A side-by-side comparison of BMO MSCI Emerging Markets Index ETF (ZEM) and iShares MSCI Emerging Markets ex China (EMXC) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZEM | EMXC |
|---|---|---|
| YTD Return | +14.00%✓ | -8.71% |
| 1-Day Change | -1.32%✓ | -1.66% |
| 1-Week Change | +1.16% | +1.91%✓ |
| 1-Month Change | -8.43% | -6.24%✓ |
| Current Price | $31.51 | $92.90 |
| AUM | $3.54B | $26.37B✓ |
| MER (Expense Ratio) | — | 0.25% |
| Dividend Yield | 1.73% | 2.00%✓ |
| Distribution Frequency | Annually | — |
| Inception Date | 2009-10-20 | 2017-07-18 |
| Holdings Count | 8 | 541 |
| MorningStar Rating | — | — |
| Category | Emerging Markets Equity | Emerging Markets Equity |
| Beta | 0.97 | 1.20 |
| 52-Week High | $36.49 | $107.12 |
| 52-Week Low | $25.92 | $66.95 |
| 50-Day MA | $33.46 | $97.92 |
| 200-Day MA | $31.88 | $91.70 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZEM | EMXC |
|---|---|---|
| YTD | +14.00%✓ | -8.71% |
| 1 Year | +15.06% | +30.74%✓ |
| 3 Year | +22.93% | +27.89%✓ |
| 5 Year | +9.19% | +10.91%✓ |
| 10 Year | +8.38%✓ | +0.00% |
| 1Y Volatility | 20.08% | 28.70% |
| Sharpe Ratio (3Y) | 1.39 | 1.14 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | 2330 | Taiwan Semiconductor Manufacturing Co. Ltd. | 14.60% |
| 2 | 005930 | Samsung Electronics Co Ltd | 7.10% |
| 3 | EEM | iShares MSCI Emerging Markets ETF | 6.56% |
| 4 | 000660 | SK Hynix Inc. | 5.48% |
| 5 | 0700 | Tencent Holdings Ltd | 2.67% |
| 6 | 2454 | MediaTek Inc | 1.77% |
| 7 | 9988 | Alibaba Group Holding Ltd | 1.76% |
| 8 | 2308 | Delta Electronics Inc | 0.83% |
| 1 | 2330 | Taiwan Semiconductor Manufacturing Co. Ltd. | 19.84% |
| 2 | 005930 | Samsung Electronics Co Ltd | 8.41% |
| 3 | 000660 | SK Hynix Inc | 6.22% |
| 4 | 2454 | MediaTek Inc | 1.83% |
| 5 | 005935 | Samsung Electronics Co Pref | 1.15% |
| 6 | 2317 | Hon Hai Precision Industry Co Ltd | 1.03% |
| 7 | 2308 | Delta Electronics Inc | 1.00% |
| 8 | HDFCBANK | HDFC Bank Limited | 0.92% |
| 9 | ICICIBANK | ICICI Bank Limited | 0.85% |
| 10 | RELIANCE | Reliance Industries Limited | 0.79% |
Sector Weights
| Sector | ZEM | EMXC |
|---|---|---|
| Basic Materials | 5.42% | 5.90% |
| Communication Services | 5.69% | 3.15% |
| Consumer Cyclicals | 7.34% | 3.96% |
| Consumer Defensive | 2.41% | 2.55% |
| Energy | 3.54% | 3.91% |
| Financial Services | 19.51% | 19.53% |
| Healthcare | 2.88% | 2.11% |
| Industrials | 6.01% | 6.29% |
| Real Estate | 0.85% | 0.83% |
| Technology | 44.63% | 51.19% |
| Utilities | 1.67% | 1.95% |
About ZEM
The BMO MSCI Emerging Markets Index ETF has been designed to replicate, to the extent possible, the performance of the MSCI Emerging Markets Index, net of expenses. The Fund invests in emerging markets equity. The Manager may use a sampling methodology in selecting investments for the Fund. The Fund may also invest in or hold securities intended to replicate the performance of the Index. In addition, as ZEM may hold other underlying ETFs, the management fees charged are reduced by the management…
About EMXC
The fund generally will invest at least 80% of its assets in the component securities of the index and in investments that have economic characteristics that are substantially identical to the component securities of its index. The index is a free float-adjusted market capitalization-weighted index that captures large- and mid-capitalization stocks across 23 of the 24 Emerging Markets countries, excluding China. The fund is non-diversified.
Which ETF is Right for You?
Both ZEM and EMXC are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, EMXC scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between ZEM and EMXC?
ZEM (BMO MSCI Emerging Markets Index ETF) and EMXC (iShares MSCI Emerging Markets ex China) are both Canadian-listed ETFs. Key differences include their AUM ($3.54B vs $26.37B), dividend yield (1.73% vs 2.00%), and year-to-date performance (+14.00% vs -8.71%).
Is ZEM better than EMXC?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZEM has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZEM and EMXC on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZEM and EMXC should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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