COW.TO vs. QQC-F.TO

Last updated Jun 4, 2026

COW.TO (iShares Global Agriculture Index ETF) and QQC-F.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while QQC-F.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 20.30%/yr for QQC-F.TO. At a 0.36 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.20%/yr for QQC-F.TO.

Performance

COW.TO vs. QQC-F.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Agriculture Index ETF (COW.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COW.TO achieves a 15.84% return, which is significantly lower than QQC-F.TO's 19.79% return. Over the past 10 years, COW.TO has underperformed QQC-F.TO with an annualized return of 8.59%, while QQC-F.TO has yielded a comparatively higher 20.30% 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%

QQC-F.TO

• 1D: -0.22%
• 1M: 10.71%
• YTD: 19.79%
• 6M: 17.83%
• 1Y: 38.43%
• 3Y*: 26.56%
• 5Y*: 16.33%
• 10Y*: 20.30%

*Multi-year figures are annualized to reflect compound growth (CAGR)

COW.TO vs. QQC-F.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	19.79%	18.41%	24.19%	52.81%	-33.42%	27.15%	45.04%	37.63%	-2.23%	31.94%

Correlation

The correlation between COW.TO and QQC-F.TO is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 17, 2011	0.36

Over the past year, the correlation between COW.TO and QQC-F.TO has dropped to 0.02 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

COW.TO vs. QQC-F.TO - Sectors Allocation Comparison

Sectors	COW.TO	QQC-F.TO
Consumer Defensive	42.3%	7.7%
Industrials	28.0%	2.8%
Basic Materials	27.4%	1.1%
Consumer Cyclical	1.7%	12.3%
Financial Services	0.5%	0.2%
Communication Services	-	15.8%
Energy	-	0.6%
Healthcare	-	4.2%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

COW.TO vs. QQC-F.TO — 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: 19
COW.TO Sharpe Ratio Rank: 19
COW.TO Sortino Ratio Rank: 19
COW.TO Omega Ratio Rank: 18
COW.TO Calmar Ratio Rank: 21
COW.TO Martin Ratio Rank: 18

QQC-F.TO

QQC-F.TO Risk / Return Rank: 66
QQC-F.TO Sharpe Ratio Rank: 73
QQC-F.TO Sortino Ratio Rank: 69
QQC-F.TO Omega Ratio Rank: 68
QQC-F.TO Calmar Ratio Rank: 58
QQC-F.TO Martin Ratio Rank: 60

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. QQC-F.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.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.

	COW.TO	QQC-F.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	2.43	-1.80
Sortino ratio: Return per unit of downside risk	1.03	3.23	-2.20
Omega ratio: Gain probability vs. loss probability	1.12	1.42	-0.30
Calmar ratio: Return relative to maximum drawdown	0.94	2.93	-2.00
Martin ratio: Return relative to average drawdown	1.94	10.91	-8.97
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. QQC-F.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.63, which is lower than the QQC-F.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of COW.TO and QQC-F.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COW.TO	QQC-F.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	2.43	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.73	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.91	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.92	-0.56

Drawdowns

COW.TO vs. QQC-F.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than QQC-F.TO's maximum drawdown of -36.03%. Use the drawdown chart below to compare losses from any high point for COW.TO and QQC-F.TO.

Drawdown Indicators

	COW.TO	QQC-F.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.00%	-36.03%	-18.97%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-13.16%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	-22.76%	+8.25%
Max Drawdown (5Y) Largest decline over 5 years	-29.82%	-36.03%	+6.21%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-36.03%	-0.59%
Current Drawdown Current decline from peak	-7.17%	-0.22%	-6.95%
Average Drawdown Average peak-to-trough decline	-13.94%	-5.50%	-8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	3.53%	+1.53%

Volatility

COW.TO vs. QQC-F.TO - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.85%, while Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) has a volatility of 4.49%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than QQC-F.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COW.TO	QQC-F.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	4.49%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	12.08%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	15.89%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	22.45%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	22.54%	-3.24%

COW.TO vs. QQC-F.TO - Expense Ratio Comparison

COW.TO has a 0.72% expense ratio, which is higher than QQC-F.TO's 0.20% expense ratio.

Dividends

COW.TO vs. QQC-F.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.07%, while QQC-F.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.00%	0.09%	0.50%	0.57%	0.89%	0.66%	0.49%	0.64%	0.77%	0.66%	0.81%	0.76%

Frequently Asked Questions

Can I hold both COW.TO and QQC-F.TO in my portfolio?

COW.TO and QQC-F.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COW.TO or QQC-F.TO?

On fees, QQC-F.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COW.TO or QQC-F.TO?

QQC-F.TO is cheaper with a 0.20% expense ratio, compared with 0.72% for COW.TO.

What is the main difference between COW.TO and QQC-F.TO?

COW.TO is categorized as Large Cap Blend Equities, while QQC-F.TO is Nasdaq-100. COW.TO tracks Manulife Investment Management Global Agriculture Index, while QQC-F.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.72% for COW.TO and 0.20% for QQC-F.TO.