COW.TO vs. XSH.TO
COW.TO (iShares Global Agriculture Index ETF) and XSH.TO (iShares Core Canadian Short Term Corporate 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 XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, COW.TO returned 8.59%/yr vs 2.82%/yr for XSH.TO. At a correlation of -0.00, they often move in opposite directions. COW.TO charges 0.72%/yr vs 0.10%/yr for XSH.TO.
Performance
COW.TO vs. XSH.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 XSH.TO's 1.33% return. Over the past 10 years, COW.TO has outperformed XSH.TO with an annualized return of 8.59%, while XSH.TO has yielded a comparatively lower 2.82% 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%
XSH.TO
- 1D
- 0.00%
- 1M
- 1.13%
- YTD
- 1.33%
- 6M
- 1.34%
- 1Y
- 3.85%
- 3Y*
- 6.05%
- 5Y*
- 2.86%
- 10Y*
- 2.82%
COW.TO vs. XSH.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% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.33% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.78% |
Correlation
The correlation between COW.TO and XSH.TO is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | -0.00 |
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Return for Risk
COW.TO vs. XSH.TO — Risk / Return Rank
COW.TO
XSH.TO
COW.TO vs. XSH.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 Short Term Corporate Bond Index ETF (XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.36 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 2.57 | -1.63 |
| Martin ratioReturn relative to average drawdown | 1.94 | 10.05 | -8.11 |
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 | XSH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 1.79 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 1.02 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.64 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.74 | -0.38 |
Drawdowns
COW.TO vs. XSH.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for COW.TO and XSH.TO.
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Drawdown Indicators
| COW.TO | XSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -14.24% | -40.76% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -1.51% | -9.00% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -1.51% | -13.00% |
Max Drawdown (5Y)Largest decline over 5 years | -29.82% | -7.80% | -22.02% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | -14.24% | -22.38% |
Current DrawdownCurrent decline from peak | -7.17% | 0.00% | -7.17% |
Average DrawdownAverage peak-to-trough decline | -13.94% | -0.93% | -13.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 0.38% | +4.68% |
Volatility
COW.TO vs. XSH.TO - Volatility Comparison
iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.85% compared to iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) at 0.80%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 0.80% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | 1.83% | +10.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 2.16% | +13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 2.83% | +16.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.30% | 4.42% | +14.88% |
COW.TO vs. XSH.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than XSH.TO's 0.10% expense ratio.
Dividends
COW.TO vs. XSH.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 2.07%, less than XSH.TO's 3.89% 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% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.89% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
COW.TO and XSH.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.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 XSH.TO is Canadian Government Bonds. COW.TO tracks Manulife Investment Management Global Agriculture Index, while XSH.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.72% for COW.TO and 0.10% for XSH.TO.
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