ZLE.TO vs. XSEM.TO
ZLE.TO (BMO Low Volatility Emerging Markets Equity ETF) and XSEM.TO (iShares ESG Aware MSCI Emerging Markets Index ETF) are both Emerging Markets Equities funds. Over the past 5 years, ZLE.TO returned 10.16%/yr vs 8.49%/yr for XSEM.TO. At a 0.42 correlation, their price movements are largely independent. ZLE.TO charges 0.45%/yr vs 0.32%/yr for XSEM.TO.
Performance
ZLE.TO vs. XSEM.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 XSEM.TO's 26.64% 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%
XSEM.TO
- 1D
- 1.35%
- 1M
- 3.63%
- YTD
- 26.64%
- 6M
- 25.90%
- 1Y
- 44.41%
- 3Y*
- 24.23%
- 5Y*
- 8.49%
- 10Y*
- —
ZLE.TO vs. XSEM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZLE.TO BMO Low Volatility Emerging Markets Equity ETF | 34.50% | 18.71% | 15.26% | 6.15% | -11.98% | -6.43% | -1.08% | 1.77% |
XSEM.TO iShares ESG Aware MSCI Emerging Markets Index ETF | 26.64% | 27.51% | 14.79% | 7.01% | -17.30% | -3.60% | 15.64% | 5.18% |
Correlation
The correlation between ZLE.TO and XSEM.TO is 0.64, 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 | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019 | 0.42 |
Over the past year, ZLE.TO and XSEM.TO have become more correlated (0.64) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
ZLE.TO vs. XSEM.TO — Risk / Return Rank
ZLE.TO
XSEM.TO
ZLE.TO vs. XSEM.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 ESG Aware MSCI Emerging Markets Index ETF (XSEM.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 | XSEM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.38 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 5.83 | 3.63 | +2.20 |
| Martin ratioReturn relative to average drawdown | 18.60 | 12.39 | +6.21 |
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Drawdowns
ZLE.TO vs. XSEM.TO - Drawdown Comparison
The maximum ZLE.TO drawdown since its inception was -31.71%, smaller than the maximum XSEM.TO drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for ZLE.TO and XSEM.TO.
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Drawdown Indicators
| ZLE.TO | XSEM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.71% | -37.09% | +5.38% |
Max Drawdown (1Y)Largest decline over 1 year | -8.15% | -12.30% | +4.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.91% | -15.18% | +4.27% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -32.59% | +6.85% |
Max Drawdown (10Y)Largest decline over 10 years | -31.71% | — | — |
Current DrawdownCurrent decline from peak | -2.34% | -3.35% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -9.40% | -13.11% | +3.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.55% | 3.60% | -1.05% |
Volatility
ZLE.TO vs. XSEM.TO - Volatility Comparison
The current volatility for BMO Low Volatility Emerging Markets Equity ETF (ZLE.TO) is 8.77%, while iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.TO) has a volatility of 11.58%. This indicates that ZLE.TO experiences smaller price fluctuations and is considered to be less risky than XSEM.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 | XSEM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.77% | 11.58% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 20.09% | -5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.54% | 22.17% | -5.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 17.76% | -4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.42% | 18.65% | -4.23% |
ZLE.TO vs. XSEM.TO - Expense Ratio Comparison
ZLE.TO has a 0.45% expense ratio, which is higher than XSEM.TO's 0.32% expense ratio.
Dividends
ZLE.TO vs. XSEM.TO - Dividend Comparison
ZLE.TO's dividend yield for the trailing twelve months is around 2.33%, more than XSEM.TO's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
XSEM.TO iShares ESG Aware MSCI Emerging Markets Index ETF | 1.48% | 1.78% | 2.08% | 1.10% | 2.25% | 2.45% | 1.14% | 2.41% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
ZLE.TO and XSEM.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSEM.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSEM.TO is cheaper with a 0.32% 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 0.32% for XSEM.TO.
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