ZEM.TO vs. CEMFX

Last updated Jun 4, 2026

ZEM.TO (BMO MSCI Emerging Markets Index ETF) and CEMFX (Cullen Emerging Markets High Dividend Fund) are both funds - ZEM.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Index, while CEMFX is a Emerging Markets Diversified fund managed by Cullen Funds Trust. Over the past 10 years, ZEM.TO returned 11.09%/yr vs 12.30%/yr for CEMFX. A 0.59 correlation means they provide meaningful diversification when combined. ZEM.TO charges 0.27%/yr vs 1.00%/yr for CEMFX.

Performance

ZEM.TO vs. CEMFX - 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 Cullen Emerging Markets High Dividend Fund (CEMFX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with ZEM.TO having a 29.19% return and CEMFX slightly higher at 30.09%. Over the past 10 years, ZEM.TO has underperformed CEMFX with an annualized return of 11.09%, while CEMFX has yielded a comparatively higher 12.30% annualized return.

ZEM.TO

• 1D: -0.57%
• 1M: 10.97%
• YTD: 29.19%
• 6M: 29.85%
• 1Y: 58.51%
• 3Y*: 25.35%
• 5Y*: 10.01%
• 10Y*: 11.09%

CEMFX

• 1D: 1.09%
• 1M: 8.28%
• YTD: 30.09%
• 6M: 30.05%
• 1Y: 59.79%
• 3Y*: 30.27%
• 5Y*: 16.70%
• 10Y*: 12.30%

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

ZEM.TO vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZEM.TO BMO MSCI Emerging Markets Index ETF	29.19%	27.66%	15.21%	7.38%	-15.80%	-2.64%	16.41%	13.20%	-8.06%	30.19%
CEMFX Cullen Emerging Markets High Dividend Fund	30.09%	25.36%	18.92%	23.66%	-10.18%	5.78%	6.87%	13.86%	-9.85%	21.55%

Correlation

The correlation between ZEM.TO and CEMFX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jan 3, 2013	0.59

Over the past year, the correlation between ZEM.TO and CEMFX has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

ZEM.TO vs. CEMFX — 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: 85
ZEM.TO Sharpe Ratio Rank: 84
ZEM.TO Sortino Ratio Rank: 81
ZEM.TO Omega Ratio Rank: 86
ZEM.TO Calmar Ratio Rank: 87
ZEM.TO Martin Ratio Rank: 86

CEMFX

CEMFX Risk / Return Rank: 92
CEMFX Sharpe Ratio Rank: 97
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 90
CEMFX Martin Ratio Rank: 87

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. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Emerging Markets Index ETF (ZEM.TO) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	ZEM.TO	CEMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	3.79	-1.00
Sortino ratio: Return per unit of downside risk	3.70	4.84	-1.15
Omega ratio: Gain probability vs. loss probability	1.54	1.70	-0.15
Calmar ratio: Return relative to maximum drawdown	5.05	5.15	-0.10
Martin ratio: Return relative to average drawdown	18.35	17.98	+0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZEM.TO vs. CEMFX - Sharpe Ratio Comparison

The current ZEM.TO Sharpe Ratio is 2.79, which is comparable to the CEMFX Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of ZEM.TO and CEMFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZEM.TO	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	3.79	-1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	1.31	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.92	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.83	-0.41

Drawdowns

ZEM.TO vs. CEMFX - Drawdown Comparison

The maximum ZEM.TO drawdown since its inception was -34.79%, which is greater than CEMFX's maximum drawdown of -30.96%. Use the drawdown chart below to compare losses from any high point for ZEM.TO and CEMFX.

Drawdown Indicators

	ZEM.TO	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-30.96%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-11.58%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.59%	-12.54%	-1.05%
Max Drawdown (5Y) Largest decline over 5 years	-30.69%	-20.09%	-10.60%
Max Drawdown (10Y) Largest decline over 10 years	-34.79%	-30.96%	-3.83%
Current Drawdown Current decline from peak	-0.57%	0.00%	-0.57%
Average Drawdown Average peak-to-trough decline	-10.00%	-6.34%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	3.31%	-0.11%

Volatility

ZEM.TO vs. CEMFX - Volatility Comparison

BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a higher volatility of 8.78% compared to Cullen Emerging Markets High Dividend Fund (CEMFX) at 6.16%. This indicates that ZEM.TO's price experiences larger fluctuations and is considered to be riskier than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEM.TO	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.78%	6.16%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	18.99%	12.82%	+6.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	15.76%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.21%	12.81%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.56%	13.40%	+5.16%

ZEM.TO vs. CEMFX - Expense Ratio Comparison

ZEM.TO has a 0.27% expense ratio, which is lower than CEMFX's 1.00% expense ratio.

Dividends

ZEM.TO vs. CEMFX - Dividend Comparison

ZEM.TO's dividend yield for the trailing twelve months is around 1.73%, more than CEMFX's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEMFX Cullen Emerging Markets High Dividend Fund	1.68%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%
ZEM.TO BMO MSCI Emerging Markets Index ETF	1.73%	2.23%	2.56%	2.87%	2.89%	2.50%	1.69%	2.42%	2.20%	1.76%	4.19%	2.45%

Frequently Asked Questions

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

ZEM.TO and CEMFX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.