EMV.L vs. ZEM.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and BMO MSCI Emerging Markets Index ETF (ZEM.TO).

EMV.L and ZEM.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EMV.L is a passively managed fund by iShares that tracks the performance of the MSCI EM NR USD. It was launched on Nov 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. Both EMV.L and ZEM.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EMV.L vs. ZEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) and BMO MSCI Emerging Markets Index ETF (ZEM.TO). The values are adjusted to include any dividend payments, if applicable.

EMV.L vs. ZEM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMV.L iShares Edge MSCI EM Minimum Volatility UCITS ETF	2.37%	5.04%	10.84%	1.45%	-4.20%	5.93%	4.08%	3.48%	-0.20%	15.47%
ZEM.TO BMO MSCI Emerging Markets Index ETF	6.38%	24.24%	7.96%	4.34%	-12.10%	-0.99%	15.25%	14.33%	-10.17%	27.14%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EMV.L achieves a 2.37% return, which is significantly lower than ZEM.TO's 6.38% return. Over the past 10 years, EMV.L has underperformed ZEM.TO with an annualized return of 5.66%, while ZEM.TO has yielded a comparatively higher 8.81% annualized return.

EMV.L

• 1D: 1.78%
• 1M: -3.11%
• YTD: 2.37%
• 6M: 4.31%
• 1Y: 10.02%
• 3Y*: 6.53%
• 5Y*: 3.78%
• 10Y*: 5.66%

ZEM.TO

• 1D: -0.09%
• 1M: -6.43%
• YTD: 6.38%
• 6M: 9.82%
• 1Y: 31.41%
• 3Y*: 13.32%
• 5Y*: 4.64%
• 10Y*: 8.81%

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

EMV.L vs. ZEM.TO - Expense Ratio Comparison

EMV.L has a 0.40% expense ratio, which is higher than ZEM.TO's 0.27% expense ratio.

EMV.L

iShares Edge MSCI EM Minimum Volatility UCITS ETF

ZEM.TO

BMO MSCI Emerging Markets Index ETF

Return for Risk

EMV.L vs. ZEM.TO — Risk / Return Rank

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

EMV.L

EMV.L Risk / Return Rank: 42
EMV.L Sharpe Ratio Rank: 46
EMV.L Sortino Ratio Rank: 41
EMV.L Omega Ratio Rank: 40
EMV.L Calmar Ratio Rank: 43
EMV.L Martin Ratio Rank: 41

ZEM.TO

ZEM.TO Risk / Return Rank: 79
ZEM.TO Sharpe Ratio Rank: 78
ZEM.TO Sortino Ratio Rank: 78
ZEM.TO Omega Ratio Rank: 78
ZEM.TO Calmar Ratio Rank: 84
ZEM.TO Martin Ratio Rank: 76

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.

EMV.L vs. ZEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) 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.

	EMV.L	ZEM.TO	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.55	-0.67
Sortino ratio Return per unit of downside risk	1.23	2.16	-0.93
Omega ratio Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio Return relative to maximum drawdown	1.27	2.94	-1.68
Martin ratio Return relative to average drawdown	4.24	9.92	-5.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMV.L vs. ZEM.TO - Sharpe Ratio Comparison

The current EMV.L Sharpe Ratio is 0.88, which is lower than the ZEM.TO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of EMV.L 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

	EMV.L	ZEM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.55	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.27	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.45	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.30	+0.03

Correlation

The correlation between EMV.L and ZEM.TO is 0.68, 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

EMV.L vs. ZEM.TO - Dividend Comparison

EMV.L has not paid dividends to shareholders, while ZEM.TO's dividend yield for the trailing twelve months is around 2.11%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMV.L iShares Edge MSCI EM Minimum Volatility UCITS 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%
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

EMV.L vs. ZEM.TO - Drawdown Comparison

The maximum EMV.L drawdown since its inception was -28.68%, smaller than the maximum ZEM.TO drawdown of -31.17%. Use the drawdown chart below to compare losses from any high point for EMV.L and ZEM.TO.

Drawdown Indicators

	EMV.L	ZEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.68%	-34.79%	+6.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.93%	-11.64%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-11.19%	-30.69%	+19.50%
Max Drawdown (10Y) Largest decline over 10 years	-22.59%	-34.79%	+12.20%
Current Drawdown Current decline from peak	-5.60%	-8.52%	+2.92%
Average Drawdown Average peak-to-trough decline	-5.97%	-10.09%	+4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.57%	-1.20%

Volatility

EMV.L vs. ZEM.TO - Volatility Comparison

The current volatility for iShares Edge MSCI EM Minimum Volatility UCITS ETF (EMV.L) is 4.60%, while BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a volatility of 12.08%. This indicates that EMV.L 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

	EMV.L	ZEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.60%	12.08%	-7.48%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	16.06%	-7.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.30%	20.37%	-9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.73%	16.98%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.20%	19.86%	-6.66%