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

COW.TO vs. ITA

Last updated Jun 16, 2026

COW.TO (iShares Global Agriculture Index ETF) and ITA (iShares U.S. Aerospace & Defense ETF) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.27%/yr vs 16.45%/yr for ITA. At a 0.49 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.38%/yr for ITA.

Performance

COW.TO vs. ITA - 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 U.S. Aerospace & Defense ETF (ITA). 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 ITA is traded in USD. To make them comparable, the ITA 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 higher than ITA's 12.90% return. Over the past 10 years, COW.TO has underperformed ITA with an annualized return of 8.27%, while ITA has yielded a comparatively higher 16.45% 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%

ITA

1D
1.55%
1M
11.25%
YTD
12.90%
6M
15.01%
1Y
36.10%
3Y*
30.29%
5Y*
20.65%
10Y*
16.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COW.TO vs. ITA - 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%
ITA
iShares U.S. Aerospace & Defense ETF		12.90%41.86%25.62%11.61%16.93%9.34%-15.62%25.13%0.58%26.09%

Correlation

The correlation between COW.TO and ITA 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

0.27

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

0.40

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

0.47

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

0.49

Over the past year, the correlation between COW.TO and ITA has dropped to 0.15 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

COW.TO vs. ITA - Sectors Allocation Comparison

Sectors
COW.TO
ITA

Consumer Defensive

42.3%

-

Industrials

28.0%
99.8%

Basic Materials

27.4%

-

Consumer Cyclical

1.7%

-

Financial Services

0.5%

-

Communication Services

-

-

Energy

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

0.1%

Utilities

-

-

Consumer Defensive

COW.TO
42.3%
ITA

-

Industrials

COW.TO
28.0%
ITA
99.8%

Basic Materials

COW.TO
27.4%
ITA

-

Consumer Cyclical

COW.TO
1.7%
ITA

-

Financial Services

COW.TO
0.5%
ITA

-

Communication Services

COW.TO

-

ITA

-

Energy

COW.TO

-

ITA

-

Healthcare

COW.TO

-

ITA

-

Real Estate

COW.TO

-

ITA

-

Technology

COW.TO

-

ITA
0.1%

Utilities

COW.TO

-

ITA

-

Compare stocks, funds, or ETFs

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iShares Global Agriculture Index ETF

iShares U.S. Aerospace & Defense 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 ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. DFEN

Return for Risk

COW.TO vs. ITA — 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
ITA
ITA Risk / Return Rank: 4545
Overall Rank
ITA Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 4949
Sortino Ratio Rank
ITA Omega Ratio Rank: 4444
Omega Ratio Rank
ITA Calmar Ratio Rank: 4646
Calmar Ratio Rank
ITA Martin Ratio Rank: 3838
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. ITA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and iShares U.S. Aerospace & Defense ETF (ITA). 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.TOITADifference
Sharpe ratioReturn per unit of total volatility
0.27
1.62

-1.36

Sortino ratioReturn per unit of downside risk
0.51
2.34

-1.84

Omega ratioGain probability vs. loss probability

1.06

1.28

-0.22

Calmar ratioReturn relative to maximum drawdown

0.32

2.43

-2.11

Martin ratioReturn relative to average drawdown

0.78

6.14

-5.36

COW.TO vs. ITA - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.27, which is lower than the ITA Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of COW.TO and ITA, 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. ITA - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than ITA's maximum drawdown of -47.26%. Use the drawdown chart below to compare losses from any high point for COW.TO and ITA.

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Drawdown Indicators

COW.TOITADifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-47.26%

-7.74%

Max Drawdown (1Y)

Largest decline over 1 year

-13.43%

-14.91%

+1.48%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-17.29%

+2.78%

Max Drawdown (5Y)

Largest decline over 5 years

-29.84%

-17.29%

-12.55%

Max Drawdown (10Y)

Largest decline over 10 years

-42.38%

-46.69%

+4.31%

Current Drawdown

Current decline from peak

-12.04%

-3.08%

-8.96%

Average Drawdown

Average peak-to-trough decline

-14.69%

-8.88%

-5.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.51%

5.89%

-0.38%

Volatility

COW.TO vs. ITA - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.57%, while iShares U.S. Aerospace & Defense ETF (ITA) has a volatility of 9.26%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than ITA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

COW.TOITADifference

Volatility (1M)

Calculated over the trailing 1-month period

3.57%

9.26%

-5.69%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

19.10%

-6.25%

Volatility (1Y)

Calculated over the trailing 1-year period

16.21%

22.39%

-6.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.92%

21.34%

-2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.84%

24.04%

-2.20%

COW.TO vs. ITA - Expense Ratio Comparison

COW.TO has a 0.72% expense ratio, which is higher than ITA's 0.38% expense ratio.

Dividends

COW.TO vs. ITA - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.16%, more than ITA's 0.52% 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%
ITA
iShares U.S. Aerospace & Defense ETF		0.52%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

COW.TO and ITA 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.

On fees, ITA is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ITA is cheaper with a 0.38% expense ratio, compared with 0.72% for COW.TO.

COW.TO is categorized as Large Cap Blend Equities, while ITA is Aerospace & Defense. COW.TO tracks Manulife Investment Management Global Agriculture Index, while ITA tracks Dow Jones U.S. Select Aerospace & Defense Index. Their fees differ too: 0.72% for COW.TO and 0.38% for ITA.

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