DXMO.TO vs. ZMT.TO

Last updated Jun 24, 2026

DXMO.TO (Dynamic Active Mining Opportunities ETF) and ZMT.TO (BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)) are both Materials funds. DXMO.TO is actively managed, while ZMT.TO is passively managed. Over the past year, DXMO.TO returned 56.19% vs 85.17% for ZMT.TO. A 0.54 correlation means they provide meaningful diversification when combined. DXMO.TO charges 0.74%/yr vs 0.61%/yr for ZMT.TO.

Performance

DXMO.TO vs. ZMT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Dynamic Active Mining Opportunities ETF (DXMO.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXMO.TO achieves a 4.35% return, which is significantly lower than ZMT.TO's 24.75% return.

DXMO.TO

• 1D: -4.50%
• 1M: -0.55%
• YTD: 4.35%
• 6M: 2.59%
• 1Y: 56.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMT.TO

• 1D: -3.72%
• 1M: -1.01%
• YTD: 24.75%
• 6M: 23.80%
• 1Y: 85.17%
• 3Y*: 35.09%
• 5Y*: 19.61%
• 10Y*: 15.85%

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

DXMO.TO vs. ZMT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DXMO.TO Dynamic Active Mining Opportunities ETF	4.35%	86.60%	-9.21%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	24.75%	63.17%	-6.05%

Correlation

The correlation between DXMO.TO and ZMT.TO is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jul 4, 2024	0.54

The correlation between DXMO.TO and ZMT.TO shifts across timeframes, from 0.54 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DXMO.TO vs. ZMT.TO — Risk / Return Rank

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

DXMO.TO

DXMO.TO Risk / Return Rank: 46
DXMO.TO Sharpe Ratio Rank: 49
DXMO.TO Sortino Ratio Rank: 41
DXMO.TO Omega Ratio Rank: 45
DXMO.TO Calmar Ratio Rank: 50
DXMO.TO Martin Ratio Rank: 43

ZMT.TO

ZMT.TO Risk / Return Rank: 65
ZMT.TO Sharpe Ratio Rank: 69
ZMT.TO Sortino Ratio Rank: 56
ZMT.TO Omega Ratio Rank: 59
ZMT.TO Calmar Ratio Rank: 75
ZMT.TO Martin Ratio Rank: 63

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.

DXMO.TO vs. ZMT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dynamic Active Mining Opportunities ETF (DXMO.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.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.

	DXMO.TO	ZMT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.09	-0.52
Sortino ratio: Return per unit of downside risk	1.98	2.53	-0.55
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	2.30	3.60	-1.30
Martin ratio: Return relative to average drawdown	6.42	10.74	-4.33

DXMO.TO vs. ZMT.TO - Sharpe Ratio Comparison

The current DXMO.TO Sharpe Ratio is 1.57, which is comparable to the ZMT.TO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of DXMO.TO and ZMT.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.

Drawdowns

DXMO.TO vs. ZMT.TO - Drawdown Comparison

The maximum DXMO.TO drawdown since its inception was -26.12%, smaller than the maximum ZMT.TO drawdown of -82.27%. Use the drawdown chart below to compare losses from any high point for DXMO.TO and ZMT.TO.

Drawdown Indicators

	DXMO.TO	ZMT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.12%	-82.27%	+56.15%
Max Drawdown (1Y) Largest decline over 1 year	-26.12%	-23.81%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.28%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.01%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-68.54%	—
Current Drawdown Current decline from peak	-16.37%	-13.69%	-2.68%
Average Drawdown Average peak-to-trough decline	-5.84%	-45.92%	+40.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.12%	7.95%	+1.17%

Volatility

DXMO.TO vs. ZMT.TO - Volatility Comparison

The current volatility for Dynamic Active Mining Opportunities ETF (DXMO.TO) is 14.57%, while BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a volatility of 15.54%. This indicates that DXMO.TO experiences smaller price fluctuations and is considered to be less risky than ZMT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXMO.TO	ZMT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.57%	15.54%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	31.98%	34.05%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	38.30%	40.97%	-2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	34.18%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	33.48%	+6.34%

DXMO.TO vs. ZMT.TO - Expense Ratio Comparison

DXMO.TO has a 0.74% expense ratio, which is higher than ZMT.TO's 0.61% expense ratio.

Dividends

DXMO.TO vs. ZMT.TO - Dividend Comparison

DXMO.TO has not paid dividends to shareholders, while ZMT.TO's dividend yield for the trailing twelve months is around 0.17%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXMO.TO Dynamic Active Mining Opportunities ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.17%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	0.79%	0.26%	0.25%	0.22%

Frequently Asked Questions

Can I hold both DXMO.TO and ZMT.TO in my portfolio?

DXMO.TO and ZMT.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DXMO.TO or ZMT.TO?

On fees, ZMT.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DXMO.TO or ZMT.TO?

ZMT.TO is cheaper with a 0.61% expense ratio, compared with 0.74% for DXMO.TO.

What is the main difference between DXMO.TO and ZMT.TO?

They also come from different issuers: Dynamic and BMO. Their fees differ too: 0.74% for DXMO.TO and 0.61% for ZMT.TO.