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

ZEM.TO vs. ZLE.TO

Last updated Jul 18, 2026
Documentation

ZEM.TO (BMO MSCI Emerging Markets Index ETF) and ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) are both Emerging Markets Equities funds from BMO. Over the past 10 years, ZEM.TO returned 9.49%/yr vs 4.92%/yr for ZLE.TO. At a 0.43 correlation, their price movements are largely independent. ZEM.TO charges 0.27%/yr vs 0.45%/yr for ZLE.TO.

Performance

ZEM.TO vs. ZLE.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 Low Volatility Emerging Markets Equity ETF (ZLE.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, ZEM.TO achieves a 18.84% return, which is significantly lower than ZLE.TO's 22.36% return. Over the past 10 years, ZEM.TO has outperformed ZLE.TO with an annualized return of 9.49%, while ZLE.TO has yielded a comparatively lower 4.92% annualized return.

ZEM.TO

1D
-1.60%
1M
-8.59%
6M
10.76%
YTD
18.84%
1Y
34.34%
3Y*
21.25%
5Y*
8.15%
10Y*
9.49%

ZLE.TO

1D
-0.71%
1M
-7.86%
6M
16.31%
YTD
22.36%
1Y
32.23%
3Y*
19.28%
5Y*
8.19%
10Y*
4.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZEM.TO
BMO MSCI Emerging Markets Index ETF		18.84%27.66%15.21%7.38%-15.80%-2.64%16.38%13.23%-8.06%30.19%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		22.36%18.71%15.26%6.15%-11.98%-6.43%-1.08%11.00%-7.15%14.79%

Correlation

The correlation between ZEM.TO and ZLE.TO is 0.61, 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

0.61

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

0.48

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

0.41

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

0.43

Correlation (All Time)
Calculated using the full available price history since May 17, 2016

0.43

The correlation between ZEM.TO and ZLE.TO shifts across timeframes, from 0.41 (5 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZEM.TO
ZLE.TO

Technology

43.4%
39.6%

Financial Services

18.3%
15.0%

Consumer Cyclical

8.8%
5.9%

Industrials

6.8%
7.0%

Communication Services

6.0%
8.9%

Basic Materials

5.6%
1.7%

Energy

3.5%
3.4%

Consumer Defensive

2.7%
6.9%

Healthcare

2.4%
7.4%

Utilities

1.7%
4.0%

Real Estate

0.7%
0.2%

Technology

ZEM.TO
43.4%
ZLE.TO
39.6%

Financial Services

ZEM.TO
18.3%
ZLE.TO
15.0%

Consumer Cyclical

ZEM.TO
8.8%
ZLE.TO
5.9%

Industrials

ZEM.TO
6.8%
ZLE.TO
7.0%

Communication Services

ZEM.TO
6.0%
ZLE.TO
8.9%

Basic Materials

ZEM.TO
5.6%
ZLE.TO
1.7%

Energy

ZEM.TO
3.5%
ZLE.TO
3.4%

Consumer Defensive

ZEM.TO
2.7%
ZLE.TO
6.9%

Healthcare

ZEM.TO
2.4%
ZLE.TO
7.4%

Utilities

ZEM.TO
1.7%
ZLE.TO
4.0%

Real Estate

ZEM.TO
0.7%
ZLE.TO
0.2%

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

BMO Low Volatility Emerging Markets Equity 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. ZCN.TOZEM.TO vs. xec.TO
Often compared with ZLE.TO:
ZLE.TO vs. XEM.TOZLE.TO vs. XSEM.TOZLE.TO vs. VEE.TOZLE.TO vs. XEC.TOZLE.TO vs. ZDV.TOZLE.TO vs. ZEQT.TOZLE.TO vs. ZEB.TO

Return for Risk

ZEM.TO vs. ZLE.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: 5858
Overall Rank
ZEM.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZEM.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
ZEM.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZEM.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZEM.TO Martin Ratio Rank: 6464
Martin Ratio Rank
ZLE.TO
ZLE.TO Risk / Return Rank: 7474
Overall Rank
ZLE.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
ZLE.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZLE.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZLE.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ZLE.TO Martin Ratio Rank: 7777
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. ZLE.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 Low Volatility Emerging Markets Equity ETF (ZLE.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.

ZEM.TOZLE.TODifference
Sharpe ratioReturn per unit of total volatility
1.40
1.78

-0.37

Sortino ratioReturn per unit of downside risk
1.97
2.34

-0.37

Omega ratioGain probability vs. loss probability

1.28

1.34

-0.06

Calmar ratioReturn relative to maximum drawdown

2.77

2.90

-0.14

Martin ratioReturn relative to average drawdown

8.87

10.54

-1.68

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

The current ZEM.TO Sharpe Ratio is 1.40, which is comparable to the ZLE.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of ZEM.TO and ZLE.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

ZEM.TO vs. ZLE.TO - Drawdown Comparison

The maximum ZEM.TO drawdown since its inception was -34.79%, which is greater than ZLE.TO's maximum drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for ZEM.TO and ZLE.TO.

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Drawdown Indicators

ZEM.TOZLE.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.79%

-31.71%

-3.08%

Max Drawdown (1Y)

Largest decline over 1 year

-12.48%

-11.16%

-1.32%

Max Drawdown (3Y)

Largest decline over 3 years

-13.59%

-11.16%

-2.43%

Max Drawdown (5Y)

Largest decline over 5 years

-29.50%

-25.56%

-3.94%

Max Drawdown (10Y)

Largest decline over 10 years

-34.79%

-31.71%

-3.08%

Current Drawdown

Current decline from peak

-12.48%

-11.16%

-1.32%

Average Drawdown

Average peak-to-trough decline

-10.13%

-9.39%

-0.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.88%

3.06%

+0.82%

Volatility

ZEM.TO vs. ZLE.TO - Volatility Comparison

BMO MSCI Emerging Markets Index ETF (ZEM.TO) has a higher volatility of 10.41% compared to BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) at 9.73%. This indicates that ZEM.TO's price experiences larger fluctuations and is considered to be riskier than ZLE.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.TOZLE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.41%

9.73%

+0.68%

Volatility (6M)

Calculated over the trailing 6-month period

22.83%

16.06%

+6.77%

Volatility (1Y)

Calculated over the trailing 1-year period

24.58%

18.21%

+6.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.11%

13.90%

+4.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.84%

14.57%

+4.27%

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

ZEM.TO has a 0.27% expense ratio, which is lower than ZLE.TO's 0.45% expense ratio.

Dividends

ZEM.TO vs. ZLE.TO - Dividend Comparison

ZEM.TO's dividend yield for the trailing twelve months is around 1.88%, less than ZLE.TO's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
ZEM.TO
BMO MSCI Emerging Markets Index ETF		1.88%2.23%2.56%2.87%2.89%2.50%1.69%2.42%2.20%1.76%1.85%2.45%
ZLE.TO
BMO Low Volatility Emerging Markets Equity ETF		2.56%3.13%3.61%3.54%3.62%2.21%2.11%1.82%2.13%1.39%0.76%0.00%

Frequently Asked Questions

ZEM.TO and ZLE.TO have a correlation of 0.61, 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 0.45% for ZLE.TO.

Their fees differ too: 0.27% for ZEM.TO and 0.45% for ZLE.TO.

Portfolio Optimizer

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