ZLE.TO vs. CWO.NEO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 10.45%/yr for CWO.NEO. At a 0.39 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.73%/yr for CWO.NEO.
Performance
ZLE.TO vs. CWO.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZLE.TO achieves a 34.50% return, which is significantly higher than CWO.NEO's 11.04% return. Over the past 10 years, ZLE.TO has underperformed CWO.NEO with an annualized return of 6.17%, while CWO.NEO has yielded a comparatively higher 10.45% annualized return.
ZLE.TO
- 1D
- 1.49%
- 1M
- 6.37%
- YTD
- 34.50%
- 6M
- 31.59%
- 1Y
- 47.27%
- 3Y*
- 24.48%
- 5Y*
- 10.16%
- 10Y*
- 6.17%
CWO.NEO
- 1D
- 0.36%
- 1M
- -0.36%
- YTD
- 11.04%
- 6M
- 11.02%
- 1Y
- 27.50%
- 3Y*
- 21.56%
- 5Y*
- 11.09%
- 10Y*
- 10.45%
ZLE.TO vs. CWO.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 34.50% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 11.00% | -7.15% | 14.79% |
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 11.04% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 10.86% | -0.29% | 17.16% |
Correlation
The correlation between ZLE.TO and CWO.NEO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.39 |
The correlation between ZLE.TO and CWO.NEO shifts across timeframes, from 0.38 (5 years) to 0.56 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZLE.TO vs. CWO.NEO — Risk / Return Rank
ZLE.TO
CWO.NEO
ZLE.TO vs. CWO.NEO - 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 iShares Emerging Markets Fundamental Index ETF (CWO.NEO). 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 | CWO.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.33 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 2.55 | +3.28 |
| Martin ratioReturn relative to average drawdown | 18.60 | 9.18 | +9.42 |
Loading charts...
Drawdowns
ZLE.TO vs. CWO.NEO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, roughly equal to the maximum CWO.NEO drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and CWO.NEO.
Loading charts...
Drawdown Indicators
| ZLE.TO | CWO.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -31.99% | +0.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -10.90% | +2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -17.12% | +6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -24.80% | -0.94% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -31.97% | +0.26% |
Current DrawdownCurrent decline from peak | -2.34% | -3.82% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -10.26% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 3.01% | -0.46% |
Volatility
ZLE.TO vs. CWO.NEO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) has a higher volatility of 8.77% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 6.80%. This indicates that ZLE.TO's price experiences larger fluctuations and is considered to be riskier than CWO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZLE.TO | CWO.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 6.80% | +1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 13.73% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 16.35% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 16.87% | -3.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 17.46% | -3.04% |
ZLE.TO vs. CWO.NEO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.
Dividends
ZLE.TO vs. CWO.NEO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, less than CWO.NEO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.68% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 2.33% | 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
ZLE.TO and CWO.NEO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZLE.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZLE.TO is cheaper with a 0.45% expense ratio, compared with 0.73% for CWO.NEO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZLE.TO and 0.73% for CWO.NEO.
Find the right allocation for ZLE.TO and CWO.NEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer