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DRFE.TO vs. ZLE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DRFE.TO vs. ZLE.TO

Last updated Jul 16, 2026
Documentation

DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 5 years, DRFE.TO returned 11.65%/yr vs 8.79%/yr for ZLE.TO. At a 0.38 correlation, their price movements are largely independent.

Performance

DRFE.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DRFE.TO achieves a 21.13% return, which is significantly lower than ZLE.TO's 25.76% return.

DRFE.TO

1D
-0.72%
1M
-5.64%
6M
13.96%
YTD
21.13%
1Y
26.63%
3Y*
21.37%
5Y*
11.65%
10Y*
—

ZLE.TO

1D
-0.04%
1M
-5.00%
6M
19.75%
YTD
25.76%
1Y
36.17%
3Y*
20.33%
5Y*
8.79%
10Y*
5.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DRFE.TO vs. ZLE.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		21.13%21.25%18.51%10.59%-8.03%4.88%7.49%0.47%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		25.76%18.71%15.26%6.15%-11.98%-6.43%-1.08%3.32%

Correlation

The correlation between DRFE.TO and ZLE.TO is 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.49

Correlation (5Y)
Calculated over the trailing 5-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2019

0.38

Over the past year, DRFE.TO and ZLE.TO have become more correlated (0.59) than their long-term average of 0.38, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. XSEM.TOZLE.TO vs. ZDV.TOZLE.TO vs. ZEQT.TOZLE.TO vs. ZEB.TO

Return for Risk

DRFE.TO vs. ZLE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRFE.TO
DRFE.TO Risk / Return Rank: 4646
Overall Rank
DRFE.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
DRFE.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
DRFE.TO Omega Ratio Rank: 4848
Omega Ratio Rank
DRFE.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
DRFE.TO Martin Ratio Rank: 5050
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 8080
Overall Rank
ZLE.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 8181
Martin Ratio Rank
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.

DRFE.TO vs. ZLE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) 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.

DRFE.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.27
2.01

-0.74

Sortino ratioReturn per unit of downside risk
1.74
2.60

-0.87

Omega ratioGain probability vs. loss probability

1.26

1.38

-0.13

Calmar ratioReturn relative to maximum drawdown

2.17

3.84

-1.67

Martin ratioReturn relative to average drawdown

6.93

12.47

-5.54

DRFE.TO vs. ZLE.TO - Sharpe Ratio Comparison

The current DRFE.TO Sharpe Ratio is 1.27, which is lower than the ZLE.TO Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of DRFE.TO and ZLE.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DRFE.TO vs. ZLE.TO - Drawdown Comparison

The maximum DRFE.TO drawdown since its inception was -25.26%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for DRFE.TO and ZLE.TO.

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Drawdown Indicators

DRFE.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-25.26%

-31.71%

+6.45%

Max Drawdown (1Y)

Largest decline over 1 year

-12.31%

-9.45%

-2.86%

Max Drawdown (3Y)

Largest decline over 3 years

-14.27%

-10.91%

-3.36%

Max Drawdown (5Y)

Largest decline over 5 years

-21.05%

-25.74%

+4.69%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.71%

—

Current Drawdown

Current decline from peak

-8.52%

-8.68%

+0.16%

Average Drawdown

Average peak-to-trough decline

-6.88%

-9.39%

+2.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.85%

2.91%

+0.94%

Volatility

DRFE.TO vs. ZLE.TO - Volatility Comparison

Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) have volatilities of 9.86% and 9.67%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DRFE.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.86%

9.67%

+0.19%

Volatility (6M)

Calculated over the trailing 6-month period

19.33%

15.94%

+3.39%

Volatility (1Y)

Calculated over the trailing 1-year period

21.00%

18.06%

+2.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

13.87%

+2.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

14.55%

+2.67%

Dividends

DRFE.TO vs. ZLE.TO - Dividend Comparison

DRFE.TO's dividend yield for the trailing twelve months is around 1.61%, less than ZLE.TO's 2.49% yield.

PositionTTM2025202420232022202120202019201820172016
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		1.61%2.10%2.60%3.04%3.00%2.49%2.45%2.05%0.00%0.00%0.00%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.49%3.13%3.61%3.54%3.62%2.21%2.11%1.82%2.13%1.39%0.76%

Frequently Asked Questions

DRFE.TO and ZLE.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Desjardins and BMO.

Portfolio Optimizer

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