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

XMM.TO vs. ZLU.TO

Last updated Aug 5, 2026
Documentation

XMM.TO (iShares MSCI Min Vol Emerging Markets Index ETF) and ZLU.TO (BMO Low Volatility US Equity ETF (CAD)) are both exchange-traded funds - XMM.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD, while ZLU.TO is a Low Volatility fund actively managed by BMO. XMM.TO is passively managed, while ZLU.TO is actively managed. Over the past 10 years, XMM.TO returned 6.06%/yr vs 9.37%/yr for ZLU.TO. Their 0.28 correlation means their historical movements had little consistent relationship. XMM.TO charges 0.42%/yr vs 0.33%/yr for ZLU.TO.

Performance

XMM.TO vs. ZLU.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 US Equity ETF (CAD) (ZLU.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 18.53% return, which is significantly higher than ZLU.TO's 15.16% return. Over the past 10 years, XMM.TO has underperformed ZLU.TO with an annualized return of 6.06%, while ZLU.TO has yielded a comparatively higher 9.37% annualized return.

XMM.TO

1D
3.53%
1M
-1.65%
6M
13.71%
YTD
18.53%
1Y
23.63%
3Y*
14.39%
5Y*
7.96%
10Y*
6.06%
ALL TIME*
6.62%

ZLU.TO

1D
1.44%
1M
-1.99%
6M
10.32%
YTD
15.16%
1Y
13.98%
3Y*
12.62%
5Y*
10.17%
10Y*
9.37%
ALL TIME*
13.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

XMM.TO

iShares MSCI Min Vol Emerging Markets Index ETF
CA$59.82KCA$74.15KCA$94.80K

ZLU.TO

BMO Low Volatility US Equity ETF (CAD)
CA$773.79KCA$925.85KCA$819.72K

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

2026 (YTD)202520242023202220212020201920182017
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		18.53%7.65%16.66%4.10%-7.83%3.95%4.32%1.36%2.38%18.75%
ZLU.TO
BMO Low Volatility US Equity ETF (CAD)		15.16%2.03%21.63%-3.26%7.95%20.72%2.06%20.48%8.39%5.06%

Correlation

The correlation between XMM.TO and ZLU.TO is 0.12, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.12

Correlation (3Y)
Balances recent behavior with more history.

0.13

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.14

Correlation (10Y)
Provides a long-term view across more market conditions.

0.23

Correlation (All Time)
Calculated using the full available price history since Mar 28, 2013

0.28

The correlation between XMM.TO and ZLU.TO shifts across timeframes, from 0.12 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

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

Sectors
XMM.TO
ZLU.TO

Technology

37.4%
19.7%

Financial Services

18.3%
10.3%

Communication Services

10.0%
4.1%

Consumer Cyclical

6.7%
3.9%

Industrials

5.8%
7.8%

Healthcare

5.5%
17.8%

Consumer Defensive

5.4%
11.5%

Utilities

4.2%
20.0%

Energy

3.5%
0.4%

Basic Materials

2.6%
0.7%

Real Estate

0.6%
3.8%

Technology

XMM.TO
37.4%
ZLU.TO
19.7%

Financial Services

XMM.TO
18.3%
ZLU.TO
10.3%

Communication Services

XMM.TO
10.0%
ZLU.TO
4.1%

Consumer Cyclical

XMM.TO
6.7%
ZLU.TO
3.9%

Industrials

XMM.TO
5.8%
ZLU.TO
7.8%

Healthcare

XMM.TO
5.5%
ZLU.TO
17.8%

Consumer Defensive

XMM.TO
5.4%
ZLU.TO
11.5%

Utilities

XMM.TO
4.2%
ZLU.TO
20.0%

Energy

XMM.TO
3.5%
ZLU.TO
0.4%

Basic Materials

XMM.TO
2.6%
ZLU.TO
0.7%

Real Estate

XMM.TO
0.6%
ZLU.TO
3.8%

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 US Equity ETF (CAD)

