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XEMC.TO vs. ZLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEMC.TO vs. ZLB.TO

Last updated Jun 4, 2026

XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and ZLB.TO (BMO Low Volatility Canadian Equity ETF) are both exchange-traded funds - XEMC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index (Net), while ZLB.TO is a Canada Equities fund actively managed by BMO. XEMC.TO is passively managed, while ZLB.TO is actively managed. Over the past 3 years, XEMC.TO returned 29.96%/yr vs 15.17%/yr for ZLB.TO. At a 0.32 correlation, their price movements are largely independent. XEMC.TO charges 0.25%/yr vs 0.39%/yr for ZLB.TO.

Performance

XEMC.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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, XEMC.TO achieves a 43.62% return, which is significantly higher than ZLB.TO's 3.14% return.

XEMC.TO

1D
-0.54%
1M
14.95%
YTD
43.62%
6M
46.03%
1Y
79.31%
3Y*
29.96%
5Y*
—
10Y*
—

ZLB.TO

1D
0.03%
1M
1.40%
YTD
3.14%
6M
4.82%
1Y
14.81%
3Y*
15.17%
5Y*
11.61%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEMC.TO vs. ZLB.TO - Yearly Performance Comparison

2026 (YTD)202520242023
XEMC.TO
iShares MSCI Emerging Markets ex China Index ETF		43.62%28.28%10.87%12.07%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		3.14%25.29%15.31%4.15%

Correlation

The correlation between XEMC.TO and ZLB.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.32

Correlation (All Time)
Calculated using the full available price history since Feb 16, 2023

0.32

Compare stocks, funds, or ETFs

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iShares MSCI Emerging Markets ex China Index ETF

BMO Low Volatility Canadian Equity ETF

Often compared with XEMC.TO:
XEMC.TO vs. XEC.TOXEMC.TO vs. ZEM.TOXEMC.TO vs. XSEM.TOXEMC.TO vs. VEE.TOXEMC.TO vs. TCIEXXEMC.TO vs. XDIV.TOXEMC.TO vs. XCH.TO
Often compared with ZLB.TO:
ZLB.TO vs. VDY.TOZLB.TO vs. XIU.TOZLB.TO vs. XDIV.TOZLB.TO vs. XMW.TOZLB.TO vs. XBAL.TOZLB.TO vs. XUT.TOZLB.TO vs. XUU-U.TO

Return for Risk

XEMC.TO vs. ZLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEMC.TO
XEMC.TO Risk / Return Rank: 9393
Overall Rank
XEMC.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
XEMC.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
XEMC.TO Omega Ratio Rank: 9494
Omega Ratio Rank
XEMC.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEMC.TO Martin Ratio Rank: 9292
Martin Ratio Rank
ZLB.TO
ZLB.TO Risk / Return Rank: 5454
Overall Rank
ZLB.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZLB.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
ZLB.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZLB.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
ZLB.TO Martin Ratio Rank: 5858
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.

XEMC.TO vs. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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.

XEMC.TOZLB.TODifference
Sharpe ratioReturn per unit of total volatility
3.85
1.80

+2.05

Sortino ratioReturn per unit of downside risk
4.72
2.69

+2.03

Omega ratioGain probability vs. loss probability

1.68

1.32

+0.36

Calmar ratioReturn relative to maximum drawdown

6.08

2.77

+3.30

Martin ratioReturn relative to average drawdown

23.21

10.29

+12.92

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

XEMC.TO vs. ZLB.TO - Sharpe Ratio Comparison

The current XEMC.TO Sharpe Ratio is 3.85, which is higher than the ZLB.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of XEMC.TO and ZLB.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

XEMC.TOZLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.85

1.80

+2.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.24

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.83

1.14

+0.68

Drawdowns

XEMC.TO vs. ZLB.TO - Drawdown Comparison

The maximum XEMC.TO drawdown since its inception was -14.55%, smaller than the maximum ZLB.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and ZLB.TO.

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Drawdown Indicators

XEMC.TOZLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.55%

-33.96%

+19.41%

Max Drawdown (1Y)

Largest decline over 1 year

-13.12%

-5.36%

-7.76%

Max Drawdown (3Y)

Largest decline over 3 years

-14.55%

-8.01%

-6.54%

Max Drawdown (5Y)

Largest decline over 5 years

—

-13.00%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.96%

—

Current Drawdown

Current decline from peak

-0.54%

-1.70%

+1.16%

Average Drawdown

Average peak-to-trough decline

-2.19%

-2.46%

+0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.43%

1.45%

+1.98%

Volatility

XEMC.TO vs. ZLB.TO - Volatility Comparison

iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a higher volatility of 9.10% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.47%. This indicates that XEMC.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEMC.TOZLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.10%

2.47%

+6.63%

Volatility (6M)

Calculated over the trailing 6-month period

18.42%

6.38%

+12.04%

Volatility (1Y)

Calculated over the trailing 1-year period

20.69%

8.29%

+12.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.74%

9.44%

+6.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.74%

12.15%

+3.59%

XEMC.TO vs. ZLB.TO - Expense Ratio Comparison

XEMC.TO has a 0.25% expense ratio, which is lower than ZLB.TO's 0.39% expense ratio.

Dividends

XEMC.TO vs. ZLB.TO - Dividend Comparison

XEMC.TO's dividend yield for the trailing twelve months is around 1.72%, less than ZLB.TO's 1.88% yield.

PositionTTM20252024202320222021202020192018201720162015
XEMC.TO
iShares MSCI Emerging Markets ex China Index ETF		1.72%2.48%2.28%1.67%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZLB.TO
BMO Low Volatility Canadian Equity ETF		1.88%1.93%2.37%2.67%2.66%2.39%2.83%2.44%2.76%2.52%2.94%2.34%

Frequently Asked Questions

XEMC.TO and ZLB.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEMC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEMC.TO is cheaper with a 0.25% expense ratio, compared with 0.39% for ZLB.TO.

XEMC.TO is categorized as Emerging Markets Equities, while ZLB.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.25% for XEMC.TO and 0.39% for ZLB.TO.

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