PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMS.TO vs. ZLE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMS.TO vs. ZLE.TO

Last updated Aug 5, 2026
Documentation

XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both exchange-traded funds - XMS.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index, while ZLE.TO is a Emerging Markets Equities fund actively managed by BMO. XMS.TO is passively managed, while ZLE.TO is actively managed. Over the past 10 years, XMS.TO returned 7.66%/yr vs 5.31%/yr for ZLE.TO. Their 0.17 correlation means their historical movements had little consistent relationship. XMS.TO charges 0.33%/yr vs 0.51%/yr for ZLE.TO.

Performance

XMS.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) and BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMS.TO achieves a 3.79% return, which is significantly lower than ZLE.TO's 27.05% return. Over the past 10 years, XMS.TO has outperformed ZLE.TO with an annualized return of 7.66%, while ZLE.TO has yielded a comparatively lower 5.31% annualized return.

XMS.TO

1D
1.45%
1M
1.17%
6M
3.55%
YTD
3.79%
1Y
4.16%
3Y*
8.49%
5Y*
4.51%
10Y*
7.66%
ALL TIME*
8.16%

ZLE.TO

1D
3.95%
1M
-2.64%
6M
19.05%
YTD
27.05%
1Y
38.30%
3Y*
20.53%
5Y*
9.82%
10Y*
5.31%
ALL TIME*
5.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

XMS.TO

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)
CA$6.72KCA$12.98KCA$19.38K

ZLE.TO

BMO Low Volatility Emerging Markets Equity ETF
CA$47.08KCA$76.43KCA$127.28K

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

2026 (YTD)202520242023202220212020201920182017
XMS.TO
iShares MSCI Min Vol USA Index ETF (CAD-Hedged)		3.79%3.74%14.27%7.88%-11.12%21.05%1.86%25.99%-1.00%16.77%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		27.05%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between XMS.TO and ZLE.TO is 0.11, which is low. Their historical price movements had little consistent relationship.

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

0.11

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

0.13

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

0.15

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

0.16

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

0.17

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

Sectors
XMS.TO
ZLE.TO

Technology

32.5%
42.3%

Healthcare

13.5%
6.4%

Financial Services

11.8%
16.8%

Consumer Defensive

9.5%
6.4%

Utilities

7.3%
3.3%

Industrials

6.3%
6.3%

Communication Services

5.8%
9.0%

Consumer Cyclical

5.7%
4.8%

Energy

2.6%
3.6%

Real Estate

2.6%
0.1%

Basic Materials

2.2%
1.0%

Technology

XMS.TO
32.5%
ZLE.TO
42.3%

Healthcare

XMS.TO
13.5%
ZLE.TO
6.4%

Financial Services

XMS.TO
11.8%
ZLE.TO
16.8%

Consumer Defensive

XMS.TO
9.5%
ZLE.TO
6.4%

Utilities

XMS.TO
7.3%
ZLE.TO
3.3%

Industrials

XMS.TO
6.3%
ZLE.TO
6.3%

Communication Services

XMS.TO
5.8%
ZLE.TO
9.0%

Consumer Cyclical

XMS.TO
5.7%
ZLE.TO
4.8%

Energy

XMS.TO
2.6%
ZLE.TO
3.6%

Real Estate

XMS.TO
2.6%
ZLE.TO
0.1%

Basic Materials

XMS.TO
2.2%
ZLE.TO
1.0%

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 USA Index ETF (CAD-Hedged)

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XMS.TO:
XMS.TO vs. XMU.TOXMS.TO vs. VFV.TOXMS.TO vs. XDU.TOXMS.TO vs. VSP.TOXMS.TO vs. XUS.TOXMS.TO vs. SPYXMS.TO vs. ZSP.TO
Often compared with ZLE.TO:
ZLE.TO vs. ZQQ.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. XEM.TOZLE.TO vs. XMM.TOZLE.TO vs. ZEM.TOZLE.TO vs. XSEM.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
XMS.TO
XMS.TO Risk / Return Rank: 1818
Overall Rank
XMS.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
XMS.TO Sortino Ratio Rank: 1717
Sortino Ratio Rank
XMS.TO Omega Ratio Rank: 1818
Omega Ratio Rank
XMS.TO Calmar Ratio Rank: 1818
Calmar Ratio Rank
XMS.TO Martin Ratio Rank: 1818
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 7474
Overall Rank
ZLE.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 7373
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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.

XMS.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
0.40
2.00

-1.60

Sortino ratioReturn per unit of downside risk
0.62
2.62

-1.99

Omega ratioGain probability vs. loss probability

1.08

1.38

-0.30

Calmar ratioReturn relative to maximum drawdown

0.50

2.76

-2.26

Martin ratioReturn relative to average drawdown

1.15

10.27

-9.12

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

The current XMS.TO Sharpe Ratio is 0.40, which is lower than the ZLE.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of XMS.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.

Loading charts...

Drawdowns

XMS.TO vs. ZLE.TO - Drawdown Comparison

The maximum XMS.TO drawdown since its inception was -36.87%, which is greater than ZLE.TO's maximum drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XMS.TO and ZLE.TO.

Loading charts...

Drawdown Indicators

XMS.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.87%

-31.71%

-5.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.32%

-13.93%

+5.61%

Max Drawdown (3Y)

Largest decline over 3 years

-9.80%

-13.93%

+4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-19.06%

-25.10%

+6.04%

Max Drawdown (10Y)

Largest decline over 10 years

-36.87%

-31.71%

-5.16%

Current Drawdown

Current decline from peak

-0.71%

-7.75%

+7.04%

Average Drawdown

Average peak-to-trough decline

-4.42%

-9.39%

+4.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

3.74%

-0.12%

Volatility

XMS.TO vs. ZLE.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) is 3.68%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 8.91%. This indicates that XMS.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.

Loading charts...

Volatility by Period

XMS.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.68%

8.91%

-5.23%

Volatility (6M)

Calculated over the trailing 6-month period

7.00%

17.26%

-10.26%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

19.31%

-8.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.44%

13.98%

-1.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.25%

14.71%

+0.54%

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

XMS.TO has a 0.33% expense ratio, which is lower than ZLE.TO's 0.51% expense ratio.

Dividends

XMS.TO vs. ZLE.TO - Dividend Comparison

XMS.TO's dividend yield for the trailing twelve months is around 1.18%, less than ZLE.TO's 2.46% yield.

PositionTTM2025202420232022202120202019201820172016
XMS.TO
iShares MSCI Min Vol USA Index ETF (CAD-Hedged)		1.18%1.10%1.24%1.41%1.22%1.02%1.71%1.44%1.58%2.02%0.94%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.46%3.13%3.61%3.54%3.62%2.21%2.11%1.82%2.13%1.39%0.76%

Frequently Asked Questions

XMS.TO and ZLE.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XMS.TO is cheaper with a 0.33% expense ratio, compared with 0.51% for ZLE.TO.

XMS.TO is categorized as Low Volatility, while ZLE.TO is Emerging Markets Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.33% for XMS.TO and 0.51% for ZLE.TO.

Portfolio Optimizer

Find the right allocation for XMS.TO and ZLE.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer