CWO.NEO vs. ZLE.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 10 years, CWO.NEO returned 9.77%/yr vs 4.92%/yr for ZLE.TO. At a 0.39 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.45%/yr for ZLE.TO.
Performance
CWO.NEO vs. ZLE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWO.NEO achieves a 10.87% return, which is significantly lower than ZLE.TO's 22.36% return. Over the past 10 years, CWO.NEO has outperformed ZLE.TO with an annualized return of 9.77%, while ZLE.TO has yielded a comparatively lower 4.92% annualized return.
CWO.NEO
- 1D
- -0.58%
- 1M
- -2.49%
- 6M
- 5.11%
- YTD
- 10.87%
- 1Y
- 23.91%
- 3Y*
- 21.22%
- 5Y*
- 11.10%
- 10Y*
- 9.77%
ZLE.TO
- 1D
- -0.71%
- 1M
- -7.86%
- 6M
- 16.31%
- YTD
- 22.36%
- 1Y
- 32.23%
- 3Y*
- 19.28%
- 5Y*
- 8.19%
- 10Y*
- 4.92%
CWO.NEO vs. ZLE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 10.87% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 10.86% | -0.29% | 17.16% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 22.36% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 11.00% | -7.15% | 14.79% |
Correlation
The correlation between CWO.NEO and ZLE.TO is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.39 |
The correlation between CWO.NEO and ZLE.TO shifts across timeframes, from 0.38 (5 years) to 0.57 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. ZLE.TO — Risk / Return Rank
CWO.NEO
ZLE.TO
CWO.NEO vs. ZLE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CWO.NEO | ZLE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.34 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 2.90 | -0.69 |
| Martin ratioReturn relative to average drawdown | 7.78 | 10.54 | -2.76 |
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Drawdowns
CWO.NEO vs. ZLE.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, roughly equal to the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and ZLE.TO.
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Drawdown Indicators
| CWO.NEO | ZLE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -31.71% | -0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -11.16% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -11.16% | -5.96% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -25.56% | +0.76% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | -31.71% | -0.26% |
Current DrawdownCurrent decline from peak | -3.96% | -11.16% | +7.20% |
Average DrawdownAverage peak-to-trough decline | -10.24% | -9.39% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 3.06% | +0.03% |
Volatility
CWO.NEO vs. ZLE.TO - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 4.85%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 9.73%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than ZLE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWO.NEO | ZLE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 9.73% | -4.88% |
Volatility (6M)Calculated over the trailing 6-month period | 13.96% | 16.06% | -2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 18.21% | -1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 13.90% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 14.57% | +2.89% |
CWO.NEO vs. ZLE.TO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than ZLE.TO's 0.45% expense ratio.
Dividends
CWO.NEO vs. ZLE.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.68%, more than ZLE.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.68% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 2.56% | 3.13% | 3.61% | 3.54% | 3.62% | 2.21% | 2.11% | 1.82% | 2.13% | 1.39% | 0.76% | 0.00% |
Frequently Asked Questions
CWO.NEO and ZLE.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLE.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLE.TO is cheaper with a 0.45% expense ratio, compared with 0.73% for CWO.NEO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.73% for CWO.NEO and 0.45% for ZLE.TO.
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