VS
BMO Low Volatility International Equity ETF (ZLI) and iShares MSCI EAFE Minimum Volatility Index ETF (XMI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that ZLI focuses its top 3 sector exposures on Financials, Communication Services, and Utilities, while XMI leans towards Financials, Industrials, and Health Care. When evaluating costs, ZLI features a management fee (MER) of 0.4%, compared to 0.35% for XMI. Performance-wise, ZLI has returned 1.92% year-to-date with +$6 M in net flows, whereas XMI is at 5.68% with -$11 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
ZLI
XMI
| AuM | $280.08 M | $175.80 M |
| Management Fees | 0.40% | 0.35% |
| Exp. ratio | 0.45% | 0.37% |
| Tracking Difference | - | - |
Historical performance and flows
As of April 24, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | ZLI | +2.76% | +0.14% | +1.92% | +4.21% | +27.80% |
XMI | +1.71% | +3.20% | +5.68% | +13.77% | +41.46% | |
| Flows | ZLI | +$0 M | +$6 M | +$6 M | -$23 M | -$169 M |
XMI | -$0 M | +$0 M | -$11 M | +$10 M | -$22 M |
ZLI vs XMI exposure
Countries
ZLI
Japan
22.42%
United Kingdom
13.76%
France
12.31%
Germany
9.91%
Netherlands
8.59%
Other
33.00%
XMI
Japan
27.13%
Switzerland
10.79%
United Kingdom
9.41%
Other
52.67%
Sectors
ZLI
Financials
14.88%
Communication Services
14.29%
Utilities
12.12%
Industrials
11.90%
Consumer Staples
11.81%
Health Care
10.06%
Other
24.94%
XMI
Financials
18.06%
Industrials
12.85%
Health Care
11.09%
Consumer Staples
11.04%
Communication Services
9.63%
Utilities
8.88%
Other
28.45%
As of April 24, 2026
Top 10 Holdings
ZLI
ORANGE
2.15%
NIPPON BUILDING FUND REIT
1.91%
TRYGVESTA
1.74%
KONINKLIJKE AHOLD DELHAIZE NV
1.67%
EURONEXT
1.52%
SOFTBANK CORP
1.46%
TERNA RETE ELETTRICA NAZIONALE
1.44%
SWISSCOM
1.44%
DEUTSCHE BOERSE AG
1.43%
ELISA
1.38%
XMI
ENI
1.72%
EQUINOR
1.70%
TOTALENERGIES SE
1.69%
SHELL PLC
1.65%
TAKEDA PHARMACEUTICAL
1.51%
IBERDROLA SA
1.48%
DBS GROUP HOLDINGS
1.44%
SECOM
1.41%
ORANGE
1.41%
SWISSCOM
1.40%
Diversification
ZLI
Total weight of top 10 holdings out of 103 total
16.15%
XMI
Total weight of top 10 holdings out of 242 total
15.41%
Characteristics
Compare
ZLI
XMI
| Provider | BMO | iShares |
| Management | Actively managed | Passively 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 | 2.21% | 2.55% |
| Meets ESG criteria | No | No |
| Inception Date | September 2, 2015 | July 24, 2012 |
Frequently asked questions about ZLI and XMI
Which ETF has performed better year to date: ZLI or XMI?
As of April 24, 2026, ZLI has returned 1.92% year to date, while XMI has returned 5.68%. XMI is ahead on YTD performance.
Which ETF is larger by assets under management: ZLI or XMI?
As of April 24, 2026, ZLI manages $280.08 M in assets, while XMI manages $175.80 M. ZLI is the larger fund by AUM.
How are ZLI and XMI managed?
ZLI is actively managed by BMO. It does not track an index. XMI is passively managed by iShares. It tracks the MSCI EAFE Minimum Volatility Net Total Return Index - USD benchmark.
What sectors do ZLI and XMI emphasize?
ZLI is most exposed to Financials, Communication Services, and Utilities. XMI is most exposed to Financials, Industrials, and Health Care.
Which ETF is attracting more investor flows: ZLI or XMI?
Year to date, ZLI has seen +$6.16 M in net flows, compared with -$11.35 M for XMI. ZLI has attracted more net investor money so far.
How do the fees of ZLI and XMI compare?
ZLI has an expense ratio of 0.45%, while XMI has an expense ratio of 0.37%.
What are the top holdings of ZLI and XMI?
ZLI's largest holdings include ORANGE and NIPPON BUILDING FUND REIT. XMI's top holdings include ENI and EQUINOR.
Which ETF is more diversified: ZLI or XMI?
ZLI holds 97 securities, while XMI holds 233. On holdings count, XMI is the more diversified portfolio.
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