ZLE.TO vs. CAEM.TO

Last updated Jul 18, 2026

ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and CAEM.TO (Avantis CIBC Emerging Markets Equity ETF) are both Emerging Markets Equities funds. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

ZLE.TO vs. CAEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) and Avantis CIBC Emerging Markets Equity ETF (CAEM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

CAEM.TO

• 1D: -1.92%
• 1M: -8.02%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF	17.49%
CAEM.TO Avantis CIBC Emerging Markets Equity ETF	10.72%

Correlation

The correlation between ZLE.TO and CAEM.TO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 31, 2026	0.75

Return for Risk

ZLE.TO vs. CAEM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZLE.TO

ZLE.TO Risk / Return Rank: 74
ZLE.TO Sharpe Ratio Rank: 74
ZLE.TO Sortino Ratio Rank: 67
ZLE.TO Omega Ratio Rank: 76
ZLE.TO Calmar Ratio Rank: 76
ZLE.TO Martin Ratio Rank: 77

CAEM.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ZLE.TO vs. CAEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) and Avantis CIBC Emerging Markets Equity ETF (CAEM.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.

	ZLE.TO	CAEM.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.34	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.90	—	—
Martin ratio: Return relative to average drawdown	10.54	—	—

Drawdowns

ZLE.TO vs. CAEM.TO - Drawdown Comparison

The maximum ZLE.TO drawdown since its inception was -31.71%, which is greater than CAEM.TO's maximum drawdown of -11.37%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and CAEM.TO.

Drawdown Indicators

	ZLE.TO	CAEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.71%	-11.37%	-20.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.16%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.71%	—	—
Current Drawdown Current decline from peak	-11.16%	-11.37%	+0.21%
Average Drawdown Average peak-to-trough decline	-9.39%	-2.29%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	—	—

Volatility

Volatility by Period

	ZLE.TO	CAEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.21%	26.91%	-8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.90%	26.91%	-13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.57%	26.91%	-12.34%

Dividends

ZLE.TO vs. CAEM.TO - Dividend Comparison

ZLE.TO's dividend yield for the trailing twelve months is around 2.56%, more than CAEM.TO's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CAEM.TO Avantis CIBC Emerging Markets Equity ETF	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both ZLE.TO and CAEM.TO in my portfolio?

ZLE.TO and CAEM.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZLE.TO and CAEM.TO?

They also come from different issuers: BMO and CIBC.