CRQ.NEO vs. PMMF

Last updated Jun 4, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and PMMF (iShares Prime Money Market ETF) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, while PMMF is a Money Market fund actively managed by BlackRock. CRQ.NEO is passively managed, while PMMF is actively managed. Over the past year, CRQ.NEO returned 42.87% vs 5.34% for PMMF. At a correlation of -0.12, they often move in opposite directions. CRQ.NEO charges 0.72%/yr vs 0.20%/yr for PMMF.

Performance

CRQ.NEO vs. PMMF - 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 Prime Money Market ETF (PMMF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CRQ.NEO is traded in CAD, while PMMF is traded in USD. To make them comparable, the PMMF values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CRQ.NEO achieves a 15.93% return, which is significantly higher than PMMF's 2.81% 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%

PMMF

• 1D: 0.42%
• 1M: 2.31%
• YTD: 2.81%
• 6M: 1.42%
• 1Y: 5.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CRQ.NEO vs. PMMF - Yearly Performance Comparison

	2026 (YTD)	2025
CRQ.NEO iShares Canadian Fundamental Index ETF	15.93%	28.88%
PMMF iShares Prime Money Market ETF	2.81%	-0.38%

Correlation

The correlation between CRQ.NEO and PMMF is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	-0.12

Return for Risk

CRQ.NEO vs. PMMF — 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: 96
CRQ.NEO Sharpe Ratio Rank: 96
CRQ.NEO Sortino Ratio Rank: 97
CRQ.NEO Omega Ratio Rank: 98
CRQ.NEO Calmar Ratio Rank: 92
CRQ.NEO Martin Ratio Rank: 95

PMMF

PMMF