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XUU.TO vs. ZEM.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XUU.TO vs. ZEM.TO

Last updated Jun 13, 2026

XUU.TO (iShares Core S&P U.S. Total Market Index ETF) and ZEM.TO (BMO MSCI Emerging Markets Index ETF) are both exchange-traded funds - XUU.TO is a Large Cap Blend Equities fund tracking the S&P Total Market Index, while ZEM.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index. Both are passively managed. Over the past 10 years, XUU.TO returned 15.61%/yr vs 11.29%/yr for ZEM.TO. A 0.55 correlation means they provide meaningful diversification when combined. XUU.TO charges 0.07%/yr vs 0.27%/yr for ZEM.TO.

Performance

XUU.TO vs. ZEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P U.S. Total Market Index ETF (XUU.TO) and BMO MSCI Emerging Markets Index ETF (ZEM.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, XUU.TO achieves a 11.45% return, which is significantly lower than ZEM.TO's 26.25% return. Over the past 10 years, XUU.TO has outperformed ZEM.TO with an annualized return of 15.61%, while ZEM.TO has yielded a comparatively lower 11.29% annualized return.

XUU.TO

1D
0.63%
1M
1.53%
YTD
11.45%
6M
11.22%
1Y
29.10%
3Y*
22.22%
5Y*
15.33%
10Y*
15.61%

ZEM.TO

1D
0.18%
1M
2.76%
YTD
26.25%
6M
28.54%
1Y
52.38%
3Y*
23.59%
5Y*
9.65%
10Y*
11.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XUU.TO vs. ZEM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		11.45%11.25%34.07%23.11%-13.53%25.94%16.26%23.78%2.43%12.80%
ZEM.TO
BMO MSCI Emerging Markets Index ETF		26.25%27.66%15.21%7.38%-15.80%-2.64%16.38%13.23%-8.06%30.19%

Correlation

The correlation between XUU.TO and ZEM.TO is 0.67, 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

0.67

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

0.56

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

0.53

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

0.55

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.55

The correlation between XUU.TO and ZEM.TO shifts across timeframes, from 0.53 (5 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

XUU.TO vs. ZEM.TO - Sectors Allocation Comparison

Sectors
XUU.TO
ZEM.TO

Technology

37.3%
36.7%

Financial Services

11.2%
20.1%

Consumer Cyclical

9.8%
9.7%

Communication Services

9.8%
6.8%

Industrials

8.8%
7.7%

Healthcare

8.4%
2.8%

Consumer Defensive

4.4%
3.1%

Energy

3.4%
4.1%

Utilities

2.5%
2.0%

Real Estate

2.2%
0.8%

Basic Materials

1.9%
6.3%

Technology

XUU.TO
37.3%
ZEM.TO
36.7%

Financial Services

XUU.TO
11.2%
ZEM.TO
20.1%

Consumer Cyclical

XUU.TO
9.8%
ZEM.TO
9.7%

Communication Services

XUU.TO
9.8%
ZEM.TO
6.8%

Industrials

XUU.TO
8.8%
ZEM.TO
7.7%

Healthcare

XUU.TO
8.4%
ZEM.TO
2.8%

Consumer Defensive

XUU.TO
4.4%
ZEM.TO
3.1%

Energy

XUU.TO
3.4%
ZEM.TO
4.1%

Utilities

XUU.TO
2.5%
ZEM.TO
2.0%

Real Estate

XUU.TO
2.2%
ZEM.TO
0.8%

Basic Materials

XUU.TO
1.9%
ZEM.TO
6.3%

Compare stocks, funds, or ETFs

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iShares Core S&P U.S. Total Market Index ETF

BMO MSCI Emerging Markets Index ETF

Often compared with XUU.TO:
XUU.TO vs. XUS.TOXUU.TO vs. VUN.TOXUU.TO vs. XAW.TOXUU.TO vs. XUU-U.TOXUU.TO vs. XIC.TOXUU.TO vs. VTIXUU.TO vs. VOO
Often compared with ZEM.TO:
ZEM.TO vs. XEC.TOZEM.TO vs. VEE.TOZEM.TO vs. XEF.TOZEM.TO vs. VIU.TOZEM.TO vs. XSEM.TOZEM.TO vs. xec.TOZEM.TO vs. ZCN.TO

Return for Risk

XUU.TO vs. ZEM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUU.TO
XUU.TO Risk / Return Rank: 7676
Overall Rank
XUU.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XUU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XUU.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XUU.TO Martin Ratio Rank: 7373
Martin Ratio Rank
ZEM.TO
ZEM.TO Risk / Return Rank: 8383
Overall Rank
ZEM.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZEM.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZEM.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZEM.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZEM.TO Martin Ratio Rank: 8484
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.

