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

COW.TO vs. ZWC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Global Agriculture Index ETF (COW.TO) and BMO CA High Dividend Covered Call ETF (ZWC.TO).

COW.TO and ZWC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. COW.TO is a passively managed fund by iShares that tracks the performance of the Manulife Investment Management Global Agriculture Index. It was launched on Dec 19, 2007. ZWC.TO is an actively managed fund by BMO. It was launched on Feb 3, 2017.

Performance

COW.TO vs. ZWC.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 BMO CA High Dividend Covered Call ETF (ZWC.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
COW.TO
iShares Global Agriculture Index ETF		20.39%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-14.26%15.19%
ZWC.TO
BMO CA High Dividend Covered Call ETF		6.38%22.79%12.00%7.54%-3.54%25.39%-6.92%17.32%-10.05%7.34%

Returns By Period

In the year-to-date period, COW.TO achieves a 20.39% return, which is significantly higher than ZWC.TO's 6.38% return.

COW.TO

1D
0.28%
1M
0.73%
YTD
20.39%
6M
14.92%
1Y
15.42%
3Y*
5.98%
5Y*
4.97%
10Y*
9.69%

ZWC.TO

1D
1.51%
1M
-1.96%
YTD
6.38%
6M
12.84%
1Y
27.26%
3Y*
15.07%
5Y*
11.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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iShares Global Agriculture Index ETF

BMO CA High Dividend Covered Call ETF

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Often compared with ZWC.TO:
ZWC.TO vs. ZWB.TOZWC.TO vs. VDY.TOZWC.TO vs. HDIV.TOZWC.TO vs. XEI.TOZWC.TO vs. ZDV.TOZWC.TO vs. ZWH.TOZWC.TO vs. HMAX.TO

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

COW.TO has a 0.72% expense ratio, which is lower than ZWC.TO's 0.91% expense ratio.

ZWC.TO
BMO CA High Dividend Covered Call ETF
COW.TO
iShares Global Agriculture Index ETF

Return for Risk

COW.TO vs. ZWC.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: 4646
Overall Rank
COW.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 4141
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 3636
Martin Ratio Rank
ZWC.TO
ZWC.TO Risk / Return Rank: 9696
Overall Rank
ZWC.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZWC.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZWC.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZWC.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZWC.TO Martin Ratio Rank: 9696
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. ZWC.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 CA High Dividend Covered Call ETF (ZWC.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.TOZWC.TODifference

Sharpe ratio

Return per unit of total volatility

0.85

2.70

-1.85

Sortino ratio

Return per unit of downside risk

1.35

3.45

-2.10

Omega ratio

Gain probability vs. loss probability

1.16

1.58

-0.42

Calmar ratio

Return relative to maximum drawdown

1.46

3.15

-1.69

Martin ratio

Return relative to average drawdown

3.31

16.47

-13.16

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. ZWC.TO - Sharpe Ratio Comparison

The current COW.TO Sharpe Ratio is 0.85, which is lower than the ZWC.TO Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of COW.TO and ZWC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

COW.TOZWC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.85

2.70

-1.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.26

1.16

-0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.53

-0.16

Correlation

The correlation between COW.TO and ZWC.TO is 0.59, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

COW.TO vs. ZWC.TO - Dividend Comparison

COW.TO's dividend yield for the trailing twelve months is around 2.00%, less than ZWC.TO's 5.72% yield.

TTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.00%2.40%1.43%1.62%2.03%0.69%1.02%1.02%1.07%0.58%1.10%1.78%
ZWC.TO
BMO CA High Dividend Covered Call ETF		5.72%5.92%6.73%7.62%7.01%6.60%8.15%6.92%7.11%5.46%0.00%0.00%

Drawdowns

COW.TO vs. ZWC.TO - Drawdown Comparison

The maximum COW.TO drawdown since its inception was -55.00%, which is greater than ZWC.TO's maximum drawdown of -40.57%. Use the drawdown chart below to compare losses from any high point for COW.TO and ZWC.TO.

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Drawdown Indicators

COW.TOZWC.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.00%

-40.57%

-14.43%

Max Drawdown (1Y)

Largest decline over 1 year

-11.56%

-8.93%

-2.63%

Max Drawdown (5Y)

Largest decline over 5 years

-29.82%

-16.43%

-13.39%

Max Drawdown (10Y)

Largest decline over 10 years

-36.62%

—

—

Current Drawdown

Current decline from peak

-3.53%

-2.63%

-0.90%

Average Drawdown

Average peak-to-trough decline

-14.01%

-4.76%

-9.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.11%

1.71%

+3.40%

Volatility

COW.TO vs. ZWC.TO - Volatility Comparison

iShares Global Agriculture Index ETF (COW.TO) has a higher volatility of 6.61% compared to BMO CA High Dividend Covered Call ETF (ZWC.TO) at 3.93%. This indicates that COW.TO's price experiences larger fluctuations and is considered to be riskier than ZWC.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.TOZWC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.61%

3.93%

+2.68%

Volatility (6M)

Calculated over the trailing 6-month period

12.33%

6.60%

+5.73%

Volatility (1Y)

Calculated over the trailing 1-year period

18.30%

10.17%

+8.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.95%

10.09%

+8.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.28%

15.04%

+4.24%