ZLE.TO vs. XEC.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both Emerging Markets Equities funds. Over the past 10 years, ZLE.TO returned 6.17%/yr vs 10.53%/yr for XEC.TO. At a 0.47 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.28%/yr for XEC.TO.
Performance
ZLE.TO vs. XEC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLE.TO achieves a 34.50% return, which is significantly higher than XEC.TO's 28.16% return. Over the past 10 years, ZLE.TO has underperformed XEC.TO with an annualized return of 6.17%, while XEC.TO has yielded a comparatively higher 10.53% 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%
XEC.TO
- 1D
- 1.13%
- 1M
- 2.51%
- YTD
- 28.16%
- 6M
- 28.16%
- 1Y
- 47.30%
- 3Y*
- 24.94%
- 5Y*
- 9.87%
- 10Y*
- 10.53%
ZLE.TO vs. XEC.TO - 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% |
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 28.16% | 25.78% | 16.14% | 7.92% | -14.76% | -1.75% | 15.08% | 11.54% | -8.26% | 27.93% |
Correlation
The correlation between ZLE.TO and XEC.TO is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 17, 2016 | 0.47 |
The correlation between ZLE.TO and XEC.TO shifts across timeframes, from 0.46 (5 years) to 0.66 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZLE.TO vs. XEC.TO — Risk / Return Rank
ZLE.TO
XEC.TO
ZLE.TO vs. XEC.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 iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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 | XEC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.43 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 4.22 | +1.61 |
| Martin ratioReturn relative to average drawdown | 18.60 | 13.88 | +4.72 |
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Drawdowns
ZLE.TO vs. XEC.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, roughly equal to the maximum XEC.TO drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and XEC.TO.
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Drawdown Indicators
| ZLE.TO | XEC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -32.54% | +0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -11.25% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -15.07% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -28.72% | +2.98% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | -32.54% | +0.83% |
Current DrawdownCurrent decline from peak | -2.34% | -3.77% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -9.54% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 3.42% | -0.87% |
Volatility
ZLE.TO vs. XEC.TO - Volatility Comparison
The current volatility for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) is 8.77%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 11.49%. This indicates that ZLE.TO experiences smaller price fluctuations and is considered to be less risky than XEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLE.TO | XEC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 11.49% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 19.25% | -4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 20.99% | -4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 16.63% | -3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 17.82% | -3.40% |
ZLE.TO vs. XEC.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than XEC.TO's 0.28% expense ratio.
Dividends
ZLE.TO vs. XEC.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than XEC.TO's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 1.53% | 1.92% | 2.03% | 2.15% | 2.19% | 2.78% | 1.64% | 2.87% | 2.66% | 2.13% | 1.80% | 2.19% |
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 XEC.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.45% for ZLE.TO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.45% for ZLE.TO and 0.28% for XEC.TO.
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