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

ZEM.TO vs. ZDI.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO MSCI Emerging Markets Index ETF (ZEM.TO) and BMO International Dividend ETF (ZDI.TO).

ZEM.TO and ZDI.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZEM.TO is a passively managed fund by BMO that tracks the performance of the MSCI Emerging Markets Index. It was launched on Oct 19, 2009. ZDI.TO is an actively managed fund by BMO. It was launched on Nov 5, 2014.

Performance

ZEM.TO vs. ZDI.TO - 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 BMO International Dividend ETF (ZDI.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZEM.TO
BMO MSCI Emerging Markets Index ETF		5.85%27.66%15.21%7.38%-15.80%-2.64%16.41%13.20%-8.06%30.19%
ZDI.TO
BMO International Dividend ETF		6.64%22.48%10.57%17.05%0.31%12.87%-6.21%12.96%-6.84%15.07%

Returns By Period

In the year-to-date period, ZEM.TO achieves a 5.85% return, which is significantly lower than ZDI.TO's 6.64% return. Both investments have delivered pretty close results over the past 10 years, with ZEM.TO having a 8.75% annualized return and ZDI.TO not far ahead at 9.14%.

ZEM.TO

1D
3.49%
1M
-7.48%
YTD
5.85%
6M
8.61%
1Y
30.27%
3Y*
17.10%
5Y*
5.87%
10Y*
8.75%

ZDI.TO

1D
2.56%
1M
-4.38%
YTD
6.64%
6M
9.28%
1Y
18.85%
3Y*
16.10%
5Y*
12.61%
10Y*
9.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO MSCI Emerging Markets Index ETF

BMO International Dividend ETF

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Often compared with ZDI.TO:
ZDI.TO vs. VFV.TOZDI.TO vs. XEI.TOZDI.TO vs. HXX.TOZDI.TO vs. VYMIZDI.TO vs. XEF.TOZDI.TO vs. ZWC.TOZDI.TO vs. XEF-U.TO

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

ZEM.TO has a 0.27% expense ratio, which is lower than ZDI.TO's 0.44% expense ratio.

ZDI.TO
BMO International Dividend ETF
ZEM.TO
BMO MSCI Emerging Markets Index ETF

Return for Risk

ZEM.TO vs. ZDI.TO — 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: 8282
Overall Rank
ZEM.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZEM.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
ZEM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZEM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
ZEM.TO Martin Ratio Rank: 8282
Martin Ratio Rank
ZDI.TO
ZDI.TO Risk / Return Rank: 6868
Overall Rank
ZDI.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ZDI.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
ZDI.TO Omega Ratio Rank: 6969
Omega Ratio Rank
ZDI.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZDI.TO Martin Ratio Rank: 6666
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. ZDI.TO - Risk-Adjusted Trends Comparison

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

ZEM.TOZDI.TODifference

Sharpe ratio

Return per unit of total volatility

1.45

1.22

+0.23

Sortino ratio

Return per unit of downside risk

2.02

1.70

+0.32

Omega ratio

Gain probability vs. loss probability

1.30

1.25

+0.05

Calmar ratio

Return relative to maximum drawdown

2.66

1.64

+1.02

Martin ratio

Return relative to average drawdown

8.76

6.45

+2.32

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. ZDI.TO - Sharpe Ratio Comparison

The current ZEM.TO Sharpe Ratio is 1.45, which is comparable to the ZDI.TO Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of ZEM.TO and ZDI.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZEM.TOZDI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.45

1.22

+0.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.98

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

0.58

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

0.52

-0.17

Correlation

The correlation between ZEM.TO and ZDI.TO is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZEM.TO vs. ZDI.TO - Dividend Comparison

ZEM.TO's dividend yield for the trailing twelve months is around 2.11%, less than ZDI.TO's 3.15% yield.

TTM20252024202320222021202020192018201720162015
ZEM.TO
BMO MSCI Emerging Markets Index ETF		2.11%2.23%2.56%2.87%2.89%2.50%1.69%2.42%2.20%1.76%4.19%2.45%
ZDI.TO
BMO International Dividend ETF		3.15%3.34%3.94%4.15%3.99%3.72%4.96%4.92%5.23%4.23%4.62%4.26%

Drawdowns

ZEM.TO vs. ZDI.TO - Drawdown Comparison

The maximum ZEM.TO drawdown since its inception was -34.79%, roughly equal to the maximum ZDI.TO drawdown of -33.89%. Use the drawdown chart below to compare losses from any high point for ZEM.TO and ZDI.TO.

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Drawdown Indicators

ZEM.TOZDI.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.79%

-33.89%

-0.90%

Max Drawdown (1Y)

Largest decline over 1 year

-11.64%

-11.30%

-0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-30.69%

-18.97%

-11.72%

Max Drawdown (10Y)

Largest decline over 10 years

-34.79%

-33.89%

-0.90%

Current Drawdown

Current decline from peak

-8.56%

-4.76%

-3.80%

Average Drawdown

Average peak-to-trough decline

-10.09%

-4.89%

-5.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.53%

2.87%

+0.66%

Volatility

ZEM.TO vs. ZDI.TO - Volatility Comparison

BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a higher volatility of 13.62% compared to BMO International Dividend ETF (ZDI.TO) at 6.83%. This indicates that ZEM.TO's price experiences larger fluctuations and is considered to be riskier than ZDI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZEM.TOZDI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

13.62%

6.83%

+6.79%

Volatility (6M)

Calculated over the trailing 6-month period

16.72%

9.99%

+6.73%

Volatility (1Y)

Calculated over the trailing 1-year period

20.92%

15.48%

+5.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.71%

12.92%

+3.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

15.74%

+2.54%