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

XEC.TO vs. ZEMIX

Last updated Jun 24, 2026

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and ZEMIX (Ninety One Emerging Markets Equity Fund) are both funds - XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index, while ZEMIX is a Emerging Markets Diversified fund managed by Ninety One. Over the past 5 years, XEC.TO returned 9.73%/yr vs 12.99%/yr for ZEMIX. A 0.74 correlation means they provide meaningful diversification when combined. XEC.TO charges 0.28%/yr vs 0.85%/yr for ZEMIX.

Performance

XEC.TO vs. ZEMIX - 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 Ninety One Emerging Markets Equity Fund (ZEMIX). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XEC.TO achieves a 26.33% return, which is significantly lower than ZEMIX's 38.89% return.

XEC.TO

1D
-5.14%
1M
4.89%
YTD
26.33%
6M
27.38%
1Y
48.76%
3Y*
24.85%
5Y*
9.73%
10Y*
10.87%

ZEMIX

1D
1.01%
1M
10.37%
YTD
38.89%
6M
40.00%
1Y
64.82%
3Y*
32.47%
5Y*
12.99%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEC.TO vs. ZEMIX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		26.33%25.78%16.14%7.92%-14.76%-1.75%15.08%11.54%0.40%
ZEMIX
Ninety One Emerging Markets Equity Fund		38.89%30.47%20.57%7.86%-18.24%-0.79%11.95%15.54%-1.59%

Correlation

The correlation between XEC.TO and ZEMIX is 0.69, 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

0.69

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

0.73

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

0.74

Correlation (All Time)
Calculated using the full available price history since Nov 28, 2018

0.74

The correlation between XEC.TO and ZEMIX has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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

iShares Core MSCI Emerging Markets IMI Index ETF

Ninety One Emerging Markets Equity Fund

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 ZEMIX:
ZEMIX vs. ZSP.TOZEMIX vs. QYLDZEMIX vs. VOOZEMIX vs. VUGZEMIX vs. QQQZEMIX vs. XEQT.TOZEMIX vs. ZGFIX

Return for Risk

XEC.TO vs. ZEMIX — 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: 7777
Overall Rank
XEC.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 7979
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 7878
Martin Ratio Rank
ZEMIX
ZEMIX Risk / Return Rank: 9191
Overall Rank
ZEMIX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ZEMIX Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZEMIX Omega Ratio Rank: 8888
Omega Ratio Rank
ZEMIX Calmar Ratio Rank: 9393
Calmar Ratio Rank
ZEMIX Martin Ratio Rank: 9191
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. ZEMIX - 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 Ninety One Emerging Markets Equity Fund (ZEMIX). 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.

XEC.TOZEMIXDifference
Sharpe ratioReturn per unit of total volatility
2.33
3.51

-1.17

Sortino ratioReturn per unit of downside risk
2.95
4.31

-1.36

Omega ratioGain probability vs. loss probability

1.45

1.64

-0.19

Calmar ratioReturn relative to maximum drawdown

4.35

5.76

-1.41

Martin ratioReturn relative to average drawdown

14.58

19.33

-4.75

XEC.TO vs. ZEMIX - Sharpe Ratio Comparison

The current XEC.TO Sharpe Ratio is 2.33, which is lower than the ZEMIX Sharpe Ratio of 3.51. The chart below compares the historical Sharpe Ratios of XEC.TO and ZEMIX, 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

XEC.TO vs. ZEMIX - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, smaller than the maximum ZEMIX drawdown of -36.03%. Use the drawdown chart below to compare losses from any high point for XEC.TO and ZEMIX.

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Drawdown Indicators

XEC.TOZEMIXDifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-36.03%

+3.49%

Max Drawdown (1Y)

Largest decline over 1 year

-11.25%

-12.02%

+0.77%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-16.25%

+1.18%

Max Drawdown (5Y)

Largest decline over 5 years

-29.14%

-31.38%

+2.24%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

—

—

Current Drawdown

Current decline from peak

-5.14%

0.00%

-5.14%

Average Drawdown

Average peak-to-trough decline

-9.55%

-11.96%

+2.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.35%

3.58%

-0.23%

Volatility

XEC.TO vs. ZEMIX - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 11.61% compared to Ninety One Emerging Markets Equity Fund (ZEMIX) at 9.53%. This indicates that XEC.TO's price experiences larger fluctuations and is considered to be riskier than ZEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOZEMIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.61%

9.53%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

19.17%

17.76%

+1.41%

Volatility (1Y)

Calculated over the trailing 1-year period

21.01%

19.81%

+1.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.62%

17.76%

-1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.85%

19.55%

-1.70%

XEC.TO vs. ZEMIX - Expense Ratio Comparison

XEC.TO has a 0.28% expense ratio, which is lower than ZEMIX's 0.85% expense ratio.

Dividends

XEC.TO vs. ZEMIX - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.52%, less than ZEMIX's 12.54% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.52%1.92%2.03%2.15%2.19%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
ZEMIX
Ninety One Emerging Markets Equity Fund		12.54%16.82%0.00%2.28%1.22%8.23%1.08%2.74%0.16%0.00%0.00%0.00%

Frequently Asked Questions

XEC.TO and ZEMIX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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