COW.TO vs. XHC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Global Agriculture Index ETF (COW.TO) and iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO).

COW.TO and XHC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. COW.TO is a passively managed fund by iShares that tracks the performance of the Manulife Investment Management Global Agriculture Index. It was launched on Dec 19, 2007. XHC.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl GR CAD. It was launched on Apr 12, 2011. Both COW.TO and XHC.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

COW.TO vs. XHC.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 Global Healthcare Index ETF (CAD-Hedged) (XHC.TO). The values are adjusted to include any dividend payments, if applicable.

COW.TO vs. XHC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COW.TO iShares Global Agriculture Index ETF	20.39%	-0.67%	5.62%	-8.61%	12.64%	19.02%	11.66%	25.91%	-14.26%	14.84%
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	-4.13%	10.91%	1.22%	2.14%	-3.56%	21.32%	8.71%	22.47%	2.20%	16.84%

Returns By Period

In the year-to-date period, COW.TO achieves a 20.39% return, which is significantly higher than XHC.TO's -4.13% return. Over the past 10 years, COW.TO has outperformed XHC.TO with an annualized return of 9.69%, while XHC.TO has yielded a comparatively lower 7.62% annualized return.

COW.TO

• 1D: 0.28%
• 1M: 0.73%
• YTD: 20.39%
• 6M: 14.92%
• 1Y: 15.42%
• 3Y*: 5.98%
• 5Y*: 4.97%
• 10Y*: 9.69%

XHC.TO

• 1D: 2.00%
• 1M: -7.56%
• YTD: -4.13%
• 6M: 5.87%
• 1Y: 1.51%
• 3Y*: 3.80%
• 5Y*: 4.70%
• 10Y*: 7.62%

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

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

COW.TO has a 0.72% expense ratio, which is higher than XHC.TO's 0.66% expense ratio.

COW.TO

iShares Global Agriculture Index ETF

XHC.TO

iShares Global Healthcare Index ETF (CAD-Hedged)

Return for Risk

COW.TO vs. XHC.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: 46
COW.TO Sharpe Ratio Rank: 47
COW.TO Sortino Ratio Rank: 51
COW.TO Omega Ratio Rank: 41
COW.TO Calmar Ratio Rank: 58
COW.TO Martin Ratio Rank: 36

XHC.TO

XHC.TO Risk / Return Rank: 14
XHC.TO Sharpe Ratio Rank: 14
XHC.TO Sortino Ratio Rank: 14
XHC.TO Omega Ratio Rank: 14
XHC.TO Calmar Ratio Rank: 15
XHC.TO Martin Ratio Rank: 15

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. XHC.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 Global Healthcare Index ETF (CAD-Hedged) (XHC.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	XHC.TO	Difference
Sharpe ratio Return per unit of total volatility	0.85	0.09	+0.76
Sortino ratio Return per unit of downside risk	1.35	0.25	+1.10
Omega ratio Gain probability vs. loss probability	1.16	1.03	+0.13
Calmar ratio Return relative to maximum drawdown	1.46	0.17	+1.30
Martin ratio Return relative to average drawdown	3.31	0.32	+2.99
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. XHC.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.85, which is higher than the XHC.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of COW.TO and XHC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	COW.TO	XHC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	0.09	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.35	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.49	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.69	-0.32

Correlation

The correlation between COW.TO and XHC.TO is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

COW.TO vs. XHC.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.00%, more than XHC.TO's 1.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COW.TO iShares Global Agriculture Index ETF	2.00%	2.40%	1.43%	1.62%	2.03%	0.69%	1.02%	1.02%	1.07%	0.58%	1.10%	1.78%
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged)	1.95%	1.87%	4.42%	2.38%	0.84%	0.79%	0.96%	1.07%	1.68%	1.14%	1.63%	2.15%

Drawdowns

COW.TO vs. XHC.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than XHC.TO's maximum drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for COW.TO and XHC.TO.

Drawdown Indicators

	COW.TO	XHC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.00%	-27.28%	-27.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-9.85%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-29.82%	-18.81%	-11.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	-27.28%	-9.34%
Current Drawdown Current decline from peak	-3.53%	-8.30%	+4.77%
Average Drawdown Average peak-to-trough decline	-14.01%	-4.80%	-9.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	5.22%	-0.11%

Volatility

COW.TO vs. XHC.TO - Volatility Comparison

iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 6.61% compared to iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) at 4.89%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than XHC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COW.TO	XHC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	4.89%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	10.44%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	18.30%	17.41%	+0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	13.69%	+5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.28%	15.72%	+3.56%