CRQ.NEO vs. HEWB.TO
CRQ.NEO (iShares Canadian Fundamental Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds - CRQ.NEO tracks the FTSE RAFI Canada Index while HEWB.TO tracks the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 5 years, CRQ.NEO returned 18.12%/yr vs 20.84%/yr for HEWB.TO. A 0.66 correlation means they provide meaningful diversification when combined. CRQ.NEO charges 0.72%/yr vs 0.28%/yr for HEWB.TO.
Performance
CRQ.NEO vs. HEWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CRQ.NEO achieves a 17.86% return, which is significantly lower than HEWB.TO's 31.97% return.
CRQ.NEO
- 1D
- 0.13%
- 1M
- 2.97%
- YTD
- 17.86%
- 6M
- 17.27%
- 1Y
- 42.87%
- 3Y*
- 26.28%
- 5Y*
- 18.12%
- 10Y*
- 13.69%
HEWB.TO
- 1D
- 0.75%
- 1M
- 10.98%
- YTD
- 31.97%
- 6M
- 31.36%
- 1Y
- 71.11%
- 3Y*
- 36.52%
- 5Y*
- 20.84%
- 10Y*
- —
CRQ.NEO vs. HEWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 17.86% | 31.87% | 22.17% | 9.76% | 0.89% | 33.95% | -2.73% | 7.05% |
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 31.97% | 43.48% | 24.54% | 11.00% | -10.46% | 39.19% | 4.74% | 3.56% |
Correlation
The correlation between CRQ.NEO and HEWB.TO is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 4, 2019 | 0.66 |
The correlation between CRQ.NEO and HEWB.TO has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.
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Return for Risk
CRQ.NEO vs. HEWB.TO — Risk / Return Rank
CRQ.NEO
HEWB.TO
CRQ.NEO vs. HEWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CRQ.NEO | HEWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.93 | 2.00 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 6.33 | 7.97 | -1.64 |
| Martin ratioReturn relative to average drawdown | 30.59 | 36.31 | -5.73 |
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Drawdowns
CRQ.NEO vs. HEWB.TO - Drawdown Comparison
The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than HEWB.TO's maximum drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and HEWB.TO.
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Drawdown Indicators
| CRQ.NEO | HEWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.75% | -39.43% | -2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -8.97% | +2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -11.70% | -14.84% | +3.14% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -25.89% | +10.07% |
Max Drawdown (10Y)Largest decline over 10 years | -41.75% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | 0.00% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -5.60% | -7.20% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 1.96% | -0.55% |
Volatility
CRQ.NEO vs. HEWB.TO - Volatility Comparison
iShares Canadian Fundamental Index ETF (CRQ.NEO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) have volatilities of 3.20% and 3.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CRQ.NEO | HEWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 3.13% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 11.44% | -3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.14% | 13.05% | -2.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.43% | 14.04% | -1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.21% | 19.24% | -3.03% |
CRQ.NEO vs. HEWB.TO - Expense Ratio Comparison
CRQ.NEO has a 0.72% expense ratio, which is higher than HEWB.TO's 0.28% expense ratio.
Dividends
CRQ.NEO vs. HEWB.TO - Dividend Comparison
CRQ.NEO's dividend yield for the trailing twelve months is around 1.83%, while HEWB.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRQ.NEO iShares Canadian Fundamental Index ETF | 1.83% | 2.18% | 2.72% | 2.97% | 2.90% | 2.17% | 2.98% | 2.71% | 2.46% | 1.91% | 1.89% | 3.09% |
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 0.00% | 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
CRQ.NEO and HEWB.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEWB.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEWB.TO is cheaper with a 0.28% expense ratio, compared with 0.72% for CRQ.NEO.
CRQ.NEO tracks FTSE RAFI Canada Index, while HEWB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.72% for CRQ.NEO and 0.28% for HEWB.TO.
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