TO with an annualized return of 9.57%, while ZEM.TO has yielded a comparatively lower 8.02% annualized return.

CEMFX

• 1D: -0.85%
• 1M: -11.79%
• YTD: 6.79%
• 6M: 11.80%
• 1Y: 38.22%
• 3Y*: 21.50%
• 5Y*: 10.64%
• 10Y*: 9.57%

ZEM.TO

• 1D: 3.60%
• 1M: -9.20%
• YTD: 4.49%
• 6M: 8.74%
• 1Y: 34.78%
• 3Y*: 16.01%
• 5Y*: 3.72%
• 10Y*: 8.02%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CEMFX vs. ZEM.TO - Expense Ratio Comparison

CEMFX has a 1.00% expense ratio, which is higher than ZEM.TO's 0.27% expense ratio.

CEMFX

Cullen Emerging Markets High Dividend Fund

ZEM.TO

BMO MSCI Emerging Markets Index ETF

Return for Risk

CEMFX vs. ZEM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CEMFX

CEMFX Risk / Return Rank: 93
CEMFX Sharpe Ratio Rank: 95
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 93
CEMFX Martin Ratio Rank: 91

ZEM.TO

ZEM.TO Risk / Return Rank: 82
ZEM.TO Sharpe Ratio Rank: 80
ZEM.TO Sortino Ratio Rank: 81
ZEM.TO Omega Ratio Rank: 81
ZEM.TO Calmar Ratio Rank: 87
ZEM.TO Martin Ratio Rank: 82

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CEMFX vs. ZEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Emerging Markets High Dividend Fund (CEMFX) and BMO MSCI Emerging Markets Index ETF (ZEM.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CEMFX	ZEM.TO	Difference
Sharpe ratio Return per unit of total volatility	2.25	1.60	+0.65
Sortino ratio Return per unit of downside risk	2.86	2.20	+0.66
Omega ratio Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio Return relative to maximum drawdown	2.87	2.64	+0.23
Martin ratio Return relative to average drawdown	10.73	10.49	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEMFX vs. ZEM.TO - Sharpe Ratio Comparison

The current CEMFX Sharpe Ratio is 2.25, which is higher than the ZEM.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of CEMFX and ZEM.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CEMFX	ZEM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	1.60	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.20	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.39	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.22	+0.24

Correlation

The correlation between CEMFX and ZEM.TO is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CEMFX vs. ZEM.TO - Dividend Comparison

CEMFX's dividend yield for the trailing twelve months is around 2.03%, less than ZEM.TO's 2.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	2.03%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
ZEM.TO BMO MSCI Emerging Markets Index ETF	2.11%	2.23%	2.56%	2.87%	2.89%	2.50%	1.69%	2.42%	2.20%	1.76%	4.19%	2.45%

Drawdowns

CEMFX vs. ZEM.TO - Drawdown Comparison

The maximum CEMFX drawdown since its inception was -39.30%, roughly equal to the maximum ZEM.TO drawdown of -39.60%. Use the drawdown chart below to compare losses from any high point for CEMFX and ZEM.TO.

Drawdown Indicators

	CEMFX	ZEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.30%	-34.79%	-4.51%
Max Drawdown (1Y) Largest decline over 1 year	-12.41%	-11.64%	-0.77%
Max Drawdown (5Y) Largest decline over 5 years	-28.13%	-30.69%	+2.56%
Max Drawdown (10Y) Largest decline over 10 years	-39.30%	-34.79%	-4.51%
Current Drawdown Current decline from peak	-12.41%	-8.56%	-3.85%
Average Drawdown Average peak-to-trough decline	-9.69%	-10.09%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	3.53%	-0.20%

Volatility

CEMFX vs. ZEM.TO - Volatility Comparison

The current volatility for Cullen Emerging Markets High Dividend Fund (CEMFX) is 6.95%, while BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a volatility of 13.99%. This indicates that CEMFX experiences smaller price fluctuations and is considered to be less risky than ZEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEMFX	ZEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.95%	13.99%	-7.04%
Volatility (6M) Calculated over the trailing 6-month period	12.42%	17.31%	-4.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.42%	21.88%	-5.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	19.10%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.92%	20.85%	-5.93%