CLU.NEO vs. COW.TO
CLU.NEO (iShares US Fundamental Index ETF (CAD-Hedged) Common Class) and COW.TO (iShares Global Agriculture Index ETF) are both Large Cap Blend Equities funds from iShares - CLU.NEO tracks the FTSE RAFI US 1000 Canadian Dollar Hedged Index while COW.TO tracks the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, CLU.NEO returned 11.02%/yr vs 8.62%/yr for COW.TO. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.72% expense ratio.
Performance
CLU.NEO vs. COW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CLU.NEO achieves a 8.69% return, which is significantly lower than COW.TO's 15.66% return. Over the past 10 years, CLU.NEO has outperformed COW.TO with an annualized return of 11.02%, while COW.TO has yielded a comparatively lower 8.62% annualized return.
CLU.NEO
- 1D
- -0.17%
- 1M
- 1.57%
- YTD
- 8.69%
- 6M
- 10.48%
- 1Y
- 24.65%
- 3Y*
- 16.95%
- 5Y*
- 9.30%
- 10Y*
- 11.02%
COW.TO
- 1D
- -0.15%
- 1M
- -2.82%
- YTD
- 15.66%
- 6M
- 13.27%
- 1Y
- 10.89%
- 3Y*
- 8.91%
- 5Y*
- 4.20%
- 10Y*
- 8.62%
CLU.NEO vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CLU.NEO iShares US Fundamental Index ETF (CAD-Hedged) Common Class | 8.69% | 15.20% | 14.82% | 13.13% | -9.37% | 31.13% | 3.57% | 25.41% | -11.16% | 14.83% |
COW.TO iShares Global Agriculture Index ETF | 15.66% | -0.67% | 5.62% | -8.61% | 12.64% | 19.02% | 11.66% | 25.91% | -14.26% | 14.84% |
Correlation
The correlation between CLU.NEO and COW.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009 | 0.55 |
Over the past year, the correlation between CLU.NEO and COW.TO has dropped to 0.28 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.
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Return for Risk
CLU.NEO vs. COW.TO — Risk / Return Rank
CLU.NEO
COW.TO
CLU.NEO vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Fundamental Index ETF (CAD-Hedged) Common Class (CLU.NEO) and iShares Global Agriculture Index ETF (COW.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.
| CLU.NEO | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.13 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.86 | 1.04 | +2.82 |
| Martin ratioReturn relative to average drawdown | 14.84 | 2.15 | +12.69 |
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
| CLU.NEO | COW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 0.70 | +1.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.64 | 0.22 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.45 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.36 | +0.26 |
Drawdowns
CLU.NEO vs. COW.TO - Drawdown Comparison
The maximum CLU.NEO drawdown since its inception was -39.93%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for CLU.NEO and COW.TO.
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Drawdown Indicators
| CLU.NEO | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.93% | -55.00% | +15.07% |
Max Drawdown (1Y)Largest decline over 1 year | -6.55% | -10.51% | +3.96% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -14.51% | -2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -20.66% | -29.82% | +9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -39.93% | -36.62% | -3.31% |
Current DrawdownCurrent decline from peak | -0.70% | -7.31% | +6.61% |
Average DrawdownAverage peak-to-trough decline | -4.74% | -13.93% | +9.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.70% | 5.07% | -3.37% |
Volatility
CLU.NEO vs. COW.TO - Volatility Comparison
The current volatility for iShares US Fundamental Index ETF (CAD-Hedged) Common Class (CLU.NEO) is 2.30%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.77%. This indicates that CLU.NEO experiences smaller price fluctuations and is considered to be less risky than COW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLU.NEO | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 3.77% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 12.42% | -5.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.11% | 15.68% | -5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.54% | 18.87% | -4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.08% | 19.30% | -1.22% |
CLU.NEO vs. COW.TO - Expense Ratio Comparison
Both CLU.NEO and COW.TO have an expense ratio of 0.72%.
Dividends
CLU.NEO vs. COW.TO - Dividend Comparison
CLU.NEO's dividend yield for the trailing twelve months is around 1.20%, less than COW.TO's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLU.NEO iShares US Fundamental Index ETF (CAD-Hedged) Common Class | 1.20% | 1.31% | 1.32% | 1.35% | 1.63% | 1.19% | 1.66% | 1.46% | 1.77% | 1.46% | 1.63% | 1.87% |
COW.TO iShares Global Agriculture Index ETF | 2.08% | 2.40% | 1.43% | 1.62% | 2.03% | 0.69% | 1.02% | 1.02% | 1.07% | 0.58% | 1.10% | 1.78% |
Frequently Asked Questions
CLU.NEO and COW.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.72% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
CLU.NEO and COW.TO have the same expense ratio: 0.72% per year.
CLU.NEO tracks FTSE RAFI US 1000 Canadian Dollar Hedged Index, while COW.TO tracks Manulife Investment Management Global Agriculture Index.
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