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

VEE.TO vs. ZLE.TO

Last updated Jul 14, 2026
Documentation

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 10 years, VEE.TO returned 8.26%/yr vs 5.08%/yr for ZLE.TO. At a 0.46 correlation, their price movements are largely independent. VEE.TO charges 0.25%/yr vs 0.45%/yr for ZLE.TO.

Performance

VEE.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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, VEE.TO achieves a 12.71% return, which is significantly lower than ZLE.TO's 24.70% return. Over the past 10 years, VEE.TO has outperformed ZLE.TO with an annualized return of 8.26%, while ZLE.TO has yielded a comparatively lower 5.08% annualized return.

VEE.TO

1D
-1.83%
1M
0.05%
6M
6.48%
YTD
12.71%
1Y
25.09%
3Y*
17.26%
5Y*
7.19%
10Y*
8.26%

ZLE.TO

1D
-3.87%
1M
-2.97%
6M
18.38%
YTD
24.70%
1Y
35.88%
3Y*
19.99%
5Y*
8.91%
10Y*
5.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		12.71%19.32%19.06%6.24%-12.79%0.06%12.32%14.32%-7.93%22.60%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		24.70%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between VEE.TO and ZLE.TO is 0.64, 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

0.64

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

0.52

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

0.44

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

0.46

Correlation (All Time)
Calculated using the full available price history since May 17, 2016

0.46

The correlation between VEE.TO and ZLE.TO shifts across timeframes, from 0.44 (5 years) to 0.64 (1 year), reflecting how their relationship changes across market environments.

VEE.TO vs. ZLE.TO - Sectors Allocation Comparison

Sectors
VEE.TO
ZLE.TO

Technology

33.0%
39.6%

Financial Services

17.6%
15.0%

Consumer Cyclical

9.1%
5.9%

Basic Materials

7.5%
1.7%

Industrials

7.4%
7.0%

Communication Services

6.1%
8.9%

Energy

3.8%
3.4%

Healthcare

3.6%
7.4%

Consumer Defensive

3.4%
6.9%

Utilities

2.5%
4.0%

Real Estate

1.8%
0.2%

Technology

VEE.TO
33.0%
ZLE.TO
39.6%

Financial Services

VEE.TO
17.6%
ZLE.TO
15.0%

Consumer Cyclical

VEE.TO
9.1%
ZLE.TO
5.9%

Basic Materials

VEE.TO
7.5%
ZLE.TO
1.7%

Industrials

VEE.TO
7.4%
ZLE.TO
7.0%

Communication Services

VEE.TO
6.1%
ZLE.TO
8.9%

Energy

VEE.TO
3.8%
ZLE.TO
3.4%

Healthcare

VEE.TO
3.6%
ZLE.TO
7.4%

Consumer Defensive

VEE.TO
3.4%
ZLE.TO
6.9%

Utilities

VEE.TO
2.5%
ZLE.TO
4.0%

Real Estate

VEE.TO
1.8%
ZLE.TO
0.2%

Compare stocks, funds, or ETFs

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

Vanguard FTSE Emerging Markets All Cap Index ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS
Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. XEC.TOZLE.TO vs. ZDV.TOZLE.TO vs. XSEM.TOZLE.TO vs. ZEQT.TOZLE.TO vs. ZEB.TOZLE.TO vs. ZAG.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEE.TO
VEE.TO Risk / Return Rank: 5757
Overall Rank
VEE.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 5757
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
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: 7272
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: 8383
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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.

VEE.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.50
2.00

-0.50

Sortino ratioReturn per unit of downside risk
2.12
2.59

-0.47

Omega ratioGain probability vs. loss probability

1.28

1.38

-0.10

Calmar ratioReturn relative to maximum drawdown

2.35

3.81

-1.47

Martin ratioReturn relative to average drawdown

8.15

12.83

-4.68

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

The current VEE.TO Sharpe Ratio is 1.50, which is comparable to the ZLE.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of VEE.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

VEE.TO vs. ZLE.TO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for VEE.TO and ZLE.TO.

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Drawdown Indicators

VEE.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-31.71%

+1.87%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-9.45%

-1.29%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-10.91%

-4.06%

Max Drawdown (5Y)

Largest decline over 5 years

-25.82%

-25.74%

-0.08%

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

-31.71%

+1.87%

Current Drawdown

Current decline from peak

-4.05%

-9.45%

+5.40%

Average Drawdown

Average peak-to-trough decline

-8.68%

-9.39%

+0.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.09%

2.80%

+0.29%

Volatility

VEE.TO vs. ZLE.TO - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.37%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 10.15%. This indicates that VEE.TO 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

VEE.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.37%

10.15%

-3.78%

Volatility (6M)

Calculated over the trailing 6-month period

14.61%

15.92%

-1.31%

Volatility (1Y)

Calculated over the trailing 1-year period

16.82%

18.08%

-1.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.59%

13.88%

+1.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.00%

14.55%

+2.45%

VEE.TO vs. ZLE.TO - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.

Dividends

VEE.TO vs. ZLE.TO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.84%, less than ZLE.TO's 2.51% yield.

PositionTTM20252024202320222021202020192018201720162015
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		1.84%2.26%2.45%2.83%3.35%2.18%1.62%2.71%2.24%1.93%2.01%2.53%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.51%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

VEE.TO and ZLE.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.45% for ZLE.TO.

They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.25% for VEE.TO and 0.45% for ZLE.TO.

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