CLF.TO vs. CWW.TO
CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) and CWW.TO (iShares Global Water Index ETF) are both exchange-traded funds - CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while CWW.TO is a Water Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, CLF.TO returned 1.81%/yr vs 8.43%/yr for CWW.TO. At a 0.01 correlation, their price movements are largely independent. CLF.TO charges 0.17%/yr vs 0.66%/yr for CWW.TO.
Performance
CLF.TO vs. CWW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CLF.TO achieves a 0.91% return, which is significantly lower than CWW.TO's 0.97% return. Over the past 10 years, CLF.TO has underperformed CWW.TO with an annualized return of 1.81%, while CWW.TO has yielded a comparatively higher 8.43% annualized return.
CLF.TO
- 1D
- 0.09%
- 1M
- 0.73%
- YTD
- 0.91%
- 6M
- 0.70%
- 1Y
- 2.48%
- 3Y*
- 4.19%
- 5Y*
- 1.74%
- 10Y*
- 1.81%
CWW.TO
- 1D
- 0.30%
- 1M
- -1.46%
- YTD
- 0.97%
- 6M
- -3.59%
- 1Y
- 4.26%
- 3Y*
- 6.47%
- 5Y*
- 4.38%
- 10Y*
- 8.43%
CLF.TO vs. CWW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 0.91% | 3.36% | 4.82% | 4.58% | -3.98% | -1.27% | 5.53% | 3.97% | 1.68% | -0.49% |
CWW.TO iShares Global Water Index ETF | 0.97% | 10.11% | 2.99% | 11.71% | -16.52% | 27.08% | 12.93% | 26.85% | -2.69% | 17.91% |
Correlation
The correlation between CLF.TO and CWW.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2008 | 0.01 |
Over the past year, CLF.TO and CWW.TO have become more correlated (0.29) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
CLF.TO vs. CWW.TO — Risk / Return Rank
CLF.TO
CWW.TO
CLF.TO vs. CWW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) and iShares Global Water Index ETF (CWW.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.
| CLF.TO | CWW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.06 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 0.42 | +1.38 |
| Martin ratioReturn relative to average drawdown | 5.18 | 1.03 | +4.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CLF.TO | CWW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 0.31 | +0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 0.29 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.51 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.38 | +0.34 |
Drawdowns
CLF.TO vs. CWW.TO - Drawdown Comparison
The maximum CLF.TO drawdown since its inception was -6.91%, smaller than the maximum CWW.TO drawdown of -46.54%. Use the drawdown chart below to compare losses from any high point for CLF.TO and CWW.TO.
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Drawdown Indicators
| CLF.TO | CWW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.91% | -46.54% | +39.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -10.24% | +8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -1.42% | -19.77% | +18.35% |
Max Drawdown (5Y)Largest decline over 5 years | -6.80% | -31.05% | +24.25% |
Max Drawdown (10Y)Largest decline over 10 years | -6.91% | -31.05% | +24.14% |
Current DrawdownCurrent decline from peak | -0.26% | -7.85% | +7.59% |
Average DrawdownAverage peak-to-trough decline | -1.08% | -9.47% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 4.14% | -3.66% |
Volatility
CLF.TO vs. CWW.TO - Volatility Comparison
The current volatility for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) is 0.72%, while iShares Global Water Index ETF (CWW.TO) has a volatility of 3.98%. This indicates that CLF.TO experiences smaller price fluctuations and is considered to be less risky than CWW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLF.TO | CWW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 3.98% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 10.85% | -9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.04% | 13.83% | -11.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.98% | 15.40% | -12.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.37% | 16.52% | -13.15% |
CLF.TO vs. CWW.TO - Expense Ratio Comparison
CLF.TO has a 0.17% expense ratio, which is lower than CWW.TO's 0.66% expense ratio.
Dividends
CLF.TO vs. CWW.TO - Dividend Comparison
CLF.TO's dividend yield for the trailing twelve months is around 2.25%, more than CWW.TO's 1.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 2.25% | 2.22% | 2.22% | 2.23% | 2.10% | 1.98% | 2.81% | 3.93% | 2.67% | 2.91% | 3.12% | 3.29% |
CWW.TO iShares Global Water Index ETF | 1.55% | 1.34% | 1.05% | 1.17% | 1.28% | 2.62% | 1.11% | 1.24% | 2.95% | 1.41% | 1.60% | 1.16% |
Frequently Asked Questions
CLF.TO and CWW.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CLF.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLF.TO is cheaper with a 0.17% expense ratio, compared with 0.66% for CWW.TO.
CLF.TO is categorized as Canadian Government Bonds, while CWW.TO is Water Equities. CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while CWW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.17% for CLF.TO and 0.66% for CWW.TO.
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