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Compare iShares MSCI Emerging Markets Index ETF (XEM) vs BMO MSCI Emerging Markets Index ETF (ZEM) to find the best fit for your portfolio. XEM and ZEM provide the same top sector exposures: Technology, Finance, and Non-Energy Materials. When evaluating costs, XEM features a management fee (MER) of 0.82%, compared to 0.25% for ZEM. Performance-wise, XEM has returned 22.92% year-to-date with +$200 M in net flows, whereas ZEM is at 22.76% with +$905 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
XEM
ZEM
| AuM | $495.69 M | $3,523.24 M |
| Management Fees | 0.82% | 0.25% |
| Exp. ratio | 0.80% | 0.27% |
| Tracking Difference | - | -1.19% |
Historical performance and flows
As of September 14, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XEM | -0.65% | -5.78% | +22.92% | +28.32% | +83.27% |
ZEM | -1.11% | -5.10% | +22.76% | +29.46% | +84.45% | |
| Flows | XEM | +$5 M | +$58 M | +$200 M | +$204 M | +$140 M |
ZEM | +$88 M | +$100 M | +$905 M | +$1,153 M | +$1,229 M |
XEM vs ZEM exposure
Countries
XEM
Taiwan
25.85%
China
20.37%
Republic of Korea
17.67%
India
12.29%
Other
23.82%
ZEM
Taiwan
25.86%
China
20.39%
Republic of Korea
17.68%
India
12.30%
Other
23.77%
Sectors
XEM
Technology
41.61%
Finance
22.75%
Other
35.65%
ZEM
Technology
41.63%
Finance
22.76%
Other
35.60%
As of September 14, 2026
Top 10 Holdings
XEM
Taiwan Semiconductor Manufacturing Co., Ltd.
14.87%
Samsung Electronics Co., Ltd.
5.99%
SK hynix, Inc.
4.52%
Tencent Holdings Ltd.
3.29%
Alibaba Group Holding Ltd.
2.12%
MediaTek, Inc.
1.28%
China Construction Bank Corp.
0.89%
Delta Electronics, Inc.
0.82%
HDFC Bank Ltd.
0.78%
Hon Hai Precision Industry Co., Ltd.
0.77%
ZEM
Taiwan Semiconductor Manufacturing Co., Ltd.
14.88%
Samsung Electronics Co., Ltd.
5.99%
SK hynix, Inc.
4.52%
Tencent Holdings Ltd.
3.29%
Alibaba Group Holding Ltd.
2.12%
MediaTek, Inc.
1.28%
China Construction Bank Corp.
0.89%
Delta Electronics, Inc.
0.82%
HDFC Bank Ltd.
0.78%
Hon Hai Precision Industry Co., Ltd.
0.77%
Diversification
XEM
Total weight of top 10 holdings out of 1,179 total
35.32%
ZEM
Total weight of top 10 holdings out of 1,179 total
35.34%
Characteristics
Compare
XEM
ZEM
| Provider | iShares | BMO |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Emerging Markets 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 | 1.47% | 1.82% |
| Meets ESG criteria | No | No |
| Inception Date | June 18, 2009 | October 20, 2009 |
Frequently asked questions about XEM and ZEM
Which ETF has performed better year to date: XEM or ZEM?
As of September 14, 2026, XEM has returned 22.92% year to date, while ZEM has returned 22.76%. XEM is ahead on YTD performance.
Which ETF is larger by assets under management: XEM or ZEM?
As of September 14, 2026, XEM manages $495.69 M in assets, while ZEM manages $3.52 B. ZEM is the larger fund by AUM.
How are XEM and ZEM managed?
XEM is passively managed by iShares. It tracks the MSCI Emerging Markets Index - USD benchmark. ZEM is passively managed by BMO. It tracks the MSCI Emerging Markets Net Total Return Index - CAD benchmark.
What sectors do XEM and ZEM emphasize?
XEM 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: XEM or ZEM?
Year to date, XEM has seen +$199.82 M in net flows, compared with +$904.59 M for ZEM. ZEM has attracted more net investor money so far.
How do the fees of XEM and ZEM compare?
XEM has an expense ratio of 0.80%, while ZEM has an expense ratio of 0.27%.
What are the top holdings of XEM and ZEM?
XEM'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: XEM or ZEM?
XEM holds 1122 securities, while ZEM holds 1122. On holdings count, XEM is the more diversified portfolio.
Recent articles about XEM and ZEM
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