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COW.TO vs. CLU.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COW.TO vs. CLU.NEO

Last updated Jun 4, 2026

COW.TO (iShares Global Agriculture Index ETF) and CLU.NEO (iShares US Fundamental Index ETF (CAD-Hedged) Common Class) are both Large Cap Blend Equities funds from iShares - COW.TO tracks the Manulife Investment Management Global Agriculture Index while CLU.NEO tracks the FTSE RAFI US 1000 Canadian Dollar Hedged Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 11.02%/yr for CLU.NEO. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.72% expense ratio.

Performance

COW.TO vs. CLU.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Agriculture Index ETF (COW.TO) and iShares US Fundamental Index ETF (CAD-Hedged) Common Class (CLU.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, COW.TO achieves a 15.84% return, which is significantly higher than CLU.NEO's 8.69% return. Over the past 10 years, COW.TO has underperformed CLU.NEO with an annualized return of 8.59%, while CLU.NEO has yielded a comparatively higher 11.02% annualized return.

COW.TO

1D
0.40%
1M
-2.01%
YTD
15.84%
6M
13.53%
1Y
9.79%
3Y*
8.62%
5Y*
4.24%
10Y*
8.59%

CLU.NEO

1D
-0.17%
1M
1.48%
YTD
8.69%
6M
10.24%
1Y
25.16%
3Y*
16.95%
5Y*
9.30%
10Y*
11.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COW.TO vs. CLU.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
COW.TO
iShares Global Agriculture Index ETF		15.84%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-14.26%14.84%
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%

Correlation

The correlation between COW.TO and CLU.NEO 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 COW.TO and CLU.NEO has dropped to 0.28 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Agriculture Index ETF

iShares US Fundamental Index ETF (CAD-Hedged) Common Class

Often compared with COW.TO:
COW.TO vs. NTR.TOCOW.TO vs. CWW.TOCOW.TO vs. COWGCOW.TO vs. XHC.TOCOW.TO vs. VOOCOW.TO vs. DBACOW.TO vs. ZWC.TO
Often compared with CLU.NEO:
CLU.NEO vs. FLCCCLU.NEO vs. IUSCLU.NEO vs. RDVYCLU.NEO vs. BCUSCLU.NEO vs. KATCLU.NEO vs. DFNDCLU.NEO vs. FEAC

Return for Risk

COW.TO vs. CLU.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
COW.TO
COW.TO Risk / Return Rank: 1919
Overall Rank
COW.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1818
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1818
Martin Ratio Rank
CLU.NEO
CLU.NEO Risk / Return Rank: 8181
Overall Rank
CLU.NEO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
CLU.NEO Sortino Ratio Rank: 8484
Sortino Ratio Rank
CLU.NEO Omega Ratio Rank: 8787
Omega Ratio Rank
CLU.NEO Calmar Ratio Rank: 7777
Calmar Ratio Rank
CLU.NEO Martin Ratio Rank: 7878
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.

COW.TO vs. CLU.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and iShares US Fundamental Index ETF (CAD-Hedged) Common Class (CLU.NEO). 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.

COW.TOCLU.NEODifference
Sharpe ratioReturn per unit of total volatility
0.63
2.50

-1.87

Sortino ratioReturn per unit of downside risk
1.03
3.77

-2.74

Omega ratioGain probability vs. loss probability

1.12

1.54

-0.43

Calmar ratioReturn relative to maximum drawdown

0.94

3.86

-2.92

Martin ratioReturn relative to average drawdown

1.94

14.84

-12.90

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

COW.TO vs. CLU.NEO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.63, which is lower than the CLU.NEO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of COW.TO and CLU.NEO, 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

COW.TOCLU.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

2.50

-1.87

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.64

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.61

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.36

0.61

-0.26

Drawdowns

COW.TO vs. CLU.NEO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than CLU.NEO's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for COW.TO and CLU.NEO.

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Drawdown Indicators

COW.TOCLU.NEODifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-39.93%

-15.07%

Max Drawdown (1Y)

Largest decline over 1 year

-10.51%

-6.55%

-3.96%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-16.57%

+2.06%

Max Drawdown (5Y)

Largest decline over 5 years

-29.82%

-20.66%

-9.16%

Max Drawdown (10Y)

Largest decline over 10 years

-36.62%

-39.93%

+3.31%

Current Drawdown

Current decline from peak

-7.17%

-0.70%

-6.47%

Average Drawdown

Average peak-to-trough decline

-13.94%

-4.74%

-9.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.06%

1.70%

+3.36%

Volatility

COW.TO vs. CLU.NEO - Volatility Comparison

iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.85% compared to iShares US Fundamental Index ETF (CAD-Hedged) Common Class (CLU.NEO) at 2.30%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than CLU.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COW.TOCLU.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

2.30%

+1.55%

Volatility (6M)

Calculated over the trailing 6-month period

12.44%

7.24%

+5.20%

Volatility (1Y)

Calculated over the trailing 1-year period

15.68%

10.11%

+5.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.87%

14.54%

+4.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.30%

18.08%

+1.22%

COW.TO vs. CLU.NEO - Expense Ratio Comparison

Both COW.TO and CLU.NEO have an expense ratio of 0.72%.

Dividends

COW.TO vs. CLU.NEO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than CLU.NEO's 1.20% yield.

PositionTTM20252024202320222021202020192018201720162015
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		2.07%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

COW.TO and CLU.NEO 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.

COW.TO and CLU.NEO have the same expense ratio: 0.72% per year.

COW.TO tracks Manulife Investment Management Global Agriculture Index, while CLU.NEO tracks FTSE RAFI US 1000 Canadian Dollar Hedged Index.

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