ZMT.TO vs. XMA.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO).

ZMT.TO and XMA.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMT.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Global Base Metals Index Canadian Dollar Hedged. It was launched on Oct 20, 2009. XMA.TO is a passively managed fund by iShares that tracks the performance of the S&P/TSX Capped Materials TR. It was launched on Dec 19, 2005. Both ZMT.TO and XMA.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZMT.TO vs. XMA.TO - 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 iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

ZMT.TO vs. XMA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	9.48%	63.17%	15.30%	14.54%	-6.65%	11.04%	14.70%	15.82%	-34.17%	37.76%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	10.45%	99.21%	20.72%	-2.04%	1.35%	3.31%	19.73%	24.63%	-10.46%	7.07%

Returns By Period

In the year-to-date period, ZMT.TO achieves a 9.48% return, which is significantly lower than XMA.TO's 10.45% return. Both investments have delivered pretty close results over the past 10 years, with ZMT.TO having a 15.66% annualized return and XMA.TO not far ahead at 16.34%.

ZMT.TO

• 1D: 7.64%
• 1M: -13.72%
• YTD: 9.48%
• 6M: 27.57%
• 1Y: 85.63%
• 3Y*: 28.28%
• 5Y*: 16.96%
• 10Y*: 15.66%

XMA.TO

• 1D: 6.30%
• 1M: -16.60%
• YTD: 10.45%
• 6M: 23.41%
• 1Y: 83.21%
• 3Y*: 34.16%
• 5Y*: 23.21%
• 10Y*: 16.34%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMT.TO vs. XMA.TO - Expense Ratio Comparison

ZMT.TO has a 0.61% expense ratio, which is higher than XMA.TO's 0.60% expense ratio.

ZMT.TO

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

XMA.TO

iShares S&P/TSX Capped Materials Index ETF

Return for Risk

ZMT.TO vs. XMA.TO — 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: 91
ZMT.TO Sharpe Ratio Rank: 92
ZMT.TO Sortino Ratio Rank: 91
ZMT.TO Omega Ratio Rank: 90
ZMT.TO Calmar Ratio Rank: 93
ZMT.TO Martin Ratio Rank: 89

XMA.TO

XMA.TO Risk / Return Rank: 92
XMA.TO Sharpe Ratio Rank: 94
XMA.TO Sortino Ratio Rank: 90
XMA.TO Omega Ratio Rank: 92
XMA.TO Calmar Ratio Rank: 91
XMA.TO Martin Ratio Rank: 92

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. XMA.TO - 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 iShares S&P/TSX Capped Materials Index ETF (XMA.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.

	ZMT.TO	XMA.TO	Difference
Sharpe ratio Return per unit of total volatility	2.12	2.28	-0.16
Sortino ratio Return per unit of downside risk	2.66	2.55	+0.11
Omega ratio Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio Return relative to maximum drawdown	3.58	3.13	+0.45
Martin ratio Return relative to average drawdown	11.07	12.52	-1.45
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. XMA.TO - Sharpe Ratio Comparison

The current ZMT.TO Sharpe Ratio is 2.12, which is comparable to the XMA.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZMT.TO and XMA.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZMT.TO	XMA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.28	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.87	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.62	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	-0.98	+0.98

Correlation

The correlation between ZMT.TO and XMA.TO is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZMT.TO vs. XMA.TO - Dividend Comparison

ZMT.TO's dividend yield for the trailing twelve months is around 0.19%, less than XMA.TO's 0.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZMT.TO BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged)	0.19%	0.21%	0.34%	0.87%	1.46%	2.82%	1.03%	2.34%	3.95%	1.29%	1.24%	1.10%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	0.36%	0.41%	0.83%	1.26%	1.24%	0.87%	0.63%	0.62%	0.72%	0.42%	0.82%	1.90%

Drawdowns

ZMT.TO vs. XMA.TO - Drawdown Comparison

The maximum ZMT.TO drawdown since its inception was -80.73%, smaller than the maximum XMA.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ZMT.TO and XMA.TO.

Drawdown Indicators

	ZMT.TO	XMA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-80.73%	-100.00%	+19.27%
Max Drawdown (1Y) Largest decline over 1 year	-23.81%	-26.96%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	-41.01%	-33.06%	-7.95%
Max Drawdown (10Y) Largest decline over 10 years	-67.51%	-33.06%	-34.45%
Current Drawdown Current decline from peak	-14.38%	-99.99%	+85.61%
Average Drawdown Average peak-to-trough decline	-43.56%	-100.00%	+56.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.70%	6.75%	+0.95%

Volatility

ZMT.TO vs. XMA.TO - Volatility Comparison

BMO S&P/TSX Equal Weight Global Base Metals (CAD Hedged) (ZMT.TO) has a higher volatility of 17.21% compared to iShares S&P/TSX Capped Materials Index ETF (XMA.TO) at 15.77%. This indicates that ZMT.TO's price experiences larger fluctuations and is considered to be riskier than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMT.TO	XMA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.21%	15.77%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	32.63%	31.17%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	40.64%	36.66%	+3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.30%	26.90%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.22%	26.57%	+6.65%