COW.TO vs. ZEQL.TO
COW.TO (iShares Global Agriculture Index ETF) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds - COW.TO tracks the Manulife Investment Management Global Agriculture Index while ZEQL.TO tracks the MSCI USA Equal Weighted Index. Both are passively managed. At a 0.16 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.05%/yr for ZEQL.TO.
Performance
COW.TO vs. ZEQL.TO - Performance Comparison
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Returns By Period
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%
ZEQL.TO
- 1D
- -0.12%
- 1M
- 6.20%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
COW.TO vs. ZEQL.TO - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
COW.TO iShares Global Agriculture Index ETF | -0.37% |
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units) | 7.44% |
Correlation
The correlation between COW.TO and ZEQL.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 10, 2026 | 0.16 |
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Return for Risk
COW.TO vs. ZEQL.TO — Risk / Return Rank
COW.TO
ZEQL.TO
COW.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Agriculture Index ETF (COW.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.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 | ZEQL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.12 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | — | — |
| Martin ratioReturn relative to average drawdown | 1.94 | — | — |
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 | ZEQL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
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 | 2.01 | -1.65 |
Drawdowns
COW.TO vs. ZEQL.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for COW.TO and ZEQL.TO.
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Drawdown Indicators
| COW.TO | ZEQL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -6.12% | -48.88% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | — | — |
Current DrawdownCurrent decline from peak | -7.17% | -0.58% | -6.59% |
Average DrawdownAverage peak-to-trough decline | -13.94% | -1.69% | -12.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | — | — |
Volatility
COW.TO vs. ZEQL.TO - Volatility Comparison
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Volatility by Period
| COW.TO | ZEQL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 12.92% | +2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 12.92% | +5.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.30% | 12.92% | +6.38% |
COW.TO vs. ZEQL.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.
Dividends
COW.TO vs. ZEQL.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than ZEQL.TO's 0.37% 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% |
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units) | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COW.TO and ZEQL.TO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.72% for COW.TO.
COW.TO tracks Manulife Investment Management Global Agriculture Index, while ZEQL.TO tracks MSCI USA Equal Weighted Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for COW.TO and 0.05% for ZEQL.TO.
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