PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XEM.TO vs. ZLE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEM.TO vs. ZLE.TO

Last updated Jul 15, 2026
Documentation

XEM.TO (iShares MSCI Emerging Markets Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 10 years, XEM.TO returned 9.10%/yr vs 5.17%/yr for ZLE.TO. At a 0.47 correlation, their price movements are largely independent. XEM.TO charges 0.81%/yr vs 0.45%/yr for ZLE.TO.

Performance

XEM.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Emerging Markets Index ETF (XEM.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XEM.TO achieves a 23.32% return, which is significantly lower than ZLE.TO's 25.80% return. Over the past 10 years, XEM.TO has outperformed ZLE.TO with an annualized return of 9.10%, while ZLE.TO has yielded a comparatively lower 5.17% annualized return.

XEM.TO

1D
1.11%
1M
-2.41%
6M
16.11%
YTD
23.32%
1Y
41.51%
3Y*
21.68%
5Y*
8.33%
10Y*
9.10%

ZLE.TO

1D
0.89%
1M
-2.11%
6M
19.64%
YTD
25.80%
1Y
36.55%
3Y*
20.35%
5Y*
8.80%
10Y*
5.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEM.TO
iShares MSCI Emerging Markets Index ETF		23.32%27.25%14.98%6.49%-15.74%-4.09%14.12%11.47%-8.06%27.79%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		25.80%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between XEM.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

0.54

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, XEM.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.

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

Sectors
XEM.TO
ZLE.TO

Technology

28.4%
39.6%

Financial Services

14.1%
15.0%

Consumer Cyclical

5.5%
5.9%

Communication Services

5.0%
8.9%

Basic Materials

4.6%
1.7%

Industrials

3.7%
7.0%

Energy

2.6%
3.4%

Consumer Defensive

2.2%
6.9%

Healthcare

1.9%
7.4%

Utilities

1.6%
4.0%

Real Estate

0.8%
0.2%

Technology

XEM.TO
28.4%
ZLE.TO
39.6%

Financial Services

XEM.TO
14.1%
ZLE.TO
15.0%

Consumer Cyclical

XEM.TO
5.5%
ZLE.TO
5.9%

Communication Services

XEM.TO
5.0%
ZLE.TO
8.9%

Basic Materials

XEM.TO
4.6%
ZLE.TO
1.7%

Industrials

XEM.TO
3.7%
ZLE.TO
7.0%

Energy

XEM.TO
2.6%
ZLE.TO
3.4%

Consumer Defensive

XEM.TO
2.2%
ZLE.TO
6.9%

Healthcare

XEM.TO
1.9%
ZLE.TO
7.4%

Utilities

XEM.TO
1.6%
ZLE.TO
4.0%

Real Estate

XEM.TO
0.8%
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.

iShares MSCI Emerging Markets Index ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XEM.TO:
XEM.TO vs. XEC.TOXEM.TO vs. XEF.TOXEM.TO vs. XEQT.TOXEM.TO vs. ZEA.TOXEM.TO vs. VEE.TOXEM.TO vs. VXC.TOXEM.TO vs. VOO
Often compared with ZLE.TO:
ZLE.TO vs. VEE.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEM.TO
XEM.TO Risk / Return Rank: 7373
Overall Rank
XEM.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
XEM.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
XEM.TO Omega Ratio Rank: 7474
Omega Ratio Rank
XEM.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XEM.TO Martin Ratio Rank: 7575
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 8181
Overall Rank
ZLE.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 8282
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 8787
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets Index ETF (XEM.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.

XEM.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.81
2.03

-0.22

Sortino ratioReturn per unit of downside risk
2.34
2.63

-0.28

Omega ratioGain probability vs. loss probability

1.35

1.39

-0.04

Calmar ratioReturn relative to maximum drawdown

3.40

3.89

-0.49

Martin ratioReturn relative to average drawdown

10.94

12.83

-1.89

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

The current XEM.TO Sharpe Ratio is 1.81, which is comparable to the ZLE.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XEM.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.

Loading charts...

Drawdowns

XEM.TO vs. ZLE.TO - Drawdown Comparison

The maximum XEM.TO drawdown since its inception was -35.27%, which is greater than ZLE.TO's maximum drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XEM.TO and ZLE.TO.

Loading charts...

Drawdown Indicators

XEM.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.27%

-31.71%

-3.56%

Max Drawdown (1Y)

Largest decline over 1 year

-12.27%

-9.45%

-2.82%

Max Drawdown (3Y)

Largest decline over 3 years

-15.30%

-10.91%

-4.39%

Max Drawdown (5Y)

Largest decline over 5 years

-29.79%

-25.74%

-4.05%

Max Drawdown (10Y)

Largest decline over 10 years

-35.27%

-31.71%

-3.56%

Current Drawdown

Current decline from peak

-8.43%

-8.65%

+0.22%

Average Drawdown

Average peak-to-trough decline

-10.46%

-9.39%

-1.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.81%

2.86%

+0.95%

Volatility

XEM.TO vs. ZLE.TO - Volatility Comparison

iShares MSCI Emerging Markets Index ETF (XEM.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) have volatilities of 10.65% and 10.18%, 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.

Loading charts...

Volatility by Period

XEM.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.65%

10.18%

+0.47%

Volatility (6M)

Calculated over the trailing 6-month period

21.04%

15.94%

+5.10%

Volatility (1Y)

Calculated over the trailing 1-year period

22.99%

18.06%

+4.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.65%

13.89%

+3.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.38%

14.56%

+3.82%

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

XEM.TO has a 0.81% expense ratio, which is higher than ZLE.TO's 0.45% expense ratio.

Dividends

XEM.TO vs. ZLE.TO - Dividend Comparison

XEM.TO's dividend yield for the trailing twelve months is around 1.47%, less than ZLE.TO's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
XEM.TO
iShares MSCI Emerging Markets Index ETF		1.47%1.90%2.08%2.39%2.10%1.91%1.28%2.56%1.95%1.78%1.97%2.24%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.49%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

XEM.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, ZLE.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLE.TO is cheaper with a 0.45% expense ratio, compared with 0.81% for XEM.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.81% for XEM.TO and 0.45% for ZLE.TO.

Portfolio Optimizer

Find the right allocation for XEM.TO and ZLE.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer