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

XSEM.TO vs. ZLE.TO

Last updated Jul 15, 2026
Documentation

XSEM.TO (iShares ESG Aware MSCI Emerging Markets Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds. Over the past 5 years, XSEM.TO returned 7.53%/yr vs 8.80%/yr for ZLE.TO. At a 0.43 correlation, their price movements are largely independent. XSEM.TO charges 0.32%/yr vs 0.45%/yr for ZLE.TO.

Performance

XSEM.TO vs. ZLE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.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, XSEM.TO achieves a 20.57% return, which is significantly lower than ZLE.TO's 25.80% return.

XSEM.TO

1D
0.89%
1M
-1.98%
6M
16.20%
YTD
20.57%
1Y
35.44%
3Y*
20.82%
5Y*
7.53%
10Y*
—

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)

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

2026 (YTD)2025202420232022202120202019
XSEM.TO
iShares ESG Aware MSCI Emerging Markets Index ETF		20.57%27.51%14.79%7.01%-17.30%-3.60%15.64%5.18%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		25.80%18.71%15.26%6.15%-11.98%-6.43%-1.08%1.77%

Correlation

The correlation between XSEM.TO and ZLE.TO is 0.64, 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

0.64

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

0.53

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

0.47

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2019

0.43

Over the past year, XSEM.TO and ZLE.TO have become more correlated (0.64) than their long-term average of 0.43, meaning their price movements have been converging.

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

Sectors
XSEM.TO
ZLE.TO

Technology

44.1%
39.6%

Financial Services

22.1%
15.0%

Consumer Cyclical

7.6%
5.9%

Communication Services

7.4%
8.9%

Industrials

5.2%
7.0%

Basic Materials

4.8%
1.7%

Healthcare

2.5%
7.4%

Consumer Defensive

2.0%
6.9%

Energy

1.9%
3.4%

Utilities

1.3%
4.0%

Real Estate

1.0%
0.2%

Technology

XSEM.TO
44.1%
ZLE.TO
39.6%

Financial Services

XSEM.TO
22.1%
ZLE.TO
15.0%

Consumer Cyclical

XSEM.TO
7.6%
ZLE.TO
5.9%

Communication Services

XSEM.TO
7.4%
ZLE.TO
8.9%

Industrials

XSEM.TO
5.2%
ZLE.TO
7.0%

Basic Materials

XSEM.TO
4.8%
ZLE.TO
1.7%

Healthcare

XSEM.TO
2.5%
ZLE.TO
7.4%

Consumer Defensive

XSEM.TO
2.0%
ZLE.TO
6.9%

Energy

XSEM.TO
1.9%
ZLE.TO
3.4%

Utilities

XSEM.TO
1.3%
ZLE.TO
4.0%

Real Estate

XSEM.TO
1.0%
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 ESG Aware MSCI Emerging Markets Index ETF

BMO Low Volatility Emerging Markets Equity ETF

Often compared with XSEM.TO:
XSEM.TO vs. XDSR.TOXSEM.TO vs. XEC.TOXSEM.TO vs. XEQT.TOXSEM.TO vs. XMM.TOXSEM.TO vs. XEF.TOXSEM.TO vs. VE.TOXSEM.TO vs. ZEM.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. ZEQT.TOZLE.TO vs. ZEB.TOZLE.TO vs. ZAG.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSEM.TO
XSEM.TO Risk / Return Rank: 6161
Overall Rank
XSEM.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
XSEM.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
XSEM.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSEM.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
XSEM.TO Martin Ratio Rank: 6666
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.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.

XSEM.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.52
2.03

-0.51

Sortino ratioReturn per unit of downside risk
2.04
2.63

-0.59

Omega ratioGain probability vs. loss probability

1.29

1.39

-0.09

Calmar ratioReturn relative to maximum drawdown

2.90

3.89

-0.99

Martin ratioReturn relative to average drawdown

9.34

12.83

-3.49

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

The current XSEM.TO Sharpe Ratio is 1.52, which is comparable to the ZLE.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XSEM.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

XSEM.TO vs. ZLE.TO - Drawdown Comparison

The maximum XSEM.TO drawdown since its inception was -37.09%, 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 XSEM.TO and ZLE.TO.

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Drawdown Indicators

XSEM.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.09%

-31.71%

-5.38%

Max Drawdown (1Y)

Largest decline over 1 year

-12.30%

-9.45%

-2.85%

Max Drawdown (3Y)

Largest decline over 3 years

-15.18%

-10.91%

-4.27%

Max Drawdown (5Y)

Largest decline over 5 years

-32.59%

-25.74%

-6.85%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.71%

—

Current Drawdown

Current decline from peak

-7.98%

-8.65%

+0.67%

Average Drawdown

Average peak-to-trough decline

-13.08%

-9.39%

-3.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.80%

2.86%

+0.94%

Volatility

XSEM.TO vs. ZLE.TO - Volatility Comparison

iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.TO) has a higher volatility of 10.99% compared to BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) at 10.18%. This indicates that XSEM.TO's price experiences larger fluctuations and is considered to be riskier 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

XSEM.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.99%

10.18%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

21.43%

15.94%

+5.49%

Volatility (1Y)

Calculated over the trailing 1-year period

23.39%

18.06%

+5.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.04%

13.89%

+4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.82%

14.56%

+4.26%

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

XSEM.TO has a 0.32% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.

Dividends

XSEM.TO vs. ZLE.TO - Dividend Comparison

XSEM.TO's dividend yield for the trailing twelve months is around 1.56%, less than ZLE.TO's 2.49% yield.

PositionTTM2025202420232022202120202019201820172016
XSEM.TO
iShares ESG Aware MSCI Emerging Markets Index ETF		1.56%1.78%2.08%1.10%2.25%2.45%1.14%2.41%0.00%0.00%0.00%
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%

Frequently Asked Questions

XSEM.TO and ZLE.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSEM.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSEM.TO is cheaper with a 0.32% expense ratio, compared with 0.45% for ZLE.TO.

They also come from different issuers: iShares and BMO. Their fees differ too: 0.32% for XSEM.TO and 0.45% for ZLE.TO.

Portfolio Optimizer

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