COW.TO vs. XUU-U.TO

Last updated Jun 4, 2026

COW.TO (iShares Global Agriculture Index ETF) and XUU-U.TO (iShares Core S&P U.S. Total Market Index ETF) are both Large Cap Blend Equities funds from iShares - COW.TO tracks the Manulife Investment Management Global Agriculture Index while XUU-U.TO tracks the S&P Total Market Index. Both are passively managed. Over the past 5 years, COW.TO returned 4.24%/yr vs 15.74%/yr for XUU-U.TO. At a 0.10 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.08%/yr for XUU-U.TO.

Performance

COW.TO vs. XUU-U.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 U.S. Total Market Index ETF (XUU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

COW.TO is traded in CAD, while XUU-U.TO is traded in USD. To make them comparable, the XUU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, COW.TO achieves a 15.84% return, which is significantly higher than XUU-U.TO's 12.58% 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%

XUU-U.TO

• 1D: 0.03%
• 1M: 7.44%
• YTD: 12.58%
• 6M: 10.92%
• 1Y: 29.83%
• 3Y*: 22.81%
• 5Y*: 15.74%
• 10Y*: —

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

COW.TO vs. XUU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
COW.TO iShares Global Agriculture Index ETF	15.84%	-0.67%	5.62%	-8.61%	12.64%	19.02%	11.66%	6.72%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	12.58%	11.00%	33.03%	23.73%	-14.72%	26.98%	16.71%	6.48%

Correlation

The correlation between COW.TO and XUU-U.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.10

The correlation between COW.TO and XUU-U.TO shifts across timeframes, from 0.10 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

COW.TO vs. XUU-U.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: 19
COW.TO Sharpe Ratio Rank: 19
COW.TO Sortino Ratio Rank: 19
COW.TO Omega Ratio Rank: 18
COW.TO Calmar Ratio Rank: 21
COW.TO Martin Ratio Rank: 18

XUU-U.TO

XUU-U.TO Risk / Return Rank: 72
XUU-U.TO Sharpe Ratio Rank: 71
XUU-U.TO Sortino Ratio Rank: 69
XUU-U.TO Omega Ratio Rank: 81
XUU-U.TO Calmar Ratio Rank: 64
XUU-U.TO Martin Ratio Rank: 77

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. XUU-U.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 U.S. Total Market Index ETF (XUU-U.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	XUU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.63	2.51	-1.89
Sortino ratio: Return per unit of downside risk	1.03	3.34	-2.31
Omega ratio: Gain probability vs. loss probability	1.12	1.49	-0.37
Calmar ratio: Return relative to maximum drawdown	0.94	3.49	-2.56
Martin ratio: Return relative to average drawdown	1.94	13.31	-11.37
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. XUU-U.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.63, which is lower than the XUU-U.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of COW.TO and XUU-U.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.

Sharpe Ratios by Period

	COW.TO	XUU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	2.51	-1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.97	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.96	-0.61

Drawdowns

COW.TO vs. XUU-U.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than XUU-U.TO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for COW.TO and XUU-U.TO.

Drawdown Indicators

	COW.TO	XUU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-55.00%	-24.77%	-30.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.51%	-8.58%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.51%	-20.06%	+5.55%
Max Drawdown (5Y) Largest decline over 5 years	-29.82%	-22.68%	-7.14%
Max Drawdown (10Y) Largest decline over 10 years	-36.62%	—	—
Current Drawdown Current decline from peak	-7.17%	0.00%	-7.17%
Average Drawdown Average peak-to-trough decline	-13.94%	-4.88%	-9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.06%	2.25%	+2.81%

Volatility

COW.TO vs. XUU-U.TO - Volatility Comparison

iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 3.85% compared to iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO) at 2.86%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than XUU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COW.TO	XUU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.86%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	9.19%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	11.93%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	16.25%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	17.36%	+1.94%

COW.TO vs. XUU-U.TO - Expense Ratio Comparison

COW.TO has a 0.72% expense ratio, which is higher than XUU-U.TO's 0.08% expense ratio.

Dividends

COW.TO vs. XUU-U.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than XUU-U.TO's 0.74% 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%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	0.74%	0.83%	0.76%	0.85%	1.01%	0.77%	0.90%	0.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both COW.TO and XUU-U.TO in my portfolio?

COW.TO and XUU-U.TO have a correlation of 0.22, 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 XUU-U.TO?

On fees, XUU-U.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COW.TO or XUU-U.TO?

XUU-U.TO is cheaper with a 0.08% expense ratio, compared with 0.72% for COW.TO.

What is the main difference between COW.TO and XUU-U.TO?

COW.TO tracks Manulife Investment Management Global Agriculture Index, while XUU-U.TO tracks S&P Total Market Index. Their fees differ too: 0.72% for COW.TO and 0.08% for XUU-U.TO.