ZLE.TO vs. XEMC.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) are both Emerging Markets Equities funds. Over the past 3 years, ZLE.TO returned 19.28%/yr vs 24.68%/yr for XEMC.TO. At a 0.50 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.25%/yr for XEMC.TO.
Performance
ZLE.TO vs. XEMC.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 lower than XEMC.TO's 29.59% 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%
XEMC.TO
- 1D
- -1.36%
- 1M
- -10.47%
- 6M
- 19.95%
- YTD
- 29.59%
- 1Y
- 48.72%
- 3Y*
- 24.68%
- 5Y*
- —
- 10Y*
- —
ZLE.TO vs. XEMC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 22.36% | 18.71% | 15.26% | 3.16% |
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 29.59% | 28.28% | 10.87% | 12.07% |
Correlation
The correlation between ZLE.TO and XEMC.TO is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023 | 0.50 |
Over the past year, ZLE.TO and XEMC.TO have become more correlated (0.71) than their long-term average of 0.50, meaning their price movements have been converging.
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Return for Risk
ZLE.TO vs. XEMC.TO — Risk / Return Rank
ZLE.TO
XEMC.TO
ZLE.TO vs. XEMC.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 MSCI Emerging Markets ex China Index ETF (XEMC.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 | XEMC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.36 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 3.31 | -0.41 |
| Martin ratioReturn relative to average drawdown | 10.54 | 11.44 | -0.90 |
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Drawdowns
ZLE.TO vs. XEMC.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, which is greater than XEMC.TO's maximum drawdown of -14.78%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and XEMC.TO.
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Drawdown Indicators
| ZLE.TO | XEMC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -14.78% | -16.93% |
Max Drawdown (1Y)Largest decline over 1 year | -11.16% | -14.78% | +3.62% |
Max Drawdown (3Y)Largest decline over 3 years | -11.16% | -14.78% | +3.62% |
Max Drawdown (5Y)Largest decline over 5 years | -25.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | — | — |
Current DrawdownCurrent decline from peak | -11.16% | -14.78% | +3.62% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -2.33% | -7.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.06% | 4.27% | -1.21% |
Volatility
ZLE.TO vs. XEMC.TO - Volatility Comparison
The current volatility for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) is 9.73%, while iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a volatility of 11.82%. This indicates that ZLE.TO experiences smaller price fluctuations and is considered to be less risky than XEMC.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 | XEMC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.73% | 11.82% | -2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 16.06% | 24.10% | -8.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.21% | 25.74% | -7.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.90% | 17.66% | -3.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 17.66% | -3.09% |
ZLE.TO vs. XEMC.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than XEMC.TO's 0.25% expense ratio.
Dividends
ZLE.TO vs. XEMC.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.56%, more than XEMC.TO's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF | 1.82% | 2.48% | 2.28% | 1.67% | 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
ZLE.TO and XEMC.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEMC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEMC.TO is cheaper with a 0.25% 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 0.25% for XEMC.TO.
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