COW.TO vs. VE.TO

Last updated Jun 4, 2026

COW.TO (iShares Global Agriculture Index ETF) and VE.TO (Vanguard FTSE Developed Europe All Cap Index ETF) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while VE.TO is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 9.78%/yr for VE.TO. At a 0.48 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.22%/yr for VE.TO.

Performance

COW.TO vs. VE.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 Vanguard FTSE Developed Europe All Cap Index ETF (VE.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 higher than VE.TO's 6.65% return. Over the past 10 years, COW.TO has underperformed VE.TO with an annualized return of 8.59%, while VE.TO has yielded a comparatively higher 9.78% 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%

VE.TO

• 1D: -0.65%
• 1M: 4.95%
• YTD: 6.65%
• 6M: 8.13%
• 1Y: 18.98%
• 3Y*: 17.46%
• 5Y*: 11.07%
• 10Y*: 9.78%

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

COW.TO vs. VE.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%
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	6.65%	29.58%	10.77%	16.67%	-10.07%	15.65%	3.00%	18.14%	-7.96%	18.82%

Correlation

The correlation between COW.TO and VE.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jul 10, 2014	0.48

Over the past year, the correlation between COW.TO and VE.TO has dropped to 0.25 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

COW.TO vs. VE.TO - Sectors Allocation Comparison

Sectors	COW.TO	VE.TO
Consumer Defensive	42.3%	8.5%
Industrials	28.0%	18.9%
Basic Materials	27.4%	5.5%
Consumer Cyclical	1.7%	6.8%
Financial Services	0.5%	23.6%
Communication Services	-	3.5%
Energy	-	5.3%
Healthcare	-	12.1%
Real Estate	-	1.5%
Technology	-	8.3%
Utilities	-	4.8%

Return for Risk

COW.TO vs. VE.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

VE.TO

VE.TO Risk / Return Rank: 34
VE.TO Sharpe Ratio Rank: 35
VE.TO Sortino Ratio Rank: 35
VE.TO Omega Ratio Rank: 34
VE.TO Calmar Ratio Rank: 30
VE.TO Martin Ratio Rank: 37

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. VE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and Vanguard FTSE Developed Europe All Cap Index ETF (VE.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	VE.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	1.28	-0.65
Sortino ratio: Return per unit of downside risk	1.03	1.88	-0.85
Omega ratio: Gain probability vs. loss probability	1.12	1.23	-0.12
Calmar ratio: Return relative to maximum drawdown	0.94	1.50	-0.57
Martin ratio: Return relative to average drawdown	1.94	5.84	-3.90
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. VE.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.63, which is lower than the VE.TO Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of COW.TO and VE.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	VE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	1.28	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.74	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.61	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.54	-0.18

Drawdowns

COW.TO vs. VE.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than VE.TO's maximum drawdown of -31.66%. Use the drawdown chart below to compare losses from any high point for COW.TO and VE.TO.

Drawdown Indicators

	COW.TO	VE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.00%	-31.66%	-23.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-12.68%	+2.17%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	-14.67%	+0.16%
Max Drawdown (5Y) Largest decline over 5 years	-29.82%	-27.26%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-31.66%	-4.96%
Current Drawdown Current decline from peak	-7.17%	-2.80%	-4.37%
Average Drawdown Average peak-to-trough decline	-13.94%	-5.60%	-8.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	3.26%	+1.80%

Volatility

COW.TO vs. VE.TO - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.85%, while Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) has a volatility of 6.11%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than VE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COW.TO	VE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	6.11%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	12.48%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	14.90%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	15.04%	+3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	16.20%	+3.10%

COW.TO vs. VE.TO - Expense Ratio Comparison

COW.TO has a 0.72% expense ratio, which is higher than VE.TO's 0.22% expense ratio.

Dividends

COW.TO vs. VE.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.07%, less than VE.TO's 2.42% 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%
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	2.42%	2.58%	2.97%	2.97%	3.20%	2.97%	2.41%	3.79%	3.57%	2.22%	2.33%	2.47%

Frequently Asked Questions

Can I hold both COW.TO and VE.TO in my portfolio?

COW.TO and VE.TO have a correlation of 0.25, 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 VE.TO?

On fees, VE.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COW.TO or VE.TO?

VE.TO is cheaper with a 0.22% expense ratio, compared with 0.72% for COW.TO.

What is the main difference between COW.TO and VE.TO?

COW.TO is categorized as Large Cap Blend Equities, while VE.TO is Europe Equities. COW.TO tracks Manulife Investment Management Global Agriculture Index, while VE.TO tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.72% for COW.TO and 0.22% for VE.TO.