VS
iShares MSCI EAFE Minimum Volatility Index ETF (XMI) and BMO Low Volatility International Equity ETF (ZLI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XMI focuses its top 3 sector exposures on Finance, Consumer Non-Cyclicals, and Healthcare, while ZLI leans towards Finance, Consumer Non-Cyclicals, and Telecommunications. When evaluating costs, XMI features a management fee (MER) of 0.35%, compared to 0.4% for ZLI. Performance-wise, XMI has returned 9.55% year-to-date with -$14 M in net flows, whereas ZLI is at 5.76% with +$3 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
XMI
ZLI
| AuM | $177.06 M | $286.06 M |
| Management Fees | 0.35% | 0.40% |
| Exp. ratio | 0.37% | 0.45% |
| Tracking Difference | - | - |
Historical performance and flows
As of July 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMI | +3.83% | +1.61% | +9.55% | +14.71% | +52.91% |
ZLI | +2.77% | +0.83% | +5.76% | +6.40% | +37.71% | |
| Flows | XMI | -$7 M | -$2 M | -$14 M | -$9 M | -$18 M |
ZLI | -$12 M | -$3 M | +$3 M | -$38 M | -$166 M |
XMI vs ZLI exposure
Countries
XMI
Japan
26.09%
Switzerland
10.71%
United Kingdom
9.94%
Other
53.26%
ZLI
Japan
24.01%
United Kingdom
13.43%
France
9.94%
Netherlands
9.39%
Germany
8.26%
Other
34.97%
Sectors
XMI
Finance
22.83%
Consumer Non-Cyclicals
13.25%
Healthcare
11.74%
Industrials
10.98%
Energy
8.96%
Telecommunications
8.78%
Other
23.45%
ZLI
Finance
21.36%
Consumer Non-Cyclicals
11.16%
Telecommunications
11.03%
Utilities
10.07%
Industrials
10.00%
Technology
9.18%
Other
27.20%
As of July 17, 2026
Top 10 Holdings
XMI
SECOM Co., Ltd.
1.48%
Iberdrola SA
1.47%
Swisscom AG
1.44%
Shell Plc
1.43%
Eni SpA
1.42%
TotalEnergies SE
1.42%
Novartis AG
1.40%
Takeda Pharmaceutical Co., Ltd.
1.36%
Equinor ASA
1.34%
Zurich Insurance Group AG
1.31%
ZLI
Canada, Bill 7oct2004 1Y
3.17%
Orange SA
2.31%
Euronext NV
2.08%
Deutsche Börse AG
1.59%
London Stock Exchange Group Plc
1.52%
Koninklijke Ahold Delhaize NV
1.51%
Insurance Australia Group Ltd.
1.51%
SECOM Co., Ltd.
1.45%
Japan Post Holdings Co., Ltd.
1.41%
SoftBank Corp.
1.40%
Diversification
XMI
Total weight of top 10 holdings out of 254 total
14.06%
ZLI
Total weight of top 10 holdings out of 103 total
17.95%
Characteristics
Compare
XMI
ZLI
| Provider | iShares | BMO |
| Management | Passively managed | Actively managed |
| Benchmark | MSCI EAFE Minimum Volatility Net Total Return Index - USD | - |
| Replication Method | ||
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.61% | 2.14% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | September 2, 2015 |
Frequently asked questions about XMI and ZLI
Which ETF has performed better year to date: XMI or ZLI?
As of July 17, 2026, XMI has returned 9.55% year to date, while ZLI has returned 5.76%. XMI is ahead on YTD performance.
Which ETF is larger by assets under management: XMI or ZLI?
As of July 17, 2026, XMI manages $177.06 M in assets, while ZLI manages $286.06 M. ZLI is the larger fund by AUM.
How are XMI and ZLI managed?
XMI is passively managed by iShares. It tracks the MSCI EAFE Minimum Volatility Net Total Return Index - USD benchmark. ZLI is actively managed by BMO. It does not track an index.
What sectors do XMI and ZLI emphasize?
XMI is most exposed to Finance, Consumer Non-Cyclicals, and Healthcare. ZLI is most exposed to Finance, Consumer Non-Cyclicals, and Telecommunications.
Which ETF is attracting more investor flows: XMI or ZLI?
Year to date, XMI has seen -$13.72 M in net flows, compared with +$3.15 M for ZLI. ZLI has attracted more net investor money so far.
How do the fees of XMI and ZLI compare?
XMI has an expense ratio of 0.37%, while ZLI has an expense ratio of 0.45%.
What are the top holdings of XMI and ZLI?
XMI's largest holdings include SECOM Co., Ltd., Iberdrola SA, and Swisscom AG. ZLI's top holdings include Canada, Bill 7oct2004 1Y, Orange SA, and Euronext NV.
Which ETF is more diversified: XMI or ZLI?
XMI holds 251 securities, while ZLI holds 103. On holdings count, XMI is the more diversified portfolio.
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