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CRQ.NEO vs. CDZ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CRQ.NEO vs. CDZ.TO

Last updated Jun 4, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both Canada Equities funds from iShares - CRQ.NEO tracks the FTSE RAFI Canada Index while CDZ.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, CRQ.NEO returned 13.44%/yr vs 9.44%/yr for CDZ.TO. A 0.79 correlation means they provide meaningful diversification when combined. CRQ.NEO charges 0.72%/yr vs 0.66%/yr for CDZ.TO.

Performance

CRQ.NEO vs. CDZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CRQ.NEO achieves a 15.93% return, which is significantly higher than CDZ.TO's 13.46% return. Over the past 10 years, CRQ.NEO has outperformed CDZ.TO with an annualized return of 13.44%, while CDZ.TO has yielded a comparatively lower 9.44% annualized return.

CRQ.NEO

1D
-0.32%
1M
3.58%
YTD
15.93%
6M
18.90%
1Y
42.87%
3Y*
26.01%
5Y*
17.59%
10Y*
13.44%

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CRQ.NEO vs. CDZ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CRQ.NEO
iShares Canadian Fundamental Index ETF		15.93%31.87%22.17%9.76%0.89%33.95%-2.73%19.66%-10.18%6.98%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%-3.27%25.68%-8.84%4.92%

Correlation

The correlation between CRQ.NEO and CDZ.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.61

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.77

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2009

0.79

The correlation between CRQ.NEO and CDZ.TO shifts across timeframes, from 0.61 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

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iShares Canadian Fundamental Index ETF

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Often compared with CRQ.NEO:
CRQ.NEO vs. SOXXCRQ.NEO vs. VDY.TOCRQ.NEO vs. XCV.TOCRQ.NEO vs. MYCFCRQ.NEO vs. ACWICRQ.NEO vs. RINTCRQ.NEO vs. SGOV
Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO

Return for Risk

CRQ.NEO vs. CDZ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CRQ.NEO
CRQ.NEO Risk / Return Rank: 9696
Overall Rank
CRQ.NEO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
CRQ.NEO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CRQ.NEO Omega Ratio Rank: 9898
Omega Ratio Rank
CRQ.NEO Calmar Ratio Rank: 9292
Calmar Ratio Rank
CRQ.NEO Martin Ratio Rank: 9595
Martin Ratio Rank
CDZ.TO
CDZ.TO Risk / Return Rank: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
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.

CRQ.NEO vs. CDZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

CRQ.NEOCDZ.TODifference

Sharpe ratio

Return per unit of total volatility

4.41

2.72

+1.70

Sortino ratio

Return per unit of downside risk

6.17

3.53

+2.64

Omega ratio

Gain probability vs. loss probability

2.00

1.56

+0.44

Calmar ratio

Return relative to maximum drawdown

6.30

5.46

+0.84

Martin ratio

Return relative to average drawdown

30.78

18.49

+12.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRQ.NEO vs. CDZ.TO - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.41, which is higher than the CDZ.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of CRQ.NEO and CDZ.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.

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Sharpe Ratios by Period

CRQ.NEOCDZ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.41

2.72

+1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.43

0.95

+0.47

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.65

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.52

+0.17

Drawdowns

CRQ.NEO vs. CDZ.TO - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, smaller than the maximum CDZ.TO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and CDZ.TO.

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Drawdown Indicators

CRQ.NEOCDZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.75%

-49.33%

+7.58%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-4.11%

-2.73%

Max Drawdown (3Y)

Largest decline over 3 years

-11.70%

-12.99%

+1.29%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-17.15%

+1.33%

Max Drawdown (10Y)

Largest decline over 10 years

-41.75%

-45.70%

+3.95%

Current Drawdown

Current decline from peak

-0.32%

-0.09%

-0.23%

Average Drawdown

Average peak-to-trough decline

-5.62%

-6.14%

+0.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

1.21%

+0.19%

Volatility

CRQ.NEO vs. CDZ.TO - Volatility Comparison

iShares Canadian Fundamental Index ETF (CRQ.NEO) has a higher volatility of 2.99% compared to iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) at 1.88%. This indicates that CRQ.NEO's price experiences larger fluctuations and is considered to be riskier than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CRQ.NEOCDZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.99%

1.88%

+1.11%

Volatility (6M)

Calculated over the trailing 6-month period

8.04%

6.91%

+1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

9.76%

8.26%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.41%

10.86%

+1.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

14.63%

+1.64%

CRQ.NEO vs. CDZ.TO - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is higher than CDZ.TO's 0.66% expense ratio.

Dividends

CRQ.NEO vs. CDZ.TO - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.90%, less than CDZ.TO's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
CRQ.NEO
iShares Canadian Fundamental Index ETF		1.90%2.18%2.72%2.97%2.90%2.17%2.98%2.71%2.46%1.91%1.89%3.09%

Frequently Asked Questions

CRQ.NEO and CDZ.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CDZ.TO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CDZ.TO is cheaper with a 0.66% expense ratio, compared with 0.72% for CRQ.NEO.

CRQ.NEO tracks FTSE RAFI Canada Index, while CDZ.TO tracks Morningstar Canada GR CAD. Their fees differ too: 0.72% for CRQ.NEO and 0.66% for CDZ.TO.

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