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 12.1% year-to-date with -$14 M in net flows, whereas ZLI is at 8.04% with +$0 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 | $181.18 M | $289.17 M |
| Management Fees | 0.35% | 0.40% |
| Exp. ratio | 0.37% | 0.45% |
| Tracking Difference | - | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMI | +0.21% | +6.35% | +12.10% | +14.99% | +55.63% |
ZLI | -0.60% | +7.29% | +8.04% | +8.05% | +42.10% | |
| Flows | XMI | +$0 M | +$0 M | -$14 M | -$14 M | -$16 M |
ZLI | -$3 M | -$12 M | +$0 M | -$41 M | -$169 M |
XMI vs ZLI exposure
Countries
XMI
Japan
27.19%
Switzerland
10.35%
United Kingdom
10.13%
Other
52.33%
ZLI
Japan
25.72%
United Kingdom
13.95%
France
9.66%
Netherlands
9.62%
Germany
8.49%
Other
32.55%
Sectors
XMI
Finance
23.19%
Consumer Non-Cyclicals
13.71%
Healthcare
11.59%
Industrials
10.85%
Energy
8.94%
Telecommunications
8.37%
Other
23.36%
ZLI
Finance
22.54%
Consumer Non-Cyclicals
11.26%
Telecommunications
10.91%
Industrials
10.43%
Utilities
10.38%
Technology
9.75%
Other
24.73%
As of September 2, 2026
Top 10 Holdings
XMI
SECOM Co., Ltd.
1.59%
Iberdrola SA
1.51%
Takeda Pharmaceutical Co., Ltd.
1.47%
Shell Plc
1.46%
DBS Group Holdings Ltd.
1.46%
Eni SpA
1.43%
Equinor ASA
1.43%
Novartis AG
1.40%
BOC Hong Kong (Holdings) Ltd.
1.37%
TotalEnergies SE
1.35%
ZLI
Orange SA
2.22%
Euronext NV
2.10%
Deutsche Börse AG
1.74%
Central Japan Railway Co.
1.63%
Insurance Australia Group Ltd.
1.59%
Japan Post Holdings Co., Ltd.
1.59%
SECOM Co., Ltd.
1.58%
SoftBank Corp.
1.50%
KDDI Corp.
1.48%
OBIC Co. Ltd.
1.48%
Diversification
XMI
Total weight of top 10 holdings out of 254 total
14.47%
ZLI
Total weight of top 10 holdings out of 104 total
16.92%
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 | 2.55% | 2.09% |
| 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 September 2, 2026, XMI has returned 12.10% year to date, while ZLI has returned 8.04%. XMI is ahead on YTD performance.
Which ETF is larger by assets under management: XMI or ZLI?
As of September 2, 2026, XMI manages $181.18 M in assets, while ZLI manages $289.17 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 +$0.07 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 Takeda Pharmaceutical Co., Ltd.. ZLI's top holdings include Orange SA, Euronext NV, and Deutsche Börse AG.
Which ETF is more diversified: XMI or ZLI?
XMI holds 251 securities, while ZLI holds 104. On holdings count, XMI is the more diversified portfolio.
Recent articles about XMI and ZLI
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.