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

XEC.TO vs. ZLE.TO

Last updated Jul 18, 2026
Documentation

XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 10 years, XEC.TO returned 9.13%/yr vs 4.92%/yr for ZLE.TO. At a 0.47 correlation, their price movements are largely independent. XEC.TO charges 0.28%/yr vs 0.45%/yr for ZLE.TO.

Performance

XEC.TO vs. ZLE.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 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, XEC.TO achieves a 17.71% return, which is significantly lower than ZLE.TO's 22.36% return. Over the past 10 years, XEC.TO has outperformed ZLE.TO with an annualized return of 9.13%, while ZLE.TO has yielded a comparatively lower 4.92% annualized return.

XEC.TO

1D
-1.85%
1M
-8.10%
6M
10.20%
YTD
17.71%
1Y
30.89%
3Y*
20.44%
5Y*
8.19%
10Y*
9.13%

ZLE.TO

1D
-0.71%
1M
-7.86%
6M
16.31%
YTD
22.36%
1Y
32.23%
3Y*
19.28%
5Y*
8.19%
10Y*
4.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		17.71%25.78%16.14%7.92%-14.76%-1.75%15.08%11.54%-8.26%27.93%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		22.36%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between XEC.TO and ZLE.TO 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

0.55

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

0.47

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

0.47

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

0.47

Over the past year, XEC.TO and ZLE.TO have become more correlated (0.69) than their long-term average of 0.47, meaning their price movements have been converging.

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

Sectors
XEC.TO
ZLE.TO

Technology

27.5%
39.6%

Financial Services

14.3%
15.0%

Consumer Cyclical

5.6%
5.9%

Basic Materials

4.7%
1.7%

Industrials

4.7%
7.0%

Communication Services

4.5%
8.9%

Energy

2.4%
3.4%

Healthcare

2.3%
7.4%

Consumer Defensive

2.2%
6.9%

Utilities

1.6%
4.0%

Real Estate

1.1%
0.2%

Technology

XEC.TO
27.5%
ZLE.TO
39.6%

Financial Services

XEC.TO
14.3%
ZLE.TO
15.0%

Consumer Cyclical

XEC.TO
5.6%
ZLE.TO
5.9%

Basic Materials

XEC.TO
4.7%
ZLE.TO
1.7%

Industrials

XEC.TO
4.7%
ZLE.TO
7.0%

Communication Services

XEC.TO
4.5%
ZLE.TO
8.9%

Energy

XEC.TO
2.4%
ZLE.TO
3.4%

Healthcare

XEC.TO
2.3%
ZLE.TO
7.4%

Consumer Defensive

XEC.TO
2.2%
ZLE.TO
6.9%

Utilities

XEC.TO
1.6%
ZLE.TO
4.0%

Real Estate

XEC.TO
1.1%
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.

iShares Core MSCI Emerging Markets IMI Index ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO
Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. XSEM.TOZLE.TO vs. VEE.TOZLE.TO vs. ZEQT.TOZLE.TO vs. ZDV.TOZLE.TO vs. HXEM.TOZLE.TO vs. ZEM.TO

Return for Risk

XEC.TO vs. ZLE.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: 5555
Overall Rank
XEC.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 5555
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 5959
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 7474
Overall Rank
ZLE.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 7777
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. ZLE.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 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.

XEC.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.40
1.78

-0.37

Sortino ratioReturn per unit of downside risk
1.89
2.34

-0.45

Omega ratioGain probability vs. loss probability

1.27

1.34

-0.06

Calmar ratioReturn relative to maximum drawdown

2.67

2.90

-0.23

Martin ratioReturn relative to average drawdown

8.13

10.54

-2.42

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

The current XEC.TO Sharpe Ratio is 1.40, which is comparable to the ZLE.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of XEC.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

XEC.TO vs. ZLE.TO - Drawdown Comparison

The maximum XEC.TO drawdown since its inception was -32.54%, roughly equal to the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XEC.TO and ZLE.TO.

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Drawdown Indicators

XEC.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.54%

-31.71%

-0.83%

Max Drawdown (1Y)

Largest decline over 1 year

-11.61%

-11.16%

-0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-15.07%

-11.16%

-3.91%

Max Drawdown (5Y)

Largest decline over 5 years

-28.30%

-25.56%

-2.74%

Max Drawdown (10Y)

Largest decline over 10 years

-32.54%

-31.71%

-0.83%

Current Drawdown

Current decline from peak

-11.61%

-11.16%

-0.45%

Average Drawdown

Average peak-to-trough decline

-9.53%

-9.39%

-0.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

3.06%

+0.75%

Volatility

XEC.TO vs. ZLE.TO - Volatility Comparison

iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) have volatilities of 9.72% and 9.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEC.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.72%

9.73%

-0.01%

Volatility (6M)

Calculated over the trailing 6-month period

20.29%

16.06%

+4.23%

Volatility (1Y)

Calculated over the trailing 1-year period

22.13%

18.21%

+3.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

13.90%

+2.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.93%

14.57%

+3.36%

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

XEC.TO has a 0.28% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.

Dividends

XEC.TO vs. ZLE.TO - Dividend Comparison

XEC.TO's dividend yield for the trailing twelve months is around 1.67%, less than ZLE.TO's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.67%1.92%2.03%2.15%2.19%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.56%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

XEC.TO and ZLE.TO 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.

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 0.45% for ZLE.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for XEC.TO and 0.45% for ZLE.TO.

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