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

XMU.TO vs. ZLE.TO

Last updated Jul 25, 2026
Documentation

XMU.TO (iShares MSCI Min Vol USA Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both exchange-traded funds - XMU.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while ZLE.TO is a Emerging Markets Equities fund actively managed by BMO. XMU.TO is passively managed, while ZLE.TO is actively managed. Over the past 10 years, XMU.TO returned 8.75%/yr vs 4.92%/yr for ZLE.TO. At a 0.17 correlation, their price movements are largely independent. XMU.TO charges 0.33%/yr vs 0.51%/yr for ZLE.TO.

Performance

XMU.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 (XMU.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, XMU.TO achieves a 6.08% return, which is significantly lower than ZLE.TO's 24.38% return. Over the past 10 years, XMU.TO has outperformed ZLE.TO with an annualized return of 8.75%, while ZLE.TO has yielded a comparatively lower 4.92% annualized return.

XMU.TO

1D
0.78%
1M
1.26%
6M
5.67%
YTD
6.08%
1Y
4.16%
3Y*
9.90%
5Y*
6.81%
10Y*
8.75%
ALL TIME*
12.73%

ZLE.TO

1D
-1.02%
1M
-6.34%
6M
18.49%
YTD
24.38%
1Y
33.84%
3Y*
19.78%
5Y*
8.88%
10Y*
4.92%
ALL TIME*
5.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

XMU.TO

iShares MSCI Min Vol USA Index ETF
CA$203.61KCA$146.99KCA$731.35K

ZLE.TO

BMO Low Volatility Emerging Markets Equity ETF
CA$98.00KCA$111.56KCA$124.80K

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

2026 (YTD)202520242023202220212020201920182017
XMU.TO
iShares MSCI Min Vol USA Index ETF		6.08%-0.80%22.08%6.68%-3.58%17.10%3.13%20.92%9.19%10.94%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		24.38%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between XMU.TO and ZLE.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

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

0.14

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

0.11

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

0.17

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

0.17

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

Sectors
XMU.TO
ZLE.TO

Technology

33.0%
40.5%

Healthcare

13.4%
6.5%

Financial Services

11.8%
17.2%

Consumer Defensive

9.3%
6.7%

Utilities

7.2%
3.3%

Industrials

6.4%
6.5%

Consumer Cyclical

5.8%
5.0%

Communication Services

5.7%
9.3%

Energy

2.6%
3.8%

Real Estate

2.6%
0.1%

Basic Materials

2.2%
1.1%

Technology

XMU.TO
33.0%
ZLE.TO
40.5%

Healthcare

XMU.TO
13.4%
ZLE.TO
6.5%

Financial Services

XMU.TO
11.8%
ZLE.TO
17.2%

Consumer Defensive

XMU.TO
9.3%
ZLE.TO
6.7%

Utilities

XMU.TO
7.2%
ZLE.TO
3.3%

Industrials

XMU.TO
6.4%
ZLE.TO
6.5%

Consumer Cyclical

XMU.TO
5.8%
ZLE.TO
5.0%

Communication Services

XMU.TO
5.7%
ZLE.TO
9.3%

Energy

XMU.TO
2.6%
ZLE.TO
3.8%

Real Estate

XMU.TO
2.6%
ZLE.TO
0.1%

Basic Materials

XMU.TO
2.2%
ZLE.TO
1.1%

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

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XMU.TO:
XMU.TO vs. ZLU.TOXMU.TO vs. XMV.TOXMU.TO vs. XMS.TOXMU.TO vs. VFV.TOXMU.TO vs. XIT.TOXMU.TO vs. SMMVXMU.TO vs. XST.TO
Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. XMM.TOZLE.TO vs. XSEM.TOZLE.TO vs. ZEM.TOZLE.TO vs. ZEQT.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMU.TO
XMU.TO Risk / Return Rank: 2020
Overall Rank
XMU.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 2020
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1919
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 7979
Overall Rank
ZLE.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 8282
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 7979
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.

XMU.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 (XMU.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.

XMU.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
0.40
1.86

-1.46

Sortino ratioReturn per unit of downside risk
0.62
2.43

-1.81

Omega ratioGain probability vs. loss probability

1.08

1.35

-0.27

Calmar ratioReturn relative to maximum drawdown

0.49

3.05

-2.55

Martin ratioReturn relative to average drawdown

1.01

10.21

-9.20

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

The current XMU.TO Sharpe Ratio is 0.40, which is lower than the ZLE.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XMU.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

XMU.TO vs. ZLE.TO - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, smaller than the maximum ZLE.TO drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for XMU.TO and ZLE.TO.

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Drawdown Indicators

XMU.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-31.71%

+4.40%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-11.16%

+2.71%

Max Drawdown (3Y)

Largest decline over 3 years

-10.97%

-11.16%

+0.19%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-25.10%

+4.51%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

-31.71%

+4.40%

Current Drawdown

Current decline from peak

-2.39%

-9.69%

+7.30%

Average Drawdown

Average peak-to-trough decline

-4.53%

-9.39%

+4.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.14%

3.32%

+0.82%

Volatility

XMU.TO vs. ZLE.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol USA Index ETF (XMU.TO) is 3.73%, while BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a volatility of 8.40%. This indicates that XMU.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

XMU.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

8.40%

-4.67%

Volatility (6M)

Calculated over the trailing 6-month period

6.65%

16.15%

-9.50%

Volatility (1Y)

Calculated over the trailing 1-year period

10.45%

18.27%

-7.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.70%

13.92%

+0.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

14.57%

+2.51%

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

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

Dividends

XMU.TO vs. ZLE.TO - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.14%, less than ZLE.TO's 2.51% yield.

PositionTTM20252024202320222021202020192018201720162015
XMU.TO
iShares MSCI Min Vol USA Index ETF		1.14%1.13%1.19%1.41%1.17%1.09%1.72%1.47%1.51%1.63%1.87%1.46%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.51%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

XMU.TO and ZLE.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

XMU.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 XMU.TO and 0.51% for ZLE.TO.

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