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Compare iShares Core MSCI Emerging Markets IMI Index ETF (XEC) vs BMO MSCI Emerging Markets Index ETF (ZEM) to find the best fit for your portfolio. XEC and ZEM provide the same top sector exposures: Technology, Finance, and Non-Energy Materials. When evaluating costs, XEC features a management fee (MER) of 0.25%, compared to 0.25% for ZEM. Performance-wise, XEC has returned 19.09% year-to-date with +$729 M in net flows, whereas ZEM is at 19.4% with +$781 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
XEC
ZEM
| AuM | $4,406.96 M | $3,306.74 M |
| Management Fees | 0.25% | 0.25% |
| Exp. ratio | 0.28% | 0.27% |
| Tracking Difference | - | 1.43% |
Historical performance and flows
As of July 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XEC | -6.69% | +3.74% | +19.09% | +32.48% | +77.35% |
ZEM | -6.43% | +3.58% | +19.40% | +34.14% | +78.34% | |
| Flows | XEC | +$110 M | +$225 M | +$729 M | +$1,138 M | +$1,769 M |
ZEM | +$93 M | -$75 M | +$781 M | +$1,111 M | +$922 M |
XEC vs ZEM exposure
Countries
XEC
Taiwan
27.27%
Republic of Korea
22.37%
China
15.73%
India
12.20%
Other
22.43%
ZEM
Taiwan
27.28%
Republic of Korea
23.67%
China
17.19%
India
11.06%
Other
20.81%
Sectors
XEC
Technology
45.13%
Finance
19.69%
Non-Energy Materials
7.09%
Other
28.08%
ZEM
Technology
48.23%
Finance
20.33%
Other
31.44%
As of July 24, 2026
Top 10 Holdings
XEC
Taiwan Semiconductor Manufacturing Co., Ltd.
13.16%
Samsung Electronics Co., Ltd.
7.12%
SK hynix, Inc.
6.67%
Tencent Holdings Ltd.
2.38%
Alibaba Group Holding Ltd.
1.40%
MediaTek, Inc.
1.36%
Delta Electronics, Inc.
0.84%
Samsung Electronics Co., Ltd.
0.78%
SK Square Co. Ltd.
0.71%
Hon Hai Precision Industry Co., Ltd.
0.68%
ZEM
Taiwan Semiconductor Manufacturing Co., Ltd.
15.05%
Samsung Electronics Co., Ltd.
8.14%
SK hynix, Inc.
7.63%
Tencent Holdings Ltd.
2.73%
Alibaba Group Holding Ltd.
1.60%
MediaTek, Inc.
1.55%
Delta Electronics, Inc.
0.96%
Samsung Electronics Co., Ltd.
0.89%
SK Square Co. Ltd.
0.82%
Hon Hai Precision Industry Co., Ltd.
0.78%
Diversification
XEC
Total weight of top 10 holdings out of 3,005 total
35.10%
ZEM
Total weight of top 10 holdings out of 1,179 total
40.15%
Characteristics
Compare
XEC
ZEM
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets IMI Local Net Total Return Index - USD | MSCI Emerging Markets Net Total Return Index - CAD |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.65% | 1.87% |
| Meets ESG criteria | No | No |
| Inception Date | April 10, 2013 | October 20, 2009 |
Frequently asked questions about XEC and ZEM
Which ETF has performed better year to date: XEC or ZEM?
As of July 24, 2026, XEC has returned 19.09% year to date, while ZEM has returned 19.40%. ZEM is ahead on YTD performance.
Which ETF is larger by assets under management: XEC or ZEM?
As of July 24, 2026, XEC manages $4.41 B in assets, while ZEM manages $3.31 B. XEC is the larger fund by AUM.
How are XEC and ZEM managed?
XEC is passively managed by iShares. It tracks the MSCI Emerging Markets IMI Local Net Total Return Index - USD benchmark. ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark.
What sectors do XEC and ZEM emphasize?
XEC is most exposed to Technology, Finance, and Non-Energy Materials. ZEM is most exposed to Technology, Finance, and Non-Energy Materials.
Which ETF is attracting more investor flows: XEC or ZEM?
Year to date, XEC has seen +$728.74 M in net flows, compared with +$780.65 M for ZEM. ZEM has attracted more net investor money so far.
How do the fees of XEC and ZEM compare?
XEC has an expense ratio of 0.28%, while ZEM has an expense ratio of 0.27%.
What are the top holdings of XEC and ZEM?
XEC's largest holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc.. ZEM's top holdings include Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and SK hynix, Inc..
Which ETF is more diversified: XEC or ZEM?
XEC holds 2938 securities, while ZEM holds 1121. On holdings count, XEC is the more diversified portfolio.
Recent articles about XEC and ZEM
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