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CRQ.NEO vs. CWO.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CRQ.NEO vs. CWO.NEO

Last updated Jun 5, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, while CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, CRQ.NEO returned 13.46%/yr vs 11.24%/yr for CWO.NEO. At a 0.49 correlation, their price movements are largely independent. CRQ.NEO charges 0.72%/yr vs 0.73%/yr for CWO.NEO.

Performance

CRQ.NEO vs. CWO.NEO - 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 Emerging Markets Fundamental Index ETF (CWO.NEO). 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 17.22% return, which is significantly higher than CWO.NEO's 13.27% return. Over the past 10 years, CRQ.NEO has outperformed CWO.NEO with an annualized return of 13.46%, while CWO.NEO has yielded a comparatively lower 11.24% annualized return.

CRQ.NEO

1D
1.11%
1M
4.70%
YTD
17.22%
6M
20.22%
1Y
44.45%
3Y*
26.75%
5Y*
17.85%
10Y*
13.46%

CWO.NEO

1D
-0.47%
1M
2.68%
YTD
13.27%
6M
12.25%
1Y
33.89%
3Y*
22.83%
5Y*
11.44%
10Y*
11.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CRQ.NEO vs. CWO.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CRQ.NEO
iShares Canadian Fundamental Index ETF		17.22%31.87%22.17%9.76%0.89%33.95%-2.73%19.66%-10.18%6.98%
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		13.27%26.34%22.33%9.56%-9.03%7.13%-3.12%10.86%-0.29%17.16%

Correlation

The correlation between CRQ.NEO and CWO.NEO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.34

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

0.30

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

0.28

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

0.38

Correlation (All Time)
Calculated using the full available price history since Apr 8, 2009

0.49

The correlation between CRQ.NEO and CWO.NEO shifts across timeframes, from 0.28 (5 years) to 0.49 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Canadian Fundamental Index ETF

iShares Emerging Markets Fundamental 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 CWO.NEO:
CWO.NEO vs. XEC.TOCWO.NEO vs. VEE.TOCWO.NEO vs. EMGFCWO.NEO vs. ZEM.TOCWO.NEO vs. BRFCWO.NEO vs. VGRO.TOCWO.NEO vs. XEMC.TO

Return for Risk

CRQ.NEO vs. CWO.NEO — 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: 9797
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: 9393
Calmar Ratio Rank
CRQ.NEO Martin Ratio Rank: 9595
Martin Ratio Rank
CWO.NEO
CWO.NEO Risk / Return Rank: 6666
Overall Rank
CWO.NEO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
CWO.NEO Sortino Ratio Rank: 6565
Sortino Ratio Rank
CWO.NEO Omega Ratio Rank: 7070
Omega Ratio Rank
CWO.NEO Calmar Ratio Rank: 6464
Calmar Ratio Rank
CWO.NEO Martin Ratio Rank: 6666
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. CWO.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). 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.NEOCWO.NEODifference
Sharpe ratioReturn per unit of total volatility
4.55
2.20

+2.36

Sortino ratioReturn per unit of downside risk
6.36
2.95

+3.41

Omega ratioGain probability vs. loss probability

2.03

1.41

+0.62

Calmar ratioReturn relative to maximum drawdown

6.53

3.12

+3.41

Martin ratioReturn relative to average drawdown

31.92

11.86

+20.05

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. CWO.NEO - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.55, which is higher than the CWO.NEO Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CRQ.NEO and CWO.NEO, 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.NEOCWO.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.55

2.20

+2.36

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.45

0.69

+0.75

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.64

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.69

0.45

+0.24

Drawdowns

CRQ.NEO vs. CWO.NEO - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than CWO.NEO's maximum drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and CWO.NEO.

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Drawdown Indicators

CRQ.NEOCWO.NEODifference

Max Drawdown

Largest peak-to-trough decline

-41.75%

-31.99%

-9.76%

Max Drawdown (1Y)

Largest decline over 1 year

-6.84%

-10.90%

+4.06%

Max Drawdown (3Y)

Largest decline over 3 years

-11.70%

-17.12%

+5.42%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-24.80%

+8.98%

Max Drawdown (10Y)

Largest decline over 10 years

-41.75%

-31.97%

-9.78%

Current Drawdown

Current decline from peak

0.00%

-1.89%

+1.89%

Average Drawdown

Average peak-to-trough decline

-5.62%

-10.28%

+4.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

2.86%

-1.46%

Volatility

CRQ.NEO vs. CWO.NEO - Volatility Comparison

The current volatility for iShares Canadian Fundamental Index ETF (CRQ.NEO) is 3.13%, while iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a volatility of 5.38%. This indicates that CRQ.NEO experiences smaller price fluctuations and is considered to be less risky than CWO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CRQ.NEOCWO.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.13%

5.38%

-2.25%

Volatility (6M)

Calculated over the trailing 6-month period

8.07%

12.46%

-4.39%

Volatility (1Y)

Calculated over the trailing 1-year period

9.81%

15.50%

-5.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.42%

16.64%

-4.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.27%

17.51%

-1.24%

CRQ.NEO vs. CWO.NEO - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.

Dividends

CRQ.NEO vs. CWO.NEO - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.87%, less than CWO.NEO's 2.46% yield.

PositionTTM20252024202320222021202020192018201720162015
CRQ.NEO
iShares Canadian Fundamental Index ETF		1.87%2.18%2.72%2.97%2.90%2.17%2.98%2.71%2.46%1.91%1.89%3.09%
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		2.46%2.79%3.50%4.14%5.03%4.61%2.64%3.01%3.22%2.60%2.57%3.23%

Frequently Asked Questions

CRQ.NEO and CWO.NEO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CRQ.NEO is cheaper at 0.72% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CRQ.NEO is cheaper with a 0.72% expense ratio, compared with 0.73% for CWO.NEO.

CRQ.NEO is categorized as Canada Equities, while CWO.NEO is Emerging Markets Equities. CRQ.NEO tracks FTSE RAFI Canada Index, while CWO.NEO tracks FTSE RAFI Emerging Markets Index. Their fees differ too: 0.72% for CRQ.NEO and 0.73% for CWO.NEO.

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