PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZEM.TO vs. AVDV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZEM.TO vs. AVDV

Last updated Jun 13, 2026

ZEM.TO (BMO MSCI Emerging Markets Index ETF) and AVDV (Avantis International Small Cap Value ETF) are both exchange-traded funds - ZEM.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index, while AVDV is a Foreign Small & Mid Cap Equities fund actively managed by Avantis. ZEM.TO is passively managed, while AVDV is actively managed. Over the past 5 years, ZEM.TO returned 9.65%/yr vs 16.96%/yr for AVDV. A 0.55 correlation means they provide meaningful diversification when combined. ZEM.TO charges 0.27%/yr vs 0.36%/yr for AVDV.

Performance

ZEM.TO vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Emerging Markets Index ETF (ZEM.TO) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

ZEM.TO is traded in CAD, while AVDV is traded in USD. To make them comparable, the AVDV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZEM.TO achieves a 26.25% return, which is significantly higher than AVDV's 17.32% return.

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%

AVDV

1D
1.08%
1M
-0.08%
YTD
17.32%
6M
18.86%
1Y
45.84%
3Y*
28.62%
5Y*
16.96%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEM.TO vs. AVDV - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZEM.TO
BMO MSCI Emerging Markets Index ETF		26.25%27.66%15.21%7.38%-15.80%-2.64%16.38%9.47%
AVDV
Avantis International Small Cap Value ETF		17.32%42.55%17.87%14.07%-5.86%15.74%2.51%10.13%

Correlation

The correlation between ZEM.TO and AVDV is 0.58, 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

0.58

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

0.52

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

0.54

Correlation (All Time)
Calculated using the full available price history since Sep 26, 2019

0.55

The correlation between ZEM.TO and AVDV has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

ZEM.TO vs. AVDV - Sectors Allocation Comparison

Sectors
ZEM.TO
AVDV

Technology

36.7%
6.4%

Financial Services

20.1%
13.7%

Consumer Cyclical

9.7%
14.4%

Industrials

7.7%
21.3%

Communication Services

6.8%
2.0%

Basic Materials

6.3%
22.5%

Energy

4.1%
10.8%

Consumer Defensive

3.1%
3.4%

Healthcare

2.8%
2.1%

Utilities

2.0%
1.7%

Real Estate

0.8%
1.1%

Technology

ZEM.TO
36.7%
AVDV
6.4%

Financial Services

ZEM.TO
20.1%
AVDV
13.7%

Consumer Cyclical

ZEM.TO
9.7%
AVDV
14.4%

Industrials

ZEM.TO
7.7%
AVDV
21.3%

Communication Services

ZEM.TO
6.8%
AVDV
2.0%

Basic Materials

ZEM.TO
6.3%
AVDV
22.5%

Energy

ZEM.TO
4.1%
AVDV
10.8%

Consumer Defensive

ZEM.TO
3.1%
AVDV
3.4%

Healthcare

ZEM.TO
2.8%
AVDV
2.1%

Utilities

ZEM.TO
2.0%
AVDV
1.7%

Real Estate

ZEM.TO
0.8%
AVDV
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.

BMO MSCI Emerging Markets Index ETF

Avantis International Small Cap Value ETF

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
Often compared with AVDV:
AVDV vs. VXUSAVDV vs. AVDEAVDV vs. VSSAVDV vs. DISVXAVDV vs. AVDVXAVDV vs. ISVLAVDV vs. AVIV

Return for Risk

ZEM.TO vs. AVDV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
AVDV
AVDV Risk / Return Rank: 8181
Overall Rank
AVDV Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AVDV Sortino Ratio Rank: 8686
Sortino Ratio Rank
AVDV Omega Ratio Rank: 8686
Omega Ratio Rank
AVDV Calmar Ratio Rank: 7171
Calmar Ratio Rank
AVDV Martin Ratio Rank: 7676
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Emerging Markets Index ETF (ZEM.TO) and Avantis International Small Cap Value ETF (AVDV). 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.

ZEM.TOAVDVDifference
Sharpe ratioReturn per unit of total volatility
2.24
2.69

-0.46

Sortino ratioReturn per unit of downside risk
3.01
3.54

-0.53

Omega ratioGain probability vs. loss probability

1.44

1.46

-0.02

Calmar ratioReturn relative to maximum drawdown

4.28

3.46

+0.82

Martin ratioReturn relative to average drawdown

15.06

14.20

+0.86

ZEM.TO vs. AVDV - Sharpe Ratio Comparison

The current ZEM.TO Sharpe Ratio is 2.24, which is comparable to the AVDV Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of ZEM.TO and AVDV, 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

ZEM.TO vs. AVDV - Drawdown Comparison

The maximum ZEM.TO drawdown since its inception was -34.79%, smaller than the maximum AVDV drawdown of -37.43%. Use the drawdown chart below to compare losses from any high point for ZEM.TO and AVDV.

Loading charts...

Drawdown Indicators

ZEM.TOAVDVDifference

Max Drawdown

Largest peak-to-trough decline

-34.79%

-37.43%

+2.64%

Max Drawdown (1Y)

Largest decline over 1 year

-11.64%

-12.81%

+1.17%

Max Drawdown (3Y)

Largest decline over 3 years

-13.59%

-14.53%

+0.94%

Max Drawdown (5Y)

Largest decline over 5 years

-30.69%

-22.53%

-8.16%

Max Drawdown (10Y)

Largest decline over 10 years

-34.79%

—

—

Current Drawdown

Current decline from peak

-2.84%

-1.05%

-1.79%

Average Drawdown

Average peak-to-trough decline

-10.16%

-5.01%

-5.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.30%

3.12%

+0.18%

Volatility

ZEM.TO vs. AVDV - Volatility Comparison

BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a higher volatility of 10.20% compared to Avantis International Small Cap Value ETF (AVDV) at 6.39%. This indicates that ZEM.TO's price experiences larger fluctuations and is considered to be riskier than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZEM.TOAVDVDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.20%

6.39%

+3.81%

Volatility (6M)

Calculated over the trailing 6-month period

20.37%

14.17%

+6.20%

Volatility (1Y)

Calculated over the trailing 1-year period

22.28%

16.48%

+5.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.50%

18.25%

-0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.67%

20.45%

-1.78%

ZEM.TO vs. AVDV - Expense Ratio Comparison

ZEM.TO has a 0.27% expense ratio, which is lower than AVDV's 0.36% expense ratio.

Dividends

ZEM.TO vs. AVDV - Dividend Comparison

ZEM.TO's dividend yield for the trailing twelve months is around 1.77%, less than AVDV's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
AVDV
Avantis International Small Cap Value ETF		4.11%3.05%4.31%3.29%3.17%2.39%1.67%0.36%0.00%0.00%0.00%0.00%
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

ZEM.TO and AVDV have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZEM.TO is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZEM.TO is cheaper with a 0.27% expense ratio, compared with 0.36% for AVDV.

ZEM.TO is categorized as Emerging Markets Equities, while AVDV is Foreign Small & Mid Cap Equities. They also come from different issuers: BMO and Avantis. Their fees differ too: 0.27% for ZEM.TO and 0.36% for AVDV.

Portfolio Optimizer

Find the right allocation for ZEM.TO and AVDV

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