COW.TO vs. CLF.TO
COW.TO (iShares Global Agriculture Index ETF) and CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, COW.TO returned 8.09%/yr vs 1.61%/yr for CLF.TO. At a correlation of -0.08, they often move in opposite directions. COW.TO charges 0.72%/yr vs 0.17%/yr for CLF.TO.
Performance
COW.TO vs. CLF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, COW.TO achieves a 16.05% return, which is significantly higher than CLF.TO's 1.02% return. Over the past 10 years, COW.TO has outperformed CLF.TO with an annualized return of 8.09%, while CLF.TO has yielded a comparatively lower 1.61% annualized return.
COW.TO
- 1D
- -0.17%
- 1M
- 1.80%
- 6M
- 6.01%
- YTD
- 16.05%
- 1Y
- 4.66%
- 3Y*
- 5.86%
- 5Y*
- 4.75%
- 10Y*
- 8.09%
CLF.TO
- 1D
- 0.11%
- 1M
- -0.10%
- 6M
- 0.73%
- YTD
- 1.02%
- 1Y
- 3.16%
- 3Y*
- 4.29%
- 5Y*
- 1.76%
- 10Y*
- 1.61%
COW.TO vs. CLF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
COW.TO iShares Global Agriculture Index ETF | 16.05% | -4.34% | 5.62% | -8.61% | 12.62% | 19.09% | 11.78% | 26.04% | -14.16% | 14.90% |
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 1.02% | 3.36% | 4.82% | 4.58% | -3.98% | -1.27% | 4.82% | 2.47% | 1.68% | -0.49% |
Correlation
The correlation between COW.TO and CLF.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2008 | -0.08 |
The correlation between COW.TO and CLF.TO shifts across timeframes, from -0.08 (all time) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
COW.TO vs. CLF.TO — Risk / Return Rank
COW.TO
CLF.TO
COW.TO vs. CLF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and iShares 1-5 Year Laddered Government Bond Index ETF (CLF.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.
| COW.TO | CLF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.30 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 2.34 | -1.99 |
| Martin ratioReturn relative to average drawdown | 0.81 | 6.93 | -6.11 |
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Drawdowns
COW.TO vs. CLF.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than CLF.TO's maximum drawdown of -6.91%. Use the drawdown chart below to compare losses from any high point for COW.TO and CLF.TO.
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Drawdown Indicators
| COW.TO | CLF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -6.91% | -48.09% |
Max Drawdown (1Y)Largest decline over 1 year | -13.43% | -1.35% | -12.08% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -1.40% | -13.11% |
Max Drawdown (5Y)Largest decline over 5 years | -29.84% | -6.80% | -23.04% |
Max Drawdown (10Y)Largest decline over 10 years | -42.38% | -6.91% | -35.47% |
Current DrawdownCurrent decline from peak | -10.46% | -0.28% | -10.18% |
Average DrawdownAverage peak-to-trough decline | -14.67% | -1.07% | -13.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.75% | 0.46% | +5.29% |
Volatility
COW.TO vs. CLF.TO - Volatility Comparison
iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 2.31% compared to iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) at 0.51%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than CLF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| COW.TO | CLF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 0.51% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.19% | 1.53% | +9.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.80% | 2.03% | +13.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.86% | 2.99% | +15.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.81% | 3.36% | +18.45% |
COW.TO vs. CLF.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than CLF.TO's 0.17% expense ratio.
Dividends
COW.TO vs. CLF.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 1.37%, less than CLF.TO's 2.26% 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 | 2.26% | 2.22% | 2.22% | 2.23% | 2.10% | 1.98% | 2.15% | 2.46% | 2.67% | 2.91% | 3.12% | 3.29% |
COW.TO iShares Global Agriculture Index ETF | 1.37% | 2.46% | 1.43% | 1.62% | 2.01% | 0.69% | 1.13% | 1.13% | 1.18% | 0.63% | 1.21% | 1.96% |
Frequently Asked Questions
COW.TO and CLF.TO have a correlation of -0.03, 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 0.72% for COW.TO.
COW.TO is categorized as Large Cap Blend Equities, while CLF.TO is Canadian Government Bonds. COW.TO tracks Manulife Investment Management Global Agriculture Index, while CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.72% for COW.TO and 0.17% for CLF.TO.
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