CAEM.TO vs. CWO.NEO

Last updated Jun 4, 2026

CAEM.TO (Avantis CIBC Emerging Markets Equity ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds. CAEM.TO is actively managed, while CWO.NEO is passively managed. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

CAEM.TO vs. CWO.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Avantis CIBC Emerging Markets Equity ETF (CAEM.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CAEM.TO

• 1D: -0.87%
• 1M: 9.77%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CWO.NEO

• 1D: -1.42%
• 1M: 4.14%
• YTD: 13.80%
• 6M: 13.05%
• 1Y: 35.32%
• 3Y*: 23.05%
• 5Y*: 11.55%
• 10Y*: 11.43%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CAEM.TO vs. CWO.NEO - Yearly Performance Comparison

	2026 (YTD)
CAEM.TO Avantis CIBC Emerging Markets Equity ETF	17.42%
CWO.NEO iShares Emerging Markets Fundamental Index ETF	7.93%

Correlation

The correlation between CAEM.TO and CWO.NEO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 1, 2026	0.69

Return for Risk

CAEM.TO vs. CWO.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWO.NEO

CWO.NEO Risk / Return Rank: 68
CWO.NEO Sharpe Ratio Rank: 70
CWO.NEO Sortino Ratio Rank: 66
CWO.NEO Omega Ratio Rank: 72
CWO.NEO Calmar Ratio Rank: 66
CWO.NEO Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CAEM.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis CIBC Emerging Markets Equity ETF (CAEM.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CAEM.TO	CWO.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.29	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	7.86	0.45	+7.41

Drawdowns

CAEM.TO vs. CWO.NEO - Drawdown Comparison

The maximum CAEM.TO drawdown since its inception was -4.26%, smaller than the maximum CWO.NEO drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for CAEM.TO and CWO.NEO.

Drawdown Indicators

	CAEM.TO	CWO.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-4.26%	-31.99%	+27.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.90%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.97%	—
Current Drawdown Current decline from peak	-0.87%	-1.42%	+0.55%
Average Drawdown Average peak-to-trough decline	-0.74%	-10.29%	+9.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.86%	—

Volatility

Volatility by Period

	CAEM.TO	CWO.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	15.50%	+3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.42%	16.65%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.42%	17.52%	+1.90%

Dividends

CAEM.TO vs. CWO.NEO - Dividend Comparison

CAEM.TO has not paid dividends to shareholders, while CWO.NEO's dividend yield for the trailing twelve months is around 2.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAEM.TO Avantis CIBC Emerging Markets Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CWO.NEO iShares Emerging Markets Fundamental Index ETF	2.45%	2.79%	3.50%	4.14%	5.03%	4.61%	2.64%	3.01%	3.22%	2.60%	2.57%	3.23%

Frequently Asked Questions

Can I hold both CAEM.TO and CWO.NEO in my portfolio?

CAEM.TO and CWO.NEO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CAEM.TO and CWO.NEO?

They also come from different issuers: CIBC and iShares.