COW.TO vs. TPU.TO
COW.TO (iShares Global Agriculture Index ETF) and TPU.TO (TD U.S. Equity Index ETF) are both Large Cap Blend Equities funds - COW.TO tracks the Manulife Investment Management Global Agriculture Index while TPU.TO tracks the Solactive US Large Cap CAD Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 16.10%/yr for TPU.TO. At a 0.48 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.06%/yr for TPU.TO.
Performance
COW.TO vs. TPU.TO - Performance Comparison
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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 TPU.TO's 12.48% return. Over the past 10 years, COW.TO has underperformed TPU.TO with an annualized return of 8.59%, while TPU.TO has yielded a comparatively higher 16.10% 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%
TPU.TO
- 1D
- -0.27%
- 1M
- 7.38%
- YTD
- 12.48%
- 6M
- 10.60%
- 1Y
- 29.73%
- 3Y*
- 23.84%
- 5Y*
- 16.57%
- 10Y*
- 16.10%
COW.TO vs. TPU.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% |
TPU.TO TD U.S. Equity Index ETF | 12.48% | 12.69% | 34.82% | 24.24% | -14.31% | 26.02% | 18.73% | 25.02% | 3.03% | 13.31% |
Correlation
The correlation between COW.TO and TPU.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2016 | 0.48 |
Over the past year, the correlation between COW.TO and TPU.TO has dropped to 0.20 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
COW.TO vs. TPU.TO - Sectors Allocation Comparison
Sectors
COW.TO
TPU.TO
Consumer Defensive
Industrials
Basic Materials
Consumer Cyclical
Financial Services
Communication Services
-
Energy
-
Healthcare
-
Real Estate
-
Technology
-
Utilities
-
Consumer Defensive
COW.TO
TPU.TO
Industrials
COW.TO
TPU.TO
Basic Materials
COW.TO
TPU.TO
Consumer Cyclical
COW.TO
TPU.TO
Financial Services
COW.TO
TPU.TO
Communication Services
COW.TO
-
TPU.TO
Energy
COW.TO
-
TPU.TO
Healthcare
COW.TO
-
TPU.TO
Real Estate
COW.TO
-
TPU.TO
Technology
COW.TO
-
TPU.TO
Utilities
COW.TO
-
TPU.TO
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Return for Risk
COW.TO vs. TPU.TO — Risk / Return Rank
COW.TO
TPU.TO
COW.TO vs. TPU.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and TD U.S. Equity Index ETF (TPU.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 | TPU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.46 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 3.44 | -2.50 |
| Martin ratioReturn relative to average drawdown | 1.94 | 12.86 | -10.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| COW.TO | TPU.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 2.53 | -1.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 1.09 | -0.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.97 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.97 | -0.61 |
Drawdowns
COW.TO vs. TPU.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than TPU.TO's maximum drawdown of -27.96%. Use the drawdown chart below to compare losses from any high point for COW.TO and TPU.TO.
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Drawdown Indicators
| COW.TO | TPU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -27.96% | -27.04% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -8.68% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -19.30% | +4.79% |
Max Drawdown (5Y)Largest decline over 5 years | -29.82% | -23.73% | -6.09% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | -27.96% | -8.66% |
Current DrawdownCurrent decline from peak | -7.17% | -0.27% | -6.90% |
Average DrawdownAverage peak-to-trough decline | -13.94% | -3.96% | -9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 2.32% | +2.74% |
Volatility
COW.TO vs. TPU.TO - Volatility Comparison
iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.85% compared to TD U.S. Equity Index ETF (TPU.TO) at 3.23%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than TPU.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 | TPU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 3.23% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | 8.83% | +3.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 11.81% | +3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 15.31% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.30% | 16.60% | +2.70% |
COW.TO vs. TPU.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than TPU.TO's 0.06% expense ratio.
Dividends
COW.TO vs. TPU.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than TPU.TO's 0.85% yield.
| 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% |
TPU.TO TD U.S. Equity Index ETF | 0.85% | 0.96% | 0.90% | 1.22% | 1.34% | 0.99% | 1.23% | 1.23% | 1.57% | 1.59% | 1.33% | 0.00% |
Frequently Asked Questions
COW.TO and TPU.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.72% for COW.TO.
COW.TO tracks Manulife Investment Management Global Agriculture Index, while TPU.TO tracks Solactive US Large Cap CAD Index. They also come from different issuers: iShares and TD. Their fees differ too: 0.72% for COW.TO and 0.06% for TPU.TO.
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