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

XMM.TO vs. ZLE.TO

Last updated Jul 15, 2026
Documentation

XMM.TO (iShares MSCI Min Vol 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, XMM.TO returned 6.26%/yr vs 5.17%/yr for ZLE.TO. At a 0.46 correlation, their price movements are largely independent. XMM.TO charges 0.42%/yr vs 0.45%/yr for ZLE.TO.

Performance

XMM.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol Emerging Markets Index ETF (XMM.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, XMM.TO achieves a 17.15% return, which is significantly lower than ZLE.TO's 25.80% return. Over the past 10 years, XMM.TO has outperformed ZLE.TO with an annualized return of 6.26%, while ZLE.TO has yielded a comparatively lower 5.17% annualized return.

XMM.TO

1D
-2.54%
1M
-1.96%
6M
12.63%
YTD
17.15%
1Y
20.92%
3Y*
13.94%
5Y*
7.44%
10Y*
6.26%

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)

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

2026 (YTD)202520242023202220212020201920182017
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		17.15%7.65%16.66%4.10%-7.83%3.95%4.32%1.36%2.38%18.75%
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 XMM.TO and ZLE.TO is 0.63, 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

0.63

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

0.49

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

0.45

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

0.46

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

0.46

The correlation between XMM.TO and ZLE.TO shifts across timeframes, from 0.45 (5 years) to 0.63 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XMM.TO
ZLE.TO

Technology

36.5%
39.6%

Financial Services

18.0%
15.0%

Communication Services

10.1%
8.9%

Industrials

6.5%
7.0%

Consumer Cyclical

6.2%
5.9%

Consumer Defensive

5.6%
6.9%

Healthcare

5.4%
7.4%

Utilities

4.4%
4.0%

Energy

3.6%
3.4%

Basic Materials

2.9%
1.7%

Real Estate

0.6%
0.2%

Technology

XMM.TO
36.5%
ZLE.TO
39.6%

Financial Services

XMM.TO
18.0%
ZLE.TO
15.0%

Communication Services

XMM.TO
10.1%
ZLE.TO
8.9%

Industrials

XMM.TO
6.5%
ZLE.TO
7.0%

Consumer Cyclical

XMM.TO
6.2%
ZLE.TO
5.9%

Consumer Defensive

XMM.TO
5.6%
ZLE.TO
6.9%

Healthcare

XMM.TO
5.4%
ZLE.TO
7.4%

Utilities

XMM.TO
4.4%
ZLE.TO
4.0%

Energy

XMM.TO
3.6%
ZLE.TO
3.4%

Basic Materials

XMM.TO
2.9%
ZLE.TO
1.7%

Real Estate

XMM.TO
0.6%
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 Min Vol Emerging Markets Index ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XMM.TO:
XMM.TO vs. XSEM.TOXMM.TO vs. XMU.TOXMM.TO vs. XEC.TOXMM.TO vs. XEQT.TOXMM.TO vs. HTAE.TOXMM.TO vs. SPMOXMM.TO vs. VEE.TO
Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. ZDV.TOZLE.TO vs. XSEM.TOZLE.TO vs. ZEQT.TOZLE.TO vs. ZEB.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMM.TO
XMM.TO Risk / Return Rank: 5656
Overall Rank
XMM.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XMM.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
XMM.TO Omega Ratio Rank: 6161
Omega Ratio Rank
XMM.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XMM.TO Martin Ratio Rank: 5757
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.

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

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

XMM.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.41
2.03

-0.63

Sortino ratioReturn per unit of downside risk
1.99
2.63

-0.64

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.09

Calmar ratioReturn relative to maximum drawdown

2.42

3.89

-1.47

Martin ratioReturn relative to average drawdown

7.92

12.83

-4.91

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

The current XMM.TO Sharpe Ratio is 1.41, which is lower than the ZLE.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XMM.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

XMM.TO vs. ZLE.TO - Drawdown Comparison

The maximum XMM.TO drawdown since its inception was -22.07%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XMM.TO and ZLE.TO.

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Drawdown Indicators

XMM.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.07%

-31.71%

+9.64%

Max Drawdown (1Y)

Largest decline over 1 year

-8.76%

-9.45%

+0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-9.94%

-10.91%

+0.97%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-25.74%

+10.32%

Max Drawdown (10Y)

Largest decline over 10 years

-22.07%

-31.71%

+9.64%

Current Drawdown

Current decline from peak

-6.00%

-8.65%

+2.65%

Average Drawdown

Average peak-to-trough decline

-5.18%

-9.39%

+4.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.67%

2.86%

-0.19%

Volatility

XMM.TO vs. ZLE.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol Emerging Markets Index ETF (XMM.TO) is 6.71%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 10.18%. This indicates that XMM.TO experiences smaller price fluctuations and is considered to be less risky 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

XMM.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.71%

10.18%

-3.47%

Volatility (6M)

Calculated over the trailing 6-month period

13.98%

15.94%

-1.96%

Volatility (1Y)

Calculated over the trailing 1-year period

15.08%

18.06%

-2.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.00%

13.89%

-2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.20%

14.56%

-2.36%

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

XMM.TO has a 0.42% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.

Dividends

XMM.TO vs. ZLE.TO - Dividend Comparison

XMM.TO's dividend yield for the trailing twelve months is around 1.99%, less than ZLE.TO's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		1.99%2.37%2.95%2.55%1.55%1.91%2.09%2.44%2.23%2.09%2.35%2.16%
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

XMM.TO and ZLE.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMM.TO is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMM.TO is cheaper with a 0.42% expense ratio, compared with 0.45% for ZLE.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.42% for XMM.TO and 0.45% for ZLE.TO.

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