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XMI.TO vs. ZEA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMI.TO vs. ZEA.TO

Last updated Jun 4, 2026

XMI.TO (iShares MSCI Min Vol EAFE Index ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both Global Equities funds - XMI.TO tracks the MSCI EAFE Minimum Volatility Index while ZEA.TO tracks the MSCI EAFE Index. Both are passively managed. Over the past 10 years, XMI.TO returned 6.04%/yr vs 9.78%/yr for ZEA.TO. A 0.68 correlation means they provide meaningful diversification when combined. XMI.TO charges 0.40%/yr vs 0.22%/yr for ZEA.TO.

Performance

XMI.TO vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and BMO MSCI EAFE Index ETF (ZEA.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, XMI.TO achieves a 5.02% return, which is significantly lower than ZEA.TO's 10.01% return. Over the past 10 years, XMI.TO has underperformed ZEA.TO with an annualized return of 6.04%, while ZEA.TO has yielded a comparatively higher 9.78% annualized return.

XMI.TO

1D
-0.21%
1M
1.00%
YTD
5.02%
6M
4.57%
1Y
10.07%
3Y*
13.52%
5Y*
8.54%
10Y*
6.04%

ZEA.TO

1D
-0.45%
1M
5.71%
YTD
10.01%
6M
10.15%
1Y
22.06%
3Y*
17.46%
5Y*
11.02%
10Y*
9.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMI.TO vs. ZEA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		5.02%19.69%13.51%9.32%-10.50%7.01%-2.02%9.84%1.70%13.74%
ZEA.TO
BMO MSCI EAFE Index ETF		10.01%24.28%11.56%16.02%-8.51%10.64%5.13%16.71%-6.24%16.77%

Correlation

The correlation between XMI.TO and ZEA.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

0.71

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

0.71

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

0.75

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.68

The correlation between XMI.TO and ZEA.TO has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

XMI.TO vs. ZEA.TO - Sectors Allocation Comparison

Sectors
XMI.TO
ZEA.TO

Financial Services

18.8%
24.4%

Industrials

13.5%
20.0%

Healthcare

12.7%
10.5%

Consumer Defensive

11.2%
6.8%

Communication Services

9.6%
4.6%

Utilities

8.3%
3.9%

Energy

7.2%
3.9%

Consumer Cyclical

5.3%
7.6%

Technology

4.7%
10.5%

Real Estate

2.7%
1.9%

Basic Materials

1.4%
6.0%

Financial Services

XMI.TO
18.8%
ZEA.TO
24.4%

Industrials

XMI.TO
13.5%
ZEA.TO
20.0%

Healthcare

XMI.TO
12.7%
ZEA.TO
10.5%

Consumer Defensive

XMI.TO
11.2%
ZEA.TO
6.8%

Communication Services

XMI.TO
9.6%
ZEA.TO
4.6%

Utilities

XMI.TO
8.3%
ZEA.TO
3.9%

Energy

XMI.TO
7.2%
ZEA.TO
3.9%

Consumer Cyclical

XMI.TO
5.3%
ZEA.TO
7.6%

Technology

XMI.TO
4.7%
ZEA.TO
10.5%

Real Estate

XMI.TO
2.7%
ZEA.TO
1.9%

Basic Materials

XMI.TO
1.4%
ZEA.TO
6.0%

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol EAFE Index ETF

BMO MSCI EAFE Index ETF

Often compared with XMI.TO:
XMI.TO vs. XMV.TOXMI.TO vs. ZLB.TOXMI.TO vs. XMU.TOXMI.TO vs. XEF.TOXMI.TO vs. EFAVXMI.TO vs. XMW.TOXMI.TO vs. XUU.TO
Often compared with ZEA.TO:
ZEA.TO vs. XEF.TOZEA.TO vs. XEQT.TOZEA.TO vs. VXC.TOZEA.TO vs. XAW.TOZEA.TO vs. IEFAZEA.TO vs. VDU.TOZEA.TO vs. ZSP.TO

Return for Risk

XMI.TO vs. ZEA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMI.TO
XMI.TO Risk / Return Rank: 2929
Overall Rank
XMI.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XMI.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
XMI.TO Omega Ratio Rank: 2727
Omega Ratio Rank
XMI.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XMI.TO Martin Ratio Rank: 3333
Martin Ratio Rank
ZEA.TO
ZEA.TO Risk / Return Rank: 4444
Overall Rank
ZEA.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 4747
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.

XMI.TO vs. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) and BMO MSCI EAFE Index ETF (ZEA.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.

XMI.TOZEA.TODifference
Sharpe ratioReturn per unit of total volatility
0.97
1.59

-0.62

Sortino ratioReturn per unit of downside risk
1.37
2.28

-0.92

Omega ratioGain probability vs. loss probability

1.18

1.30

-0.11

Calmar ratioReturn relative to maximum drawdown

1.65

2.03

-0.38

Martin ratioReturn relative to average drawdown

4.94

7.92

-2.97

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

XMI.TO vs. ZEA.TO - Sharpe Ratio Comparison

The current XMI.TO Sharpe Ratio is 0.97, which is lower than the ZEA.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of XMI.TO and ZEA.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

XMI.TOZEA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.97

1.59

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

0.82

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.66

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.59

+0.19

Drawdowns

XMI.TO vs. ZEA.TO - Drawdown Comparison

The maximum XMI.TO drawdown since its inception was -23.08%, smaller than the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for XMI.TO and ZEA.TO.

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Drawdown Indicators

XMI.TOZEA.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.08%

-27.80%

+4.72%

Max Drawdown (1Y)

Largest decline over 1 year

-6.12%

-10.91%

+4.79%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-14.11%

+6.14%

Max Drawdown (5Y)

Largest decline over 5 years

-21.18%

-23.67%

+2.49%

Max Drawdown (10Y)

Largest decline over 10 years

-23.08%

-27.80%

+4.72%

Current Drawdown

Current decline from peak

-3.90%

-2.13%

-1.77%

Average Drawdown

Average peak-to-trough decline

-4.04%

-4.63%

+0.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.79%

-0.75%

Volatility

XMI.TO vs. ZEA.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (XMI.TO) is 3.28%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 5.70%. This indicates that XMI.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMI.TOZEA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

5.70%

-2.42%

Volatility (6M)

Calculated over the trailing 6-month period

8.21%

11.68%

-3.47%

Volatility (1Y)

Calculated over the trailing 1-year period

10.47%

13.94%

-3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.87%

13.51%

-3.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.48%

14.92%

-3.44%

XMI.TO vs. ZEA.TO - Expense Ratio Comparison

XMI.TO has a 0.40% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.

Dividends

XMI.TO vs. ZEA.TO - Dividend Comparison

XMI.TO's dividend yield for the trailing twelve months is around 2.56%, more than ZEA.TO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
XMI.TO
iShares MSCI Min Vol EAFE Index ETF		2.56%2.69%2.64%2.56%1.99%1.93%1.16%3.74%2.92%2.07%3.29%2.02%
ZEA.TO
BMO MSCI EAFE Index ETF		1.94%2.17%2.77%3.00%3.06%2.48%2.72%2.93%3.03%2.39%2.78%2.42%

Frequently Asked Questions

XMI.TO and ZEA.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, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for XMI.TO.

XMI.TO tracks MSCI EAFE Minimum Volatility Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.40% for XMI.TO and 0.22% for ZEA.TO.

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