XBM.TO vs. ZMT.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO).

XBM.TO and ZMT.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XBM.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Can Natural Resource NR CAD. It was launched on Apr 12, 2011. ZMT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. It was launched on Oct 20, 2009. Both XBM.TO and ZMT.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

XBM.TO vs. ZMT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Base Metals Index ETF (XBM.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.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	10.87%	50.69%	5.96%	2.84%	3.69%	32.04%	31.54%	9.93%	-22.39%	32.45%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	9.48%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-34.17%	37.76%

Returns By Period

In the year-to-date period, XBM.TO achieves a 10.87% return, which is significantly higher than ZMT.TO's 9.48% return. Over the past 10 years, XBM.TO has outperformed ZMT.TO with an annualized return of 18.52%, while ZMT.TO has yielded a comparatively lower 15.66% annualized return.

XBM.TO

• 1D: 7.03%
• 1M: -13.25%
• YTD: 10.87%
• 6M: 30.13%
• 1Y: 75.40%
• 3Y*: 19.06%
• 5Y*: 17.01%
• 10Y*: 18.52%

ZMT.TO

• 1D: 7.64%
• 1M: -13.72%
• YTD: 9.48%
• 6M: 27.57%
• 1Y: 85.63%
• 3Y*: 28.28%
• 5Y*: 16.96%
• 10Y*: 15.66%

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

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

XBM.TO has a 0.60% expense ratio, which is lower than ZMT.TO's 0.61% expense ratio.

ZMT.TO

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

XBM.TO

iShares S&P/TSX Global Base Metals Index ETF

Return for Risk

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

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

XBM.TO

XBM.TO Risk / Return Rank: 90
XBM.TO Sharpe Ratio Rank: 91
XBM.TO Sortino Ratio Rank: 89
XBM.TO Omega Ratio Rank: 87
XBM.TO Calmar Ratio Rank: 91
XBM.TO Martin Ratio Rank: 90

ZMT.TO

ZMT.TO Risk / Return Rank: 91
ZMT.TO Sharpe Ratio Rank: 92
ZMT.TO Sortino Ratio Rank: 91
ZMT.TO Omega Ratio Rank: 90
ZMT.TO Calmar Ratio Rank: 93
ZMT.TO Martin Ratio Rank: 89

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Base Metals Index ETF (XBM.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.

	XBM.TO	ZMT.TO	Difference
Sharpe ratio Return per unit of total volatility	1.98	2.12	-0.14
Sortino ratio Return per unit of downside risk	2.46	2.66	-0.20
Omega ratio Gain probability vs. loss probability	1.35	1.38	-0.04
Calmar ratio Return relative to maximum drawdown	3.03	3.58	-0.55
Martin ratio Return relative to average drawdown	11.16	11.07	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XBM.TO Sharpe Ratio is 1.98, which is comparable to the ZMT.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of XBM.TO and ZMT.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

	XBM.TO	ZMT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.12	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.51	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.47	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.00	+0.20

Correlation

The correlation between XBM.TO and ZMT.TO is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XBM.TO vs. ZMT.TO - Dividend Comparison

XBM.TO's dividend yield for the trailing twelve months is around 0.77%, more than ZMT.TO's 0.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XBM.TO iShares S&P/TSX Global Base Metals Index ETF	0.77%	0.86%	1.25%	2.09%	4.83%	3.01%	1.81%	3.71%	3.43%	1.63%	2.42%	5.70%
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.19%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	3.95%	1.29%	1.24%	1.10%

Drawdowns

XBM.TO vs. ZMT.TO - Drawdown Comparison

The maximum XBM.TO drawdown since its inception was -67.40%, smaller than the maximum ZMT.TO drawdown of -80.73%. Use the drawdown chart below to compare losses from any high point for XBM.TO and ZMT.TO.

Drawdown Indicators

	XBM.TO	ZMT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-67.40%	-80.73%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-23.88%	-23.81%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-40.57%	-41.01%	+0.44%
Max Drawdown (10Y) Largest decline over 10 years	-57.24%	-67.51%	+10.27%
Current Drawdown Current decline from peak	-13.62%	-14.38%	+0.76%
Average Drawdown Average peak-to-trough decline	-26.05%	-43.56%	+17.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	7.70%	-1.21%

Volatility

XBM.TO vs. ZMT.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) is 15.89%, while BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a volatility of 17.21%. This indicates that XBM.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

	XBM.TO	ZMT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.89%	17.21%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	28.48%	32.63%	-4.15%
Volatility (1Y) Calculated over the trailing 1-year period	38.28%	40.64%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.75%	33.30%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.66%	33.22%	-0.56%