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

COW.TO vs. XEG.TO

Last updated Jun 16, 2026

COW.TO (iShares Global Agriculture Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy 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 XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.27%/yr vs 11.38%/yr for XEG.TO. At a 0.48 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.60%/yr for XEG.TO.

Performance

COW.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, COW.TO achieves a 14.00% return, which is significantly lower than XEG.TO's 34.92% return. Over the past 10 years, COW.TO has underperformed XEG.TO with an annualized return of 8.27%, while XEG.TO has yielded a comparatively higher 11.38% 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%

XEG.TO

1D
-2.61%
1M
-8.19%
YTD
34.92%
6M
35.69%
1Y
47.18%
3Y*
25.66%
5Y*
27.13%
10Y*
11.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

COW.TO vs. XEG.TO - 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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		34.92%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-27.05%-11.17%

Correlation

The correlation between COW.TO and XEG.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

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

0.47

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

0.43

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

0.48

The correlation between COW.TO and XEG.TO shifts across timeframes, from 0.34 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

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

Sectors
COW.TO
XEG.TO

Consumer Defensive

42.3%

-

Industrials

28.0%

-

Basic Materials

27.4%

-

Consumer Cyclical

1.7%

-

Financial Services

0.5%

-

Communication Services

-

-

Energy

-

100.0%

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Consumer Defensive

COW.TO
42.3%
XEG.TO

-

Industrials

COW.TO
28.0%
XEG.TO

-

Basic Materials

COW.TO
27.4%
XEG.TO

-

Consumer Cyclical

COW.TO
1.7%
XEG.TO

-

Financial Services

COW.TO
0.5%
XEG.TO

-

Communication Services

COW.TO

-

XEG.TO

-

Energy

COW.TO

-

XEG.TO
100.0%

Healthcare

COW.TO

-

XEG.TO

-

Real Estate

COW.TO

-

XEG.TO

-

Technology

COW.TO

-

XEG.TO

-

Utilities

COW.TO

-

XEG.TO

-

Compare stocks, funds, or ETFs

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iShares Global Agriculture Index ETF

iShares S&P/TSX Capped Energy Index 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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

COW.TO vs. XEG.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: 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
XEG.TO
XEG.TO Risk / Return Rank: 6969
Overall Rank
XEG.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 6161
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 7171
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. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
0.27
2.04

-1.77

Sortino ratioReturn per unit of downside risk
0.51
2.54

-2.04

Omega ratioGain probability vs. loss probability

1.06

1.33

-0.28

Calmar ratioReturn relative to maximum drawdown

0.32

4.26

-3.94

Martin ratioReturn relative to average drawdown

0.78

11.99

-11.21

COW.TO vs. XEG.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.27, which is lower than the XEG.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of COW.TO and XEG.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.

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Drawdowns

COW.TO vs. XEG.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for COW.TO and XEG.TO.

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Drawdown Indicators

COW.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-87.51%

+32.51%

Max Drawdown (1Y)

Largest decline over 1 year

-13.43%

-11.12%

-2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-25.67%

+11.16%

Max Drawdown (5Y)

Largest decline over 5 years

-29.84%

-28.42%

-1.42%

Max Drawdown (10Y)

Largest decline over 10 years

-42.38%

-79.66%

+37.28%

Current Drawdown

Current decline from peak

-12.04%

-10.27%

-1.77%

Average Drawdown

Average peak-to-trough decline

-14.69%

-34.55%

+19.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.51%

3.95%

+1.56%

Volatility

COW.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.57%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.33%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.57%

9.33%

-5.76%

Volatility (6M)

Calculated over the trailing 6-month period

12.85%

19.83%

-6.98%

Volatility (1Y)

Calculated over the trailing 1-year period

16.21%

23.32%

-7.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.92%

28.75%

-9.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.84%

33.42%

-11.58%

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

COW.TO has a 0.72% expense ratio, which is higher than XEG.TO's 0.60% expense ratio.

Dividends

COW.TO vs. XEG.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.16%, less than XEG.TO's 2.84% 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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.84%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

COW.TO and XEG.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEG.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEG.TO is cheaper with a 0.60% expense ratio, compared with 0.72% for COW.TO.

COW.TO is categorized as Large Cap Blend Equities, while XEG.TO is Energy Equities. COW.TO tracks Manulife Investment Management Global Agriculture Index, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.72% for COW.TO and 0.60% for XEG.TO.

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