COW.TO vs. XBB.TO
COW.TO (iShares Global Agriculture Index ETF) and XBB.TO (iShares Core Canadian Universe Bond 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 XBB.TO is a Intermediate Core Bond fund tracking the FTSE Canada Universe Bond Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.27%/yr vs 1.63%/yr for XBB.TO. At a correlation of -0.14, they often move in opposite directions. COW.TO charges 0.72%/yr vs 0.10%/yr for XBB.TO.
Performance
COW.TO vs. XBB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, COW.TO achieves a 14.00% return, which is significantly higher than XBB.TO's 1.72% return. Over the past 10 years, COW.TO has outperformed XBB.TO with an annualized return of 8.27%, while XBB.TO has yielded a comparatively lower 1.63% 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%
XBB.TO
- 1D
- 0.07%
- 1M
- 2.10%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 4.05%
- 3Y*
- 4.40%
- 5Y*
- 0.73%
- 10Y*
- 1.63%
COW.TO vs. XBB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 1.72% | 2.59% | 4.00% | 6.64% | -11.66% | -2.81% | 8.58% | 7.28% | 1.00% | 2.42% |
Correlation
The correlation between COW.TO and XBB.TO is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2007 | -0.14 |
The correlation between COW.TO and XBB.TO shifts across timeframes, from -0.14 (all time) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
COW.TO vs. XBB.TO — Risk / Return Rank
COW.TO
XBB.TO
COW.TO vs. XBB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and iShares Core Canadian Universe Bond Index ETF (XBB.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.
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.TO | XBB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.16 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | 1.49 | -1.17 |
| Martin ratioReturn relative to average drawdown | 0.78 | 3.47 | -2.70 |
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Drawdowns
COW.TO vs. XBB.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than XBB.TO's maximum drawdown of -18.16%. Use the drawdown chart below to compare losses from any high point for COW.TO and XBB.TO.
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Drawdown Indicators
| COW.TO | XBB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -18.16% | -36.84% |
Max Drawdown (1Y)Largest decline over 1 year | -13.43% | -2.73% | -10.70% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -5.42% | -9.09% |
Max Drawdown (5Y)Largest decline over 5 years | -29.84% | -15.90% | -13.94% |
Max Drawdown (10Y)Largest decline over 10 years | -42.38% | -18.16% | -24.22% |
Current DrawdownCurrent decline from peak | -12.04% | -1.18% | -10.86% |
Average DrawdownAverage peak-to-trough decline | -14.69% | -3.07% | -11.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.51% | 1.17% | +4.34% |
Volatility
COW.TO vs. XBB.TO - Volatility Comparison
iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.57% compared to iShares Core Canadian Universe Bond Index ETF (XBB.TO) at 1.44%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than XBB.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 | XBB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.57% | 1.44% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 12.85% | 3.26% | +9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.21% | 4.37% | +11.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 6.63% | +12.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.84% | 6.70% | +15.14% |
COW.TO vs. XBB.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than XBB.TO's 0.10% expense ratio.
Dividends
COW.TO vs. XBB.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 2.16%, less than XBB.TO's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 3.40% | 3.39% | 3.25% | 3.01% | 2.91% | 2.54% | 2.55% | 2.80% | 2.92% | 2.83% | 2.81% | 2.87% |
Frequently Asked Questions
COW.TO and XBB.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBB.TO is cheaper with a 0.10% expense ratio, compared with 0.72% for COW.TO.
COW.TO is categorized as Large Cap Blend Equities, while XBB.TO is Intermediate Core Bond. COW.TO tracks Manulife Investment Management Global Agriculture Index, while XBB.TO tracks FTSE Canada Universe Bond Index. Their fees differ too: 0.72% for COW.TO and 0.10% for XBB.TO.
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