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CIE.NEO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIE.NEO vs. PZW.TO

Last updated Jun 26, 2026

CIE.NEO (iShares International Fundamental Common Class) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - CIE.NEO tracks the FTSE RAFI Developed ex US 1000 Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, CIE.NEO returned 12.85%/yr vs 11.59%/yr for PZW.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

CIE.NEO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CIE.NEO achieves a 18.38% return, which is significantly higher than PZW.TO's 16.50% return. Over the past 10 years, CIE.NEO has outperformed PZW.TO with an annualized return of 12.85%, while PZW.TO has yielded a comparatively lower 11.59% annualized return.

CIE.NEO

1D
0.78%
1M
0.96%
YTD
18.38%
6M
18.82%
1Y
39.66%
3Y*
25.56%
5Y*
15.65%
10Y*
12.85%

PZW.TO

1D
0.69%
1M
2.96%
YTD
16.50%
6M
15.52%
1Y
32.67%
3Y*
21.45%
5Y*
10.50%
10Y*
11.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIE.NEO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIE.NEO
iShares International Fundamental Common Class		18.38%34.92%12.83%15.59%-2.83%14.42%1.33%11.29%-8.19%16.74%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		16.50%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between CIE.NEO and PZW.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.36

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.27

The correlation between CIE.NEO and PZW.TO shifts across timeframes, from 0.26 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

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iShares International Fundamental Common Class

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. FCCM.NEOCIE.NEO vs. DFIVCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO
Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. INAI.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQCE.TOPZW.TO vs. XWD.TOPZW.TO vs. VDU.TO

Return for Risk

CIE.NEO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIE.NEO
CIE.NEO Risk / Return Rank: 8787
Overall Rank
CIE.NEO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 9090
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 9191
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 7979
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 8383
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8585
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
Martin Ratio Rank
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.

CIE.NEO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Fundamental Common Class (CIE.NEO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

CIE.NEOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.67
2.31

+0.36

Sortino ratioReturn per unit of downside risk
3.67
3.40

+0.27

Omega ratioGain probability vs. loss probability

1.52

1.45

+0.07

Calmar ratioReturn relative to maximum drawdown

3.61

3.86

-0.25

Martin ratioReturn relative to average drawdown

14.66

13.78

+0.88

CIE.NEO vs. PZW.TO - Sharpe Ratio Comparison

The current CIE.NEO Sharpe Ratio is 2.67, which is comparable to the PZW.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of CIE.NEO and PZW.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

CIE.NEO vs. PZW.TO - Drawdown Comparison

The maximum CIE.NEO drawdown since its inception was -40.08%, which is greater than PZW.TO's maximum drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for CIE.NEO and PZW.TO.

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Drawdown Indicators

CIE.NEOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.08%

-32.45%

-7.63%

Max Drawdown (1Y)

Largest decline over 1 year

-11.10%

-8.50%

-2.60%

Max Drawdown (3Y)

Largest decline over 3 years

-15.44%

-16.88%

+1.44%

Max Drawdown (5Y)

Largest decline over 5 years

-20.55%

-22.13%

+1.58%

Max Drawdown (10Y)

Largest decline over 10 years

-40.08%

-32.45%

-7.63%

Current Drawdown

Current decline from peak

-1.58%

0.00%

-1.58%

Average Drawdown

Average peak-to-trough decline

-7.11%

-5.72%

-1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.72%

2.38%

+0.34%

Volatility

CIE.NEO vs. PZW.TO - Volatility Comparison

iShares International Fundamental Common Class (CIE.NEO) has a higher volatility of 6.18% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.88%. This indicates that CIE.NEO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIE.NEOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.18%

2.88%

+3.30%

Volatility (6M)

Calculated over the trailing 6-month period

12.91%

10.42%

+2.49%

Volatility (1Y)

Calculated over the trailing 1-year period

15.04%

14.20%

+0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.08%

14.66%

-0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.08%

15.91%

+2.17%

Dividends

CIE.NEO vs. PZW.TO - Dividend Comparison

CIE.NEO's dividend yield for the trailing twelve months is around 2.17%, more than PZW.TO's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.17%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.67%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%

Frequently Asked Questions

CIE.NEO and PZW.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: iShares and Invesco.

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