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EEMV vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEMV vs. ZLB.TO

Last updated Jun 9, 2026

EEMV (iShares MSCI Emerging Markets Min Vol Factor ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - EEMV is a Asia Pacific Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index, while ZLB.TO is a Canada Equities fund actively managed by BMO. EEMV is passively managed, while ZLB.TO is actively managed. Over the past 10 years, EEMV returned 6.37%/yr vs 9.42%/yr for ZLB.TO. At a 0.34 correlation, their price movements are largely independent. EEMV charges 0.25%/yr vs 0.39%/yr for ZLB.TO.

Performance

EEMV vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, EEMV achieves a 13.43% return, which is significantly higher than ZLB.TO's 2.14% return. Over the past 10 years, EEMV has underperformed ZLB.TO with an annualized return of 6.37%, while ZLB.TO has yielded a comparatively higher 9.42% annualized return.

EEMV

1D
1.51%
1M
-1.16%
YTD
13.43%
6M
14.40%
1Y
20.63%
3Y*
12.52%
5Y*
4.95%
10Y*
6.37%

ZLB.TO

1D
-0.93%
1M
-0.55%
YTD
2.14%
6M
0.70%
1Y
10.48%
3Y*
13.02%
5Y*
7.91%
10Y*
9.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEMV vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		13.43%13.45%7.98%7.75%-13.94%5.05%6.90%7.83%-5.81%27.28%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		2.08%26.16%6.31%12.07%-6.29%22.99%3.98%27.16%-10.30%19.18%

Correlation

The correlation between EEMV and ZLB.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

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

0.34

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

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

0.34

The correlation between EEMV and ZLB.TO shifts across timeframes, from 0.20 (1 year) to 0.34 (3 years), reflecting how their relationship changes across market environments.

EEMV vs. ZLB.TO - Sectors Allocation Comparison

Sectors
EEMV
ZLB.TO

Technology

28.9%
1.9%

Financial Services

17.7%
23.9%

Communication Services

11.2%
9.3%

Consumer Defensive

6.8%
18.3%

Industrials

6.7%
10.0%

Healthcare

6.2%

-

Consumer Cyclical

5.0%
8.5%

Utilities

4.6%
17.6%

Energy

3.4%

-

Basic Materials

3.1%
6.2%

Real Estate

0.5%
4.3%

Technology

EEMV
28.9%
ZLB.TO
1.9%

Financial Services

EEMV
17.7%
ZLB.TO
23.9%

Communication Services

EEMV
11.2%
ZLB.TO
9.3%

Consumer Defensive

EEMV
6.8%
ZLB.TO
18.3%

Industrials

EEMV
6.7%
ZLB.TO
10.0%

Healthcare

EEMV
6.2%
ZLB.TO

-

Consumer Cyclical

EEMV
5.0%
ZLB.TO
8.5%

Utilities

EEMV
4.6%
ZLB.TO
17.6%

Energy

EEMV
3.4%
ZLB.TO

-

Basic Materials

EEMV
3.1%
ZLB.TO
6.2%

Real Estate

EEMV
0.5%
ZLB.TO
4.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets Min Vol Factor ETF

BMO Low Volatility Canadian Equity ETF

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Return for Risk

EEMV vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEMV
EEMV Risk / Return Rank: 5050
Overall Rank
EEMV Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
EEMV Sortino Ratio Rank: 4545
Sortino Ratio Rank
EEMV Omega Ratio Rank: 5353
Omega Ratio Rank
EEMV Calmar Ratio Rank: 5050
Calmar Ratio Rank
EEMV Martin Ratio Rank: 5252
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 4545
Overall Rank
ZLB.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 4545
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 4545
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.

EEMV vs. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) and BMO Low Volatility Canadian Equity ETF (ZLB.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.

EEMVZLB.TODifference
Sharpe ratioReturn per unit of total volatility
1.48
1.05

+0.43

Sortino ratioReturn per unit of downside risk
2.04
1.46

+0.59

Omega ratioGain probability vs. loss probability

1.30

1.20

+0.11

Calmar ratioReturn relative to maximum drawdown

2.25

1.72

+0.53

Martin ratioReturn relative to average drawdown

8.21

4.69

+3.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EEMV vs. ZLB.TO - Sharpe Ratio Comparison

The current EEMV Sharpe Ratio is 1.48, which is higher than the ZLB.TO Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of EEMV and ZLB.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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Sharpe Ratios by Period

EEMVZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.48

1.05

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.68

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.68

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.75

-0.38

Drawdowns

EEMV vs. ZLB.TO - Drawdown Comparison

The maximum EEMV drawdown since its inception was -31.56%, smaller than the maximum ZLB.TO drawdown of -39.55%. Use the drawdown chart below to compare losses from any high point for EEMV and ZLB.TO.

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Drawdown Indicators

EEMVZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.56%

-39.55%

+7.99%

Max Drawdown (1Y)

Largest decline over 1 year

-9.22%

-6.13%

-3.09%

Max Drawdown (3Y)

Largest decline over 3 years

-12.47%

-12.27%

-0.20%

Max Drawdown (5Y)

Largest decline over 5 years

-21.90%

-20.63%

-1.27%

Max Drawdown (10Y)

Largest decline over 10 years

-31.56%

-39.55%

+7.99%

Current Drawdown

Current decline from peak

-4.70%

-2.58%

-2.12%

Average Drawdown

Average peak-to-trough decline

-7.97%

-4.09%

-3.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.52%

2.24%

+0.28%

Volatility

EEMV vs. ZLB.TO - Volatility Comparison

iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV) has a higher volatility of 7.37% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.82%. This indicates that EEMV's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMVZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.37%

2.82%

+4.55%

Volatility (6M)

Calculated over the trailing 6-month period

12.79%

8.11%

+4.68%

Volatility (1Y)

Calculated over the trailing 1-year period

14.01%

10.02%

+3.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.06%

11.65%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.94%

13.91%

+0.03%

EEMV vs. ZLB.TO - Expense Ratio Comparison

EEMV has a 0.25% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

EEMV vs. ZLB.TO - Dividend Comparison

EEMV's dividend yield for the trailing twelve months is around 2.33%, more than ZLB.TO's 1.91% yield.

PositionTTM20252024202320222021202020192018201720162015
EEMV
iShares MSCI Emerging Markets Min Vol Factor ETF		2.33%2.65%3.50%2.75%1.93%2.14%2.45%2.63%2.46%2.34%2.79%2.55%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.91%1.99%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.55%2.94%2.34%

Frequently Asked Questions

EEMV and ZLB.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, EEMV is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

EEMV is cheaper with a 0.25% expense ratio, compared with 0.39% for ZLB.TO.

EEMV is categorized as Asia Pacific Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.25% for EEMV and 0.39% for ZLB.TO.

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