COW.TO vs. ZNQ.TO
COW.TO (iShares Global Agriculture Index ETF) and ZNQ.TO (BMO NASDAQ 100 Equity 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 ZNQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, COW.TO returned 4.24%/yr vs 20.92%/yr for ZNQ.TO. At a 0.27 correlation, their price movements are largely independent. COW.TO charges 0.72%/yr vs 0.39%/yr for ZNQ.TO.
Performance
COW.TO vs. ZNQ.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 lower than ZNQ.TO's 22.76% 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%
ZNQ.TO
- 1D
- 0.25%
- 1M
- 13.05%
- YTD
- 22.76%
- 6M
- 18.72%
- 1Y
- 42.93%
- 3Y*
- 29.76%
- 5Y*
- 20.92%
- 10Y*
- —
COW.TO vs. ZNQ.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% | 16.04% |
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 22.76% | 14.60% | 35.84% | 51.32% | -28.06% | 26.59% | 44.65% | 22.90% |
Correlation
The correlation between COW.TO and ZNQ.TO is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2019 | 0.27 |
The correlation between COW.TO and ZNQ.TO shifts across timeframes, from 0.08 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
COW.TO vs. ZNQ.TO - Sectors Allocation Comparison
Sectors
COW.TO
ZNQ.TO
Consumer Defensive
Industrials
Basic Materials
Consumer Cyclical
Financial Services
Communication Services
-
Energy
-
Healthcare
-
Real Estate
-
Technology
-
Utilities
-
Consumer Defensive
COW.TO
ZNQ.TO
Industrials
COW.TO
ZNQ.TO
Basic Materials
COW.TO
ZNQ.TO
Consumer Cyclical
COW.TO
ZNQ.TO
Financial Services
COW.TO
ZNQ.TO
Communication Services
COW.TO
-
ZNQ.TO
Energy
COW.TO
-
ZNQ.TO
Healthcare
COW.TO
-
ZNQ.TO
Real Estate
COW.TO
-
ZNQ.TO
Technology
COW.TO
-
ZNQ.TO
Utilities
COW.TO
-
ZNQ.TO
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Return for Risk
COW.TO vs. ZNQ.TO — Risk / Return Rank
COW.TO
ZNQ.TO
COW.TO vs. ZNQ.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 NASDAQ 100 Equity Index ETF (ZNQ.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 | ZNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.48 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 3.45 | -2.51 |
| Martin ratioReturn relative to average drawdown | 1.94 | 10.86 | -8.92 |
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 | ZNQ.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.63 | 2.75 | -2.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 1.01 | -0.79 |
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 | 1.06 | -0.70 |
Drawdowns
COW.TO vs. ZNQ.TO - Drawdown Comparison
The maximum COW.TO drawdown since its inception was -55.00%, which is greater than ZNQ.TO's maximum drawdown of -32.09%. Use the drawdown chart below to compare losses from any high point for COW.TO and ZNQ.TO.
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Drawdown Indicators
| COW.TO | ZNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.00% | -32.09% | -22.91% |
Max Drawdown (1Y)Largest decline over 1 year | -10.51% | -12.50% | +1.99% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -22.67% | +8.16% |
Max Drawdown (5Y)Largest decline over 5 years | -29.82% | -32.09% | +2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -36.62% | — | — |
Current DrawdownCurrent decline from peak | -7.17% | 0.00% | -7.17% |
Average DrawdownAverage peak-to-trough decline | -13.94% | -6.63% | -7.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.06% | 3.96% | +1.10% |
Volatility
COW.TO vs. ZNQ.TO - Volatility Comparison
The current volatility for iShares Global Agriculture Index ETF (COW.TO) is 3.85%, while BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) has a volatility of 4.49%. This indicates that COW.TO experiences smaller price fluctuations and is considered to be less risky than ZNQ.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 | ZNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.85% | 4.49% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | 11.99% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.68% | 15.69% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 20.81% | -1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.30% | 22.34% | -3.04% |
COW.TO vs. ZNQ.TO - Expense Ratio Comparison
COW.TO has a 0.72% expense ratio, which is higher than ZNQ.TO's 0.39% expense ratio.
Dividends
COW.TO vs. ZNQ.TO - Dividend Comparison
COW.TO's dividend yield for the trailing twelve months is around 2.07%, more than ZNQ.TO's 0.20% 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% |
ZNQ.TO BMO NASDAQ 100 Equity Index ETF | 0.20% | 0.25% | 0.30% | 0.35% | 0.23% | 0.12% | 0.47% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
COW.TO and ZNQ.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZNQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZNQ.TO is cheaper with a 0.39% expense ratio, compared with 0.72% for COW.TO.
COW.TO is categorized as Large Cap Blend Equities, while ZNQ.TO is Nasdaq-100. COW.TO tracks Manulife Investment Management Global Agriculture Index, while ZNQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for COW.TO and 0.39% for ZNQ.TO.
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