ZLE.TO vs. DRFE.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both Emerging Markets Equities funds. Over the past 5 years, ZLE.TO returned 8.19%/yr vs 11.04%/yr for DRFE.TO. At a 0.38 correlation, their price movements are largely independent.
Performance
ZLE.TO vs. DRFE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLE.TO achieves a 22.36% return, which is significantly higher than DRFE.TO's 17.85% return.
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%
DRFE.TO
- 1D
- -1.72%
- 1M
- -8.01%
- 6M
- 10.15%
- YTD
- 17.85%
- 1Y
- 22.92%
- 3Y*
- 20.19%
- 5Y*
- 11.04%
- 10Y*
- —
ZLE.TO vs. DRFE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 22.36% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 3.32% |
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 17.85% | 21.25% | 18.51% | 10.59% | -8.03% | 4.88% | 7.49% | 0.47% |
Correlation
The correlation between ZLE.TO and DRFE.TO is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.38 |
Over the past year, ZLE.TO and DRFE.TO have become more correlated (0.60) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
ZLE.TO vs. DRFE.TO — Risk / Return Rank
ZLE.TO
DRFE.TO
ZLE.TO vs. DRFE.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 Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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 | DRFE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.22 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 1.87 | +1.03 |
| Martin ratioReturn relative to average drawdown | 10.54 | 5.81 | +4.74 |
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Drawdowns
ZLE.TO vs. DRFE.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, which is greater than DRFE.TO's maximum drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and DRFE.TO.
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Drawdown Indicators
| ZLE.TO | DRFE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -25.26% | -6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -12.31% | +1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -14.27% | +3.11% |
Max Drawdown (5Y)Largest decline over 5 years | -25.56% | -21.05% | -4.51% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | — | — |
Current DrawdownCurrent decline from peak | -11.16% | -11.00% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -6.88% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 3.96% | -0.90% |
Volatility
ZLE.TO vs. DRFE.TO - Volatility Comparison
BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) have volatilities of 9.73% and 9.91%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLE.TO | DRFE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.73% | 9.91% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 19.43% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 21.09% | -2.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 16.61% | -2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 17.23% | -2.66% |
Dividends
ZLE.TO vs. DRFE.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.56%, more than DRFE.TO's 1.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 1.65% | 2.10% | 2.60% | 3.04% | 3.00% | 2.49% | 2.45% | 2.05% | 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
ZLE.TO and DRFE.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Desjardins.
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