COW.TO vs. XTLH.TO

Last updated Jun 16, 2026

COW.TO (iShares Global Agriculture Index ETF) and XTLH.TO (iShares 20+ Year U.S. Treasury Bond 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 XTLH.TO is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). Both are passively managed. Over the past year, COW.TO returned 4.28% vs 2.20% for XTLH.TO. At a 0.05 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.18%/yr for XTLH.TO.

Performance

COW.TO vs. XTLH.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 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COW.TO achieves a 14.00% return, which is significantly higher than XTLH.TO's -0.61% 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%

XTLH.TO

• 1D: -0.03%
• 1M: 2.76%
• YTD: -0.61%
• 6M: -0.52%
• 1Y: 2.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
COW.TO iShares Global Agriculture Index ETF	14.00%	-4.34%	5.62%	-0.22%
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)	-0.61%	2.61%	-9.55%	-1.06%

Correlation

The correlation between COW.TO and XTLH.TO is 0.00, 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	0.00
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.05

Return for Risk

COW.TO vs. XTLH.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: 12
COW.TO Sharpe Ratio Rank: 13
COW.TO Sortino Ratio Rank: 12
COW.TO Omega Ratio Rank: 12
COW.TO Calmar Ratio Rank: 12
COW.TO Martin Ratio Rank: 13

XTLH.TO

XTLH.TO Risk / Return Rank: 12
XTLH.TO Sharpe Ratio Rank: 12
XTLH.TO Sortino Ratio Rank: 11
XTLH.TO Omega Ratio Rank: 11
XTLH.TO Calmar Ratio Rank: 12
XTLH.TO Martin Ratio Rank: 12

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. XTLH.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 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.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	XTLH.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.23	+0.03
Sortino ratio: Return per unit of downside risk	0.51	0.40	+0.10
Omega ratio: Gain probability vs. loss probability	1.06	1.05	+0.01
Calmar ratio: Return relative to maximum drawdown	0.32	0.26	+0.06
Martin ratio: Return relative to average drawdown	0.78	0.63	+0.15

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

The current COW.TO Sharpe Ratio is 0.27, which is comparable to the XTLH.TO Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of COW.TO and XTLH.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.

Drawdowns

COW.TO vs. XTLH.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than XTLH.TO's maximum drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for COW.TO and XTLH.TO.

Drawdown Indicators

	COW.TO	XTLH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.00%	-15.86%	-39.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.43%	-8.37%	-5.06%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.38%	—	—
Current Drawdown Current decline from peak	-12.04%	-11.50%	-0.54%
Average Drawdown Average peak-to-trough decline	-14.69%	-9.14%	-5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.51%	3.49%	+2.02%

Volatility

COW.TO vs. XTLH.TO - Volatility Comparison

iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.57% compared to iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) at 3.04%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than XTLH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COW.TO	XTLH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	3.04%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	6.56%	+6.29%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	9.51%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	12.41%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	12.41%	+9.43%

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

COW.TO has a 0.72% expense ratio, which is higher than XTLH.TO's 0.18% expense ratio.

Dividends

COW.TO vs. XTLH.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.16%, less than XTLH.TO's 4.60% 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%
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)	4.60%	4.42%	4.32%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COW.TO and XTLH.TO in my portfolio?

COW.TO and XTLH.TO have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COW.TO or XTLH.TO?

On fees, XTLH.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COW.TO or XTLH.TO?

XTLH.TO is cheaper with a 0.18% expense ratio, compared with 0.72% for COW.TO.

What is the main difference between COW.TO and XTLH.TO?

COW.TO is categorized as Large Cap Blend Equities, while XTLH.TO is Government Bonds. COW.TO tracks Manulife Investment Management Global Agriculture Index, while XTLH.TO tracks ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). Their fees differ too: 0.72% for COW.TO and 0.18% for XTLH.TO.