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

COW.TO vs. XSP.TO

Last updated Jun 24, 2026

COW.TO (iShares Global Agriculture Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, COW.TO returned 8.34%/yr vs 13.50%/yr for XSP.TO. A 0.55 correlation means they provide meaningful diversification when combined. COW.TO charges 0.72%/yr vs 0.09%/yr for XSP.TO.

Performance

COW.TO vs. XSP.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 Core S&P 500 Index ETF (CAD-Hedged) (XSP.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 13.43% return, which is significantly higher than XSP.TO's 6.74% return. Over the past 10 years, COW.TO has underperformed XSP.TO with an annualized return of 8.34%, while XSP.TO has yielded a comparatively higher 13.50% annualized return.

COW.TO

1D
0.41%
1M
-0.57%
YTD
13.43%
6M
9.29%
1Y
1.58%
3Y*
6.31%
5Y*
3.78%
10Y*
8.34%

XSP.TO

1D
-1.47%
1M
-1.65%
YTD
6.74%
6M
5.83%
1Y
20.84%
3Y*
18.63%
5Y*
10.75%
10Y*
13.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
COW.TO
iShares Global Agriculture Index ETF		13.43%-4.34%5.62%-8.61%12.62%19.09%11.78%26.04%-14.16%14.90%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		6.74%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%

Correlation

The correlation between COW.TO and XSP.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.13

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

0.30

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

0.39

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

0.47

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

0.55

Over the past year, the correlation between COW.TO and XSP.TO has dropped to 0.13 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

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

Sectors
COW.TO
XSP.TO

Consumer Defensive

42.6%
4.6%

Basic Materials

27.7%
1.7%

Industrials

27.6%
7.9%

Consumer Cyclical

1.6%
10.0%

Financial Services

0.6%
11.0%

Communication Services

-

10.8%

Energy

-

3.2%

Healthcare

-

8.4%

Real Estate

-

1.8%

Technology

-

38.4%

Utilities

-

2.1%

Consumer Defensive

COW.TO
42.6%
XSP.TO
4.6%

Basic Materials

COW.TO
27.7%
XSP.TO
1.7%

Industrials

COW.TO
27.6%
XSP.TO
7.9%

Consumer Cyclical

COW.TO
1.6%
XSP.TO
10.0%

Financial Services

COW.TO
0.6%
XSP.TO
11.0%

Communication Services

COW.TO

-

XSP.TO
10.8%

Energy

COW.TO

-

XSP.TO
3.2%

Healthcare

COW.TO

-

XSP.TO
8.4%

Real Estate

COW.TO

-

XSP.TO
1.8%

Technology

COW.TO

-

XSP.TO
38.4%

Utilities

COW.TO

-

XSP.TO
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Global Agriculture Index ETF

iShares Core S&P 500 Index ETF (CAD-Hedged)

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Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. XQQ.TOXSP.TO vs. VFVA

Return for Risk

COW.TO vs. XSP.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: 1010
Overall Rank
COW.TO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 99
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 99
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 1010
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1010
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 5151
Overall Rank
XSP.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 4949
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 5858
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. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
0.10
1.69

-1.59

Sortino ratioReturn per unit of downside risk
0.26
2.33

-2.06

Omega ratioGain probability vs. loss probability

1.03

1.30

-0.27

Calmar ratioReturn relative to maximum drawdown

0.12

2.23

-2.11

Martin ratioReturn relative to average drawdown

0.28

9.90

-9.62

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

The current COW.TO Sharpe Ratio is 0.10, which is lower than the XSP.TO Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of COW.TO and XSP.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. XSP.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, roughly equal to the maximum XSP.TO drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for COW.TO and XSP.TO.

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Drawdown Indicators

COW.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-57.71%

+2.71%

Max Drawdown (1Y)

Largest decline over 1 year

-13.43%

-9.41%

-4.02%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-18.77%

+4.26%

Max Drawdown (5Y)

Largest decline over 5 years

-29.84%

-27.51%

-2.33%

Max Drawdown (10Y)

Largest decline over 10 years

-42.38%

-36.05%

-6.33%

Current Drawdown

Current decline from peak

-12.48%

-3.36%

-9.12%

Average Drawdown

Average peak-to-trough decline

-14.68%

-9.46%

-5.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.63%

2.11%

+3.52%

Volatility

COW.TO vs. XSP.TO - Volatility Comparison

The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.25%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 4.83%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than XSP.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.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

4.83%

-1.58%

Volatility (6M)

Calculated over the trailing 6-month period

12.76%

9.88%

+2.88%

Volatility (1Y)

Calculated over the trailing 1-year period

16.10%

12.42%

+3.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.89%

16.90%

+1.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.84%

18.23%

+3.61%

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

COW.TO has a 0.72% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.

Dividends

COW.TO vs. XSP.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.17%, more than XSP.TO's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.17%2.46%1.43%1.62%2.01%0.69%1.13%1.13%1.18%0.63%1.21%1.96%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.15%1.23%1.09%1.18%1.37%1.01%1.31%1.73%1.86%1.45%1.76%1.88%

Frequently Asked Questions

COW.TO and XSP.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.72% for COW.TO.

COW.TO is categorized as Large Cap Blend Equities, while XSP.TO is S&P 500. COW.TO tracks Manulife Investment Management Global Agriculture Index, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.72% for COW.TO and 0.09% for XSP.TO.

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