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Compare iShares S&P/TSX Global Base Metals Index ETF (XBM) vs BMO Equal Weight Global Base Metals Hedged to CAD Index ETF (ZMT) to find the best fit for your portfolio. XBM and ZMT provide the same top sector exposures: Non-Energy Materials and Industrials. When evaluating costs, XBM features a management fee (MER) of 0.55%, compared to 0.55% for ZMT. Performance-wise, XBM has returned 3.95% year-to-date with +$186 M in net flows, whereas ZMT is at 2.71% with +$18 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XBM
ZMT
| AuM | $516.42 M | $65.60 M |
| Management Fees | 0.55% | 0.55% |
| Exp. ratio | 0.60% | 0.61% |
| Tracking Difference | -0.83% | -0.42% |
Historical performance and flows
As of October 23, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XBM | -16.60% | -10.32% | +3.95% | +17.60% | +84.09% |
ZMT | -20.32% | -17.75% | -2.71% | +3.85% | +118.32% | |
| Flows | XBM | -$7 M | -$10 M | +$186 M | +$206 M | +$201 M |
ZMT | +$0 M | +$0 M | +$18 M | +$29 M | +$22 M |
XBM vs ZMT exposure
Countries
XBM
Canada
42.47%
USA
32.44%
Australia
10.73%
United Kingdom
9.85%
ZMT
Canada
53.10%
USA
30.77%
Other
16.13%
Sectors
XBM
Non-Energy Materials
99.42%
ZMT
Non-Energy Materials
98.16%
As of October 23, 2026
Top 10 Holdings
XBM
Freeport-McMoRan, Inc.
11.18%
Teck Resources Limited
10.42%
BHP Group Ltd.
10.38%
Rio Tinto Plc
9.48%
First Quantum Minerals Ltd.
7.87%
Lundin Mining Corp.
6.34%
Southern Copper Corp.
6.18%
Alcoa Corp.
4.62%
Hudbay Minerals, Inc.
4.44%
MP Materials Corp.
2.60%
ZMT
Hudbay Minerals, Inc.
5.74%
China Gold International Resources Corp. Ltd.
3.29%
Amerigo Resources Ltd.
3.24%
Luxfer Holdings Plc
3.11%
Altius Minerals Corp.
3.11%
First Quantum Minerals Ltd.
3.08%
Capstone Copper Corp.
3.06%
Ero Copper Corp.
3.05%
ATI, Inc.
3.04%
Teck Resources Limited
2.99%
Diversification
XBM
Total weight of top 10 holdings out of 54 total
73.50%
ZMT
Total weight of top 10 holdings out of 40 total
33.71%
Characteristics
Compare
XBM
ZMT
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Global Base Metals Total Return Index - CAD | Solactive Equal Weight Global Base Metals Canadian Dollar Hedged Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.80% | 0.21% |
| Meets ESG criteria | No | No |
| Inception Date | April 12, 2011 | October 20, 2009 |
Frequently asked questions about XBM and ZMT
Which ETF has performed better year to date: XBM or ZMT?
As of October 23, 2026, XBM has returned 3.95% year to date, while ZMT has returned -2.71%. XBM is ahead on YTD performance.
Which ETF is larger by assets under management: XBM or ZMT?
As of October 23, 2026, XBM manages $516.42 M in assets, while ZMT manages $65.60 M. XBM is the larger fund by AUM.
How are XBM and ZMT managed?
XBM is passively managed by iShares. It tracks the S&P/TSX Global Base Metals Total Return Index - CAD benchmark. ZMT is passively managed by BMO. It tracks the Solactive Equal Weight Global Base Metals Canadian Dollar Hedged Index - CAD benchmark.
What sectors do XBM and ZMT emphasize?
XBM is most exposed to Non-Energy Materials and Industrials. ZMT is most exposed to Non-Energy Materials and Industrials.
Which ETF is attracting more investor flows: XBM or ZMT?
Year to date, XBM has seen +$185.59 M in net flows, compared with +$18.17 M for ZMT. XBM has attracted more net investor money so far.
How do the fees of XBM and ZMT compare?
XBM has an expense ratio of 0.60%, while ZMT has an expense ratio of 0.61%.
What are the top holdings of XBM and ZMT?
XBM's largest holdings include Freeport-McMoRan, Inc., Teck Resources Limited, and BHP Group Ltd.. ZMT's top holdings include Hudbay Minerals, Inc., China Gold International Resources Corp. Ltd., and Amerigo Resources Ltd..
Which ETF is more diversified: XBM or ZMT?
XBM holds 54 securities, while ZMT holds 40. On holdings count, XBM is the more diversified portfolio.
Recent articles about XBM and ZMT
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Posted on 10/16/2026 by Kyle Anthony inDividends
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