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CJP.NEO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CJP.NEO vs. XAW.TO

Last updated Jun 4, 2026

CJP.NEO (iShares Japan Fundamental Index ETF (CAD-Hedged)) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - CJP.NEO is a Japan Equities fund tracking the FTSE RAFI Japan Canadian Dollar Hedged Index, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, CJP.NEO returned 16.15%/yr vs 13.22%/yr for XAW.TO. A 0.56 correlation means they provide meaningful diversification when combined. CJP.NEO charges 0.71%/yr vs 0.22%/yr for XAW.TO.

Performance

CJP.NEO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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, CJP.NEO achieves a 19.29% return, which is significantly higher than XAW.TO's 13.70% return. Over the past 10 years, CJP.NEO has outperformed XAW.TO with an annualized return of 16.15%, while XAW.TO has yielded a comparatively lower 13.22% annualized return.

CJP.NEO

1D
0.46%
1M
9.32%
YTD
19.29%
6M
23.23%
1Y
51.21%
3Y*
30.24%
5Y*
22.91%
10Y*
16.15%

XAW.TO

1D
-0.37%
1M
7.13%
YTD
13.70%
6M
12.70%
1Y
30.51%
3Y*
21.73%
5Y*
13.96%
10Y*
13.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CJP.NEO vs. XAW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CJP.NEO
iShares Japan Fundamental Index ETF (CAD-Hedged)		19.29%30.67%26.74%35.03%3.67%18.19%0.18%13.12%-17.35%21.33%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.70%15.87%26.31%18.45%-11.84%18.38%12.37%19.82%-2.28%16.10%

Correlation

The correlation between CJP.NEO and XAW.TO is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.55

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

0.55

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

0.52

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

0.55

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2015

0.56

The correlation between CJP.NEO and XAW.TO has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares Japan Fundamental Index ETF (CAD-Hedged)

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with CJP.NEO:
CJP.NEO vs. ZJPN.TOCJP.NEO vs. JAPN.TOCJP.NEO vs. EWJCJP.NEO vs. VCE.TOCJP.NEO vs. XEQT.TOCJP.NEO vs. AGF-B.TOCJP.NEO vs. FLJP
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

CJP.NEO vs. XAW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CJP.NEO
CJP.NEO Risk / Return Rank: 8686
Overall Rank
CJP.NEO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
CJP.NEO Sortino Ratio Rank: 8585
Sortino Ratio Rank
CJP.NEO Omega Ratio Rank: 8686
Omega Ratio Rank
CJP.NEO Calmar Ratio Rank: 8585
Calmar Ratio Rank
CJP.NEO Martin Ratio Rank: 8585
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
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.

CJP.NEO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

CJP.NEOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
2.89
2.50

+0.39

Sortino ratioReturn per unit of downside risk
3.85
3.49

+0.36

Omega ratioGain probability vs. loss probability

1.53

1.48

+0.06

Calmar ratioReturn relative to maximum drawdown

4.68

3.76

+0.92

Martin ratioReturn relative to average drawdown

17.78

15.15

+2.63

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CJP.NEO vs. XAW.TO - Sharpe Ratio Comparison

The current CJP.NEO Sharpe Ratio is 2.89, which is comparable to the XAW.TO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of CJP.NEO and XAW.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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Sharpe Ratios by Period

CJP.NEOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.89

2.50

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.26

1.04

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.88

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.78

-0.34

Drawdowns

CJP.NEO vs. XAW.TO - Drawdown Comparison

The maximum CJP.NEO drawdown since its inception was -38.36%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for CJP.NEO and XAW.TO.

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Drawdown Indicators

CJP.NEOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.36%

-27.32%

-11.04%

Max Drawdown (1Y)

Largest decline over 1 year

-10.99%

-8.16%

-2.83%

Max Drawdown (3Y)

Largest decline over 3 years

-20.86%

-16.66%

-4.20%

Max Drawdown (5Y)

Largest decline over 5 years

-20.86%

-21.02%

+0.16%

Max Drawdown (10Y)

Largest decline over 10 years

-37.75%

-27.32%

-10.43%

Current Drawdown

Current decline from peak

0.00%

-0.37%

+0.37%

Average Drawdown

Average peak-to-trough decline

-11.17%

-3.91%

-7.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.90%

2.02%

+0.88%

Volatility

CJP.NEO vs. XAW.TO - Volatility Comparison

The current volatility for iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP.NEO) is 3.09%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that CJP.NEO experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CJP.NEOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

4.21%

-1.12%

Volatility (6M)

Calculated over the trailing 6-month period

12.95%

9.85%

+3.10%

Volatility (1Y)

Calculated over the trailing 1-year period

17.80%

12.25%

+5.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.27%

13.56%

+4.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.61%

15.12%

+4.49%

CJP.NEO vs. XAW.TO - Expense Ratio Comparison

CJP.NEO has a 0.71% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.

Dividends

CJP.NEO vs. XAW.TO - Dividend Comparison

CJP.NEO's dividend yield for the trailing twelve months is around 1.24%, more than XAW.TO's 1.17% yield.

PositionTTM20252024202320222021202020192018201720162015
CJP.NEO
iShares Japan Fundamental Index ETF (CAD-Hedged)		1.24%1.48%1.71%1.24%1.96%1.56%1.97%2.42%2.38%1.48%0.97%0.84%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%

Frequently Asked Questions

CJP.NEO and XAW.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.71% for CJP.NEO.

CJP.NEO is categorized as Japan Equities, while XAW.TO is Global Equities. CJP.NEO tracks FTSE RAFI Japan Canadian Dollar Hedged Index, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.71% for CJP.NEO and 0.22% for XAW.TO.

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