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ZMT.TO vs. SETM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMT.TO vs. SETM

Last updated Jun 4, 2026

ZMT.TO (BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)) and SETM (Sprott Energy Transition Materials ETF) are both Energy Equities funds - ZMT.TO tracks the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged while SETM tracks the Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross. Both are passively managed. Over the past 3 years, ZMT.TO returned 42.46%/yr vs 34.09%/yr for SETM. A 0.62 correlation means they provide meaningful diversification when combined. ZMT.TO charges 0.61%/yr vs 0.65%/yr for SETM.

Performance

ZMT.TO vs. SETM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Sprott Energy Transition Materials ETF (SETM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZMT.TO is traded in CAD, while SETM is traded in USD. To make them comparable, the SETM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMT.TO achieves a 39.44% return, which is significantly higher than SETM's 33.79% return.

ZMT.TO

1D
-3.52%
1M
16.19%
YTD
39.44%
6M
46.49%
1Y
109.69%
3Y*
42.46%
5Y*
20.69%
10Y*
17.71%

SETM

1D
0.00%
1M
8.45%
YTD
33.79%
6M
38.26%
1Y
156.86%
3Y*
34.09%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMT.TO vs. SETM - Yearly Performance Comparison

2026 (YTD)202520242023
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		39.44%63.17%15.30%-1.62%
SETM
Sprott Energy Transition Materials ETF		28.84%86.32%-5.79%-11.51%

Correlation

The correlation between ZMT.TO and SETM is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2023

0.62

The correlation between ZMT.TO and SETM has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.

ZMT.TO vs. SETM - Sectors Allocation Comparison

Sectors
ZMT.TO
SETM

Basic Materials

89.9%
73.2%

Industrials

10.1%
0.9%

Energy

3.7%
25.8%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

0.1%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

0.1%

Utilities

-

-

Basic Materials

ZMT.TO
89.9%
SETM
73.2%

Industrials

ZMT.TO
10.1%
SETM
0.9%

Energy

ZMT.TO
3.7%
SETM
25.8%

Communication Services

ZMT.TO

-

SETM

-

Consumer Cyclical

ZMT.TO

-

SETM

-

Consumer Defensive

ZMT.TO

-

SETM
0.1%

Financial Services

ZMT.TO

-

SETM

-

Healthcare

ZMT.TO

-

SETM

-

Real Estate

ZMT.TO

-

SETM

-

Technology

ZMT.TO

-

SETM
0.1%

Utilities

ZMT.TO

-

SETM

-

Compare stocks, funds, or ETFs

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BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)

Sprott Energy Transition Materials ETF

Often compared with ZMT.TO:
ZMT.TO vs. XBM.TOZMT.TO vs. ZGD.TOZMT.TO vs. COPPZMT.TO vs. COPXZMT.TO vs. SPYZMT.TO vs. REMXZMT.TO vs. ZEB.TO
Often compared with SETM:
SETM vs. XMESETM vs. REMXSETM vs. METLSETM vs. BCIMSETM vs. SPYDSETM vs. XETM.TOSETM vs. SGDM

Return for Risk

ZMT.TO vs. SETM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMT.TO
ZMT.TO Risk / Return Rank: 7878
Overall Rank
ZMT.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
ZMT.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
ZMT.TO Omega Ratio Rank: 7373
Omega Ratio Rank
ZMT.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
ZMT.TO Martin Ratio Rank: 7676
Martin Ratio Rank
SETM
SETM Risk / Return Rank: 8282
Overall Rank
SETM Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
SETM Sortino Ratio Rank: 7171
Sortino Ratio Rank
SETM Omega Ratio Rank: 7272
Omega Ratio Rank
SETM Calmar Ratio Rank: 9090
Calmar Ratio Rank
SETM Martin Ratio Rank: 8484
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZMT.TO vs. SETM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and Sprott Energy Transition Materials ETF (SETM). 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.

ZMT.TOSETMDifference
Sharpe ratioReturn per unit of total volatility
2.84
3.65

-0.81

Sortino ratioReturn per unit of downside risk
3.23
3.60

-0.36

Omega ratioGain probability vs. loss probability

1.44

1.49

-0.05

Calmar ratioReturn relative to maximum drawdown

4.63

6.32

-1.69

Martin ratioReturn relative to average drawdown

14.58

20.04

-5.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMT.TO vs. SETM - Sharpe Ratio Comparison

The current ZMT.TO Sharpe Ratio is 2.84, which is comparable to the SETM Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of ZMT.TO and SETM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZMT.TOSETMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.84

3.65

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.72

-0.72

Drawdowns

ZMT.TO vs. SETM - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -80.73%, which is greater than SETM's maximum drawdown of -40.13%. Use the drawdown chart below to compare losses from any high point for ZMT.TO and SETM.

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Drawdown Indicators

ZMT.TOSETMDifference

Max Drawdown

Largest peak-to-trough decline

-80.73%

-40.13%

-40.60%

Max Drawdown (1Y)

Largest decline over 1 year

-23.81%

-24.96%

+1.15%

Max Drawdown (3Y)

Largest decline over 3 years

-33.28%

-40.13%

+6.85%

Max Drawdown (5Y)

Largest decline over 5 years

-41.01%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-67.51%

—

—

Current Drawdown

Current decline from peak

-3.52%

-1.32%

-2.20%

Average Drawdown

Average peak-to-trough decline

-43.15%

-13.11%

-30.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.55%

7.86%

-0.31%

Volatility

ZMT.TO vs. SETM - Volatility Comparison

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a higher volatility of 14.55% compared to Sprott Energy Transition Materials ETF (SETM) at 12.66%. This indicates that ZMT.TO's price experiences larger fluctuations and is considered to be riskier than SETM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMT.TOSETMDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.55%

12.66%

+1.89%

Volatility (6M)

Calculated over the trailing 6-month period

31.86%

33.11%

-1.25%

Volatility (1Y)

Calculated over the trailing 1-year period

38.81%

43.20%

-4.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.74%

34.42%

-0.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.32%

34.42%

-1.10%

ZMT.TO vs. SETM - Expense Ratio Comparison

ZMT.TO has a 0.61% expense ratio, which is lower than SETM's 0.65% expense ratio.

Dividends

ZMT.TO vs. SETM - Dividend Comparison

ZMT.TO's dividend yield for the trailing twelve months is around 0.15%, less than SETM's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
SETM
Sprott Energy Transition Materials ETF		1.23%1.56%2.07%2.47%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZMT.TO
BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)		0.15%0.21%0.34%0.87%1.46%2.82%1.03%2.34%3.95%1.29%1.24%1.10%

Frequently Asked Questions

ZMT.TO and SETM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMT.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMT.TO is cheaper with a 0.61% expense ratio, compared with 0.65% for SETM.

ZMT.TO tracks Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged, while SETM tracks Nasdaq Sprott Energy Transition Materials Select Index - AUD - Benchmark TR Gross. They also come from different issuers: BMO and Sprott. Their fees differ too: 0.61% for ZMT.TO and 0.65% for SETM.

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