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 ZLU.TO:
ZLU.TO vs. ZSP.TOZLU.TO vs. XMU.TOZLU.TO vs. ZDY.TOZLU.TO vs. XEQT.TOZLU.TO vs. ZID.TOZLU.TO vs. XBAL.TOZLU.TO vs. SPLV

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
XMM.TO
XMM.TO Risk / Return Rank: 5656
Overall Rank
XMM.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
XMM.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XMM.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XMM.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
XMM.TO Martin Ratio Rank: 5656
Martin Ratio Rank
ZLU.TO
ZLU.TO Risk / Return Rank: 4242
Overall Rank
ZLU.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
ZLU.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZLU.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZLU.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
ZLU.TO Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XMM.TO vs. ZLU.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 US Equity ETF (CAD) (ZLU.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.TOZLU.TODifference
Sharpe ratioReturn per unit of total volatility
1.47
1.22

+0.25

Sortino ratioReturn per unit of downside risk
2.09
1.65

+0.44

Omega ratioGain probability vs. loss probability

1.31

1.22

+0.09

Calmar ratioReturn relative to maximum drawdown

2.35

1.87

+0.48

Martin ratioReturn relative to average drawdown

7.34

4.54

+2.80

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

The current XMM.TO Sharpe Ratio is 1.47, which is comparable to the ZLU.TO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of XMM.TO and ZLU.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. ZLU.TO - Drawdown Comparison

The maximum XMM.TO drawdown since its inception was -22.07%, smaller than the maximum ZLU.TO drawdown of -25.49%. Use the drawdown chart below to compare losses from any high point for XMM.TO and ZLU.TO.

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Drawdown Indicators

XMM.TOZLU.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.07%

-25.49%

+3.42%

Max Drawdown (1Y)

Largest decline over 1 year

-10.09%

-7.52%

-2.57%

Max Drawdown (3Y)

Largest decline over 3 years

-10.09%

-9.15%

-0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-15.42%

-10.30%

-5.12%

Max Drawdown (10Y)

Largest decline over 10 years

-22.07%

-25.49%

+3.42%

Current Drawdown

Current decline from peak

-4.89%

-1.99%

-2.90%

Average Drawdown

Average peak-to-trough decline

-5.19%

-3.08%

-2.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.23%

3.09%

+0.14%

Volatility

XMM.TO vs. ZLU.TO - Volatility Comparison

iShares MSCI Min Vol Emerging Markets Index ETF (XMM.TO) has a higher volatility of 7.33% compared to BMO Low Volatility US Equity ETF (CAD) (ZLU.TO) at 4.97%. This indicates that XMM.TO's price experiences larger fluctuations and is considered to be riskier than ZLU.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.TOZLU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.33%

4.97%

+2.36%

Volatility (6M)

Calculated over the trailing 6-month period

14.99%

8.74%

+6.25%

Volatility (1Y)

Calculated over the trailing 1-year period

16.15%

11.52%

+4.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.21%

11.54%

-0.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.33%

13.98%

-1.65%

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

XMM.TO has a 0.42% expense ratio, which is higher than ZLU.TO's 0.33% expense ratio.

Dividends

XMM.TO vs. ZLU.TO - Dividend Comparison

XMM.TO's dividend yield for the trailing twelve months is around 1.97%, more than ZLU.TO's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
XMM.TO
iShares MSCI Min Vol Emerging Markets Index ETF		1.97%2.37%2.95%2.55%1.55%1.91%2.09%2.44%2.23%2.09%2.35%2.16%
ZLU.TO
BMO Low Volatility US Equity ETF (CAD)		1.67%1.95%1.97%2.39%1.95%1.76%1.83%1.57%1.89%2.00%2.36%1.80%

Frequently Asked Questions

XMM.TO and ZLU.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZLU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZLU.TO is cheaper with a 0.33% expense ratio, compared with 0.42% for XMM.TO.

XMM.TO is categorized as Emerging Markets Equities, while ZLU.TO is Low Volatility. They also come from different issuers: iShares and BMO. Their fees differ too: 0.42% for XMM.TO and 0.33% for ZLU.TO.

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