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XEC.TO vs. ZDI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEC.TO vs. ZDI.TO

Last updated Jun 4, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and ZDI.TO (BMO International Dividend ETF) are both exchange-traded funds - XEC.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while ZDI.TO is a International Equity fund actively managed by BMO. XEC.TO is passively managed, while ZDI.TO is actively managed. Over the past 10 years, XEC.TO returned 10.71%/yr vs 9.28%/yr for ZDI.TO. A 0.61 correlation means they provide meaningful diversification when combined. XEC.TO charges 0.28%/yr vs 0.44%/yr for ZDI.TO.

Performance

XEC.TO vs. ZDI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and BMO International Dividend ETF (ZDI.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, XEC.TO achieves a 27.92% return, which is significantly higher than ZDI.TO's 10.68% return. Over the past 10 years, XEC.TO has outperformed ZDI.TO with an annualized return of 10.71%, while ZDI.TO has yielded a comparatively lower 9.28% annualized return.

XEC.TO

1D
-0.88%
1M
10.15%
YTD
27.92%
6M
28.48%
1Y
54.44%
3Y*
24.69%
5Y*
10.21%
10Y*
10.71%

ZDI.TO

1D
-0.03%
1M
4.16%
YTD
10.68%
6M
9.50%
1Y
21.55%
3Y*
17.08%
5Y*
12.72%
10Y*
9.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. ZDI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%15.08%11.53%-8.26%27.93%
ZDI.TO
BMO International Dividend ETF		10.68%22.48%10.57%17.05%0.31%12.87%-6.21%12.96%-6.84%15.07%

Correlation

The correlation between XEC.TO and ZDI.TO is 0.61, 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

0.61

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

0.57

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

0.58

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

0.60

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2014

0.62

The correlation between XEC.TO and ZDI.TO has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

XEC.TO vs. ZDI.TO - Sectors Allocation Comparison

Sectors
XEC.TO
ZDI.TO

Technology

35.0%
4.9%

Financial Services

18.4%
25.0%

Consumer Cyclical

9.6%
6.3%

Industrials

9.0%
19.3%

Basic Materials

6.9%
4.9%

Communication Services

6.4%
7.0%

Energy

3.9%
7.1%

Healthcare

3.7%
8.4%

Consumer Defensive

3.3%
7.7%

Utilities

2.2%
6.5%

Real Estate

1.7%
2.9%

Technology

XEC.TO
35.0%
ZDI.TO
4.9%

Financial Services

XEC.TO
18.4%
ZDI.TO
25.0%

Consumer Cyclical

XEC.TO
9.6%
ZDI.TO
6.3%

Industrials

XEC.TO
9.0%
ZDI.TO
19.3%

Basic Materials

XEC.TO
6.9%
ZDI.TO
4.9%

Communication Services

XEC.TO
6.4%
ZDI.TO
7.0%

Energy

XEC.TO
3.9%
ZDI.TO
7.1%

Healthcare

XEC.TO
3.7%
ZDI.TO
8.4%

Consumer Defensive

XEC.TO
3.3%
ZDI.TO
7.7%

Utilities

XEC.TO
2.2%
ZDI.TO
6.5%

Real Estate

XEC.TO
1.7%
ZDI.TO
2.9%

Compare stocks, funds, or ETFs

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iShares Core MSCI Emerging Markets IMI Index ETF

BMO International Dividend ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. XEM.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with ZDI.TO:
ZDI.TO vs. XEI.TOZDI.TO vs. VFV.TOZDI.TO vs. ZEM.TOZDI.TO vs. HXX.TOZDI.TO vs. VYMIZDI.TO vs. XEF.TOZDI.TO vs. ZDH.TO

Return for Risk

XEC.TO vs. ZDI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEC.TO
XEC.TO Risk / Return Rank: 8686
Overall Rank
XEC.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
ZDI.TO
ZDI.TO Risk / Return Rank: 4646
Overall Rank
ZDI.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
ZDI.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
ZDI.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZDI.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
ZDI.TO Martin Ratio Rank: 4949
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.

XEC.TO vs. ZDI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and BMO International Dividend ETF (ZDI.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.

XEC.TOZDI.TODifference
Sharpe ratioReturn per unit of total volatility
3.01
1.61

+1.40

Sortino ratioReturn per unit of downside risk
3.86
2.27

+1.59

Omega ratioGain probability vs. loss probability

1.56

1.30

+0.26

Calmar ratioReturn relative to maximum drawdown

4.86

2.12

+2.75

Martin ratioReturn relative to average drawdown

17.00

8.20

+8.80

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

XEC.TO vs. ZDI.TO - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 3.01, which is higher than the ZDI.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of XEC.TO and ZDI.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

XEC.TOZDI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.01

1.61

+1.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.65

0.98

-0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.59

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.53

-0.02

Drawdowns

XEC.TO vs. ZDI.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, roughly equal to the maximum ZDI.TO drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for XEC.TO and ZDI.TO.

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Drawdown Indicators

XEC.TOZDI.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-33.89%

+1.35%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-10.23%

-1.02%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-14.11%

-0.96%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-18.97%

-10.17%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

-33.89%

+1.35%

Current Drawdown

Current decline from peak

-0.88%

-2.23%

+1.35%

Average Drawdown

Average peak-to-trough decline

-9.56%

-4.85%

-4.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.21%

2.64%

+0.57%

Volatility

XEC.TO vs. ZDI.TO - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 7.80% compared to BMO International Dividend ETF (ZDI.TO) at 4.92%. This indicates that XEC.TO's price experiences larger fluctuations and is considered to be riskier than ZDI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOZDI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.80%

4.92%

+2.88%

Volatility (6M)

Calculated over the trailing 6-month period

15.85%

10.96%

+4.89%

Volatility (1Y)

Calculated over the trailing 1-year period

18.19%

13.46%

+4.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.91%

13.11%

+2.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.60%

15.80%

+1.80%

XEC.TO vs. ZDI.TO - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is lower than ZDI.TO's 0.44% expense ratio.

Dividends

XEC.TO vs. ZDI.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.50%, less than ZDI.TO's 3.05% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.50%1.92%2.03%2.16%2.28%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
ZDI.TO
BMO International Dividend ETF		3.05%3.34%3.94%4.15%3.99%3.72%4.96%4.92%5.23%4.23%4.62%4.26%

Frequently Asked Questions

XEC.TO and ZDI.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.44% for ZDI.TO.

XEC.TO is categorized as Emerging Markets Equities, while ZDI.TO is International Equity. They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for XEC.TO and 0.44% for ZDI.TO.

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