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COW.TO vs. EEM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

COW.TO vs. EEM

Last updated Jun 16, 2026

COW.TO (iShares Global Agriculture Index ETF) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past 10 years, COW.TO returned 8.27%/yr vs 11.02%/yr for EEM. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.72% expense ratio.

Performance

COW.TO vs. EEM - 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 MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

COW.TO is traded in CAD, while EEM is traded in USD. To make them comparable, the EEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, COW.TO achieves a 14.00% return, which is significantly lower than EEM's 30.67% return. Over the past 10 years, COW.TO has underperformed EEM with an annualized return of 8.27%, while EEM has yielded a comparatively higher 11.02% annualized return.

COW.TO

1D
-0.63%
1M
-0.63%
YTD
14.00%
6M
6.80%
1Y
4.28%
3Y*
5.57%
5Y*
3.92%
10Y*
8.27%

EEM

1D
3.22%
1M
9.63%
YTD
30.67%
6M
33.37%
1Y
56.53%
3Y*
24.62%
5Y*
10.60%
10Y*
11.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COW.TO vs. EEM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
COW.TO
iShares Global Agriculture Index ETF		14.00%-4.34%5.62%-8.61%12.62%19.09%11.78%26.04%-14.16%14.90%
EEM
iShares MSCI Emerging Markets ETF		30.67%27.86%15.51%6.36%-15.53%-3.68%14.24%13.35%-8.19%27.97%

Correlation

The correlation between COW.TO and EEM is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

0.24

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

0.27

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

0.32

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2007

0.44

Over the past year, the correlation between COW.TO and EEM has dropped to 0.15 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

COW.TO vs. EEM - Sectors Allocation Comparison

Sectors
COW.TO
EEM

Consumer Defensive

42.3%
2.5%

Industrials

28.0%
6.6%

Basic Materials

27.4%
5.9%

Consumer Cyclical

1.7%
8.3%

Financial Services

0.5%
17.7%

Communication Services

-

6.0%

Energy

-

3.4%

Healthcare

-

2.5%

Real Estate

-

1.0%

Technology

-

44.3%

Utilities

-

1.8%

Consumer Defensive

COW.TO
42.3%
EEM
2.5%

Industrials

COW.TO
28.0%
EEM
6.6%

Basic Materials

COW.TO
27.4%
EEM
5.9%

Consumer Cyclical

COW.TO
1.7%
EEM
8.3%

Financial Services

COW.TO
0.5%
EEM
17.7%

Communication Services

COW.TO

-

EEM
6.0%

Energy

COW.TO

-

EEM
3.4%

Healthcare

COW.TO

-

EEM
2.5%

Real Estate

COW.TO

-

EEM
1.0%

Technology

COW.TO

-

EEM
44.3%

Utilities

COW.TO

-

EEM
1.8%

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 MSCI Emerging Markets ETF

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 EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM

Return for Risk

COW.TO vs. EEM — 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: 1212
Overall Rank
COW.TO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1212
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1313
Martin Ratio Rank
EEM
EEM Risk / Return Rank: 8282
Overall Rank
EEM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7878
Sortino Ratio Rank
EEM Omega Ratio Rank: 8484
Omega Ratio Rank
EEM Calmar Ratio Rank: 8282
Calmar Ratio Rank
EEM Martin Ratio Rank: 8181
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. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and iShares MSCI Emerging Markets ETF (EEM). 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.TOEEMDifference
Sharpe ratioReturn per unit of total volatility
0.27
2.59

-2.32

Sortino ratioReturn per unit of downside risk
0.51
3.28

-2.78

Omega ratioGain probability vs. loss probability

1.06

1.47

-0.42

Calmar ratioReturn relative to maximum drawdown

0.32

4.63

-4.31

Martin ratioReturn relative to average drawdown

0.78

16.10

-15.32

COW.TO vs. EEM - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.27, which is lower than the EEM Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of COW.TO and EEM, 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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Drawdowns

COW.TO vs. EEM - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, roughly equal to the maximum EEM drawdown of -55.52%. Use the drawdown chart below to compare losses from any high point for COW.TO and EEM.

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Drawdown Indicators

COW.TOEEMDifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-55.52%

+0.52%

Max Drawdown (1Y)

Largest decline over 1 year

-13.43%

-12.26%

-1.17%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-15.82%

+1.31%

Max Drawdown (5Y)

Largest decline over 5 years

-29.84%

-30.79%

+0.95%

Max Drawdown (10Y)

Largest decline over 10 years

-42.38%

-35.39%

-6.99%

Current Drawdown

Current decline from peak

-12.04%

-0.08%

-11.96%

Average Drawdown

Average peak-to-trough decline

-14.69%

-12.02%

-2.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.51%

3.52%

+1.99%

Volatility

COW.TO vs. EEM - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.57%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 11.28%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COW.TOEEMDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.57%

11.28%

-7.71%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

19.84%

-6.99%

Volatility (1Y)

Calculated over the trailing 1-year period

16.21%

22.01%

-5.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.92%

20.22%

-1.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.84%

21.72%

+0.12%

COW.TO vs. EEM - Expense Ratio Comparison

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

Dividends

COW.TO vs. EEM - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.16%, less than EEM's 2.24% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.16%2.46%1.43%1.62%2.01%0.69%1.13%1.13%1.18%0.63%1.21%1.96%
EEM
iShares MSCI Emerging Markets ETF		2.24%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%

Frequently Asked Questions

COW.TO and EEM have a correlation of 0.15, 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 EEM have the same expense ratio: 0.72% per year.

COW.TO is categorized as Large Cap Blend Equities, while EEM is Emerging Markets Diversified. COW.TO tracks Manulife Investment Management Global Agriculture Index, while EEM tracks MSCI Emerging Markets Index (Net).

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