ZEM.TO vs. AVUV

Last updated Jun 13, 2026

ZEM.TO (BMO MSCI Emerging Markets Index ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - ZEM.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. ZEM.TO is passively managed, while AVUV is actively managed. Over the past 5 years, ZEM.TO returned 9.65%/yr vs 14.84%/yr for AVUV. At a 0.43 correlation, their price movements are largely independent. ZEM.TO charges 0.27%/yr vs 0.25%/yr for AVUV.

Performance

ZEM.TO vs. AVUV - 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 US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ZEM.TO having a 26.25% return and AVUV slightly lower at 25.22%.

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%

AVUV

• 1D: 1.14%
• 1M: 7.16%
• YTD: 25.22%
• 6M: 21.21%
• 1Y: 46.05%
• 3Y*: 21.03%
• 5Y*: 14.84%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZEM.TO vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZEM.TO BMO MSCI Emerging Markets Index ETF	26.25%	27.66%	15.21%	7.38%	-15.80%	-2.64%	16.38%	9.47%
AVUV Avantis US Small Cap Value ETF	25.22%	2.53%	18.54%	19.89%	1.12%	42.12%	3.91%	6.94%

Correlation

The correlation between ZEM.TO and AVUV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.43

ZEM.TO vs. AVUV - Sectors Allocation Comparison

Sectors	ZEM.TO	AVUV
Technology	36.7%	7.0%
Financial Services	20.1%	25.8%
Consumer Cyclical	9.7%	18.0%
Industrials	7.7%	13.9%
Communication Services	6.8%	2.8%
Basic Materials	6.3%	4.9%
Energy	4.1%	18.2%
Consumer Defensive	3.1%	4.5%
Healthcare	2.8%	4.2%
Utilities	2.0%	0.1%
Real Estate	0.8%	0.7%

Return for Risk

ZEM.TO vs. AVUV — 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: 83
ZEM.TO Sharpe Ratio Rank: 80
ZEM.TO Sortino Ratio Rank: 78
ZEM.TO Omega Ratio Rank: 84
ZEM.TO Calmar Ratio Rank: 86
ZEM.TO Martin Ratio Rank: 84

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

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. AVUV - 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 US Small Cap Value ETF (AVUV). 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.TO	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.37	-0.13
Sortino ratio: Return per unit of downside risk	3.01	3.37	-0.36
Omega ratio: Gain probability vs. loss probability	1.44	1.40	+0.05
Calmar ratio: Return relative to maximum drawdown	4.28	5.33	-1.05
Martin ratio: Return relative to average drawdown	15.06	18.40	-3.34

ZEM.TO vs. AVUV - Sharpe Ratio Comparison

The current ZEM.TO Sharpe Ratio is 2.24, which is comparable to the AVUV Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ZEM.TO and AVUV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZEM.TO vs. AVUV - Drawdown Comparison

The maximum ZEM.TO drawdown since its inception was -34.79%, smaller than the maximum AVUV drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for ZEM.TO and AVUV.

Drawdown Indicators

	ZEM.TO	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-45.21%	+10.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-8.15%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-13.59%	-27.30%	+13.71%
Max Drawdown (5Y) Largest decline over 5 years	-30.69%	-27.30%	-3.39%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	—	—
Current Drawdown Current decline from peak	-2.84%	0.00%	-2.84%
Average Drawdown Average peak-to-trough decline	-10.16%	-6.96%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.36%	+0.94%

Volatility

ZEM.TO vs. AVUV - Volatility Comparison

BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a higher volatility of 10.20% compared to Avantis US Small Cap Value ETF (AVUV) at 4.95%. This indicates that ZEM.TO's price experiences larger fluctuations and is considered to be riskier than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEM.TO	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	4.95%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	20.37%	12.19%	+8.18%
Volatility (1Y) Calculated over the trailing 1-year period	22.28%	18.34%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	23.47%	-5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.67%	28.85%	-10.18%

ZEM.TO vs. AVUV - Expense Ratio Comparison

ZEM.TO has a 0.27% expense ratio, which is higher than AVUV's 0.25% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZEM.TO vs. AVUV - Dividend Comparison

ZEM.TO's dividend yield for the trailing twelve months is around 1.77%, more than AVUV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	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

Can I hold both ZEM.TO and AVUV in my portfolio?

ZEM.TO and AVUV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZEM.TO or AVUV?

On fees, AVUV is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEM.TO or AVUV?

AVUV is cheaper with a 0.25% expense ratio, compared with 0.27% for ZEM.TO.

What is the main difference between ZEM.TO and AVUV?

ZEM.TO is categorized as Emerging Markets Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: BMO and Avantis. Their fees differ too: 0.27% for ZEM.TO and 0.25% for AVUV.