XEMC.TO vs. ZLE.TO
XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 3 years, XEMC.TO returned 29.35%/yr vs 22.80%/yr for ZLE.TO. At a 0.49 correlation, their price movements are largely independent. XEMC.TO charges 0.25%/yr vs 0.45%/yr for ZLE.TO.
Performance
XEMC.TO vs. ZLE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEMC.TO achieves a 40.50% return, which is significantly higher than ZLE.TO's 30.13% return.
XEMC.TO
- 1D
- 0.28%
- 1M
- 1.24%
- 6M
- 32.33%
- YTD
- 40.50%
- 1Y
- 64.15%
- 3Y*
- 29.35%
- 5Y*
- —
- 10Y*
- —
ZLE.TO
- 1D
- 0.50%
- 1M
- 1.65%
- 6M
- 24.46%
- YTD
- 30.13%
- 1Y
- 41.80%
- 3Y*
- 22.80%
- 5Y*
- 9.84%
- 10Y*
- 5.56%
XEMC.TO vs. ZLE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 40.50% | 28.28% | 10.87% | 12.07% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 30.13% | 18.71% | 15.26% | 3.16% |
Correlation
The correlation between XEMC.TO and ZLE.TO is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023 | 0.49 |
Over the past year, XEMC.TO and ZLE.TO have become more correlated (0.70) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
XEMC.TO vs. ZLE.TO — Risk / Return Rank
XEMC.TO
ZLE.TO
XEMC.TO vs. ZLE.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 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.
| XEMC.TO | ZLE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.44 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 4.88 | 5.09 | -0.21 |
| Martin ratioReturn relative to average drawdown | 16.38 | 15.11 | +1.28 |
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Drawdowns
XEMC.TO vs. ZLE.TO - Drawdown Comparison
The maximum XEMC.TO drawdown since its inception was -14.55%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XEMC.TO and ZLE.TO.
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Drawdown Indicators
| XEMC.TO | ZLE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.55% | -31.71% | +17.16% |
Max Drawdown (1Y)Largest decline over 1 year | -13.12% | -8.15% | -4.97% |
Max Drawdown (3Y)Largest decline over 3 years | -14.55% | -10.91% | -3.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.71% | — |
Current DrawdownCurrent decline from peak | -7.60% | -5.51% | -2.09% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -9.39% | +7.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 2.74% | +1.16% |
Volatility
XEMC.TO vs. ZLE.TO - Volatility Comparison
iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a higher volatility of 12.67% compared to BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) at 9.62%. This indicates that XEMC.TO's price experiences larger fluctuations and is considered to be riskier than ZLE.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.TO | ZLE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.67% | 9.62% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 23.45% | 15.40% | +8.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.13% | 17.61% | +7.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.47% | 13.77% | +3.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 14.51% | +2.96% |
XEMC.TO vs. ZLE.TO - Expense Ratio Comparison
XEMC.TO has a 0.25% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.
Dividends
XEMC.TO vs. ZLE.TO - Dividend Comparison
XEMC.TO's dividend yield for the trailing twelve months is around 1.68%, less than ZLE.TO's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 1.68% | 2.48% | 2.28% | 1.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 2.40% | 3.13% | 3.61% | 3.54% | 3.62% | 2.21% | 2.11% | 1.82% | 2.13% | 1.39% | 0.76% |
Frequently Asked Questions
XEMC.TO and ZLE.TO have a correlation of 0.70, 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 0.45% for ZLE.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.25% for XEMC.TO and 0.45% for ZLE.TO.
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