XUU.TO vs. ZEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Total Market Index ETF (XUU.TO) and BMO MSCI Emerging Markets Index ETF (ZEM.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.

XUU.TOZEM.TODifference
Sharpe ratioReturn per unit of total volatility
2.22
2.24

-0.02

Sortino ratioReturn per unit of downside risk
3.00
3.01

-0.01

Omega ratioGain probability vs. loss probability

1.41

1.44

-0.03

Calmar ratioReturn relative to maximum drawdown

3.13

4.28

-1.14

Martin ratioReturn relative to average drawdown

11.81

15.06

-3.25

XUU.TO vs. ZEM.TO - Sharpe Ratio Comparison

The current XUU.TO Sharpe Ratio is 2.22, which is comparable to the ZEM.TO Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of XUU.TO and ZEM.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

XUU.TO vs. ZEM.TO - Drawdown Comparison

The maximum XUU.TO drawdown since its inception was -28.22%, smaller than the maximum ZEM.TO drawdown of -34.79%. Use the drawdown chart below to compare losses from any high point for XUU.TO and ZEM.TO.

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Drawdown Indicators

XUU.TOZEM.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.22%

-34.79%

+6.57%

Max Drawdown (1Y)

Largest decline over 1 year

-8.80%

-11.64%

+2.84%

Max Drawdown (3Y)

Largest decline over 3 years

-19.70%

-13.59%

-6.11%

Max Drawdown (5Y)

Largest decline over 5 years

-23.40%

-30.69%

+7.29%

Max Drawdown (10Y)

Largest decline over 10 years

-28.22%

-34.79%

+6.57%

Current Drawdown

Current decline from peak

-1.41%

-2.84%

+1.43%

Average Drawdown

Average peak-to-trough decline

-4.15%

-10.16%

+6.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

3.30%

-0.97%

Volatility

XUU.TO vs. ZEM.TO - Volatility Comparison

The current volatility for iShares Core S&P U.S. Total Market Index ETF (XUU.TO) is 4.57%, while BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a volatility of 10.20%. This indicates that XUU.TO experiences smaller price fluctuations and is considered to be less risky than ZEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUU.TOZEM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

10.20%

-5.63%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

20.37%

-10.68%

Volatility (1Y)

Calculated over the trailing 1-year period

12.42%

22.28%

-9.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.50%

17.50%

-2.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.61%

18.67%

-2.06%

XUU.TO vs. ZEM.TO - Expense Ratio Comparison

XUU.TO has a 0.07% expense ratio, which is lower than ZEM.TO's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XUU.TO vs. ZEM.TO - Dividend Comparison

XUU.TO's dividend yield for the trailing twelve months is around 1.02%, less than ZEM.TO's 1.77% yield.

PositionTTM20252024202320222021202020192018201720162015
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		1.02%1.16%1.02%1.22%1.38%1.01%1.33%1.68%1.74%1.49%1.65%1.53%
ZEM.TO
BMO MSCI Emerging Markets Index ETF		1.77%2.23%2.56%2.87%2.89%2.50%1.69%2.42%2.20%1.76%1.85%2.45%

Frequently Asked Questions

XUU.TO and ZEM.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUU.TO is cheaper with a 0.07% expense ratio, compared with 0.27% for ZEM.TO.

XUU.TO is categorized as Large Cap Blend Equities, while ZEM.TO is Emerging Markets Equities. XUU.TO tracks S&P Total Market Index, while ZEM.TO tracks MSCI Emerging Markets Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.07% for XUU.TO and 0.27% for ZEM.TO.

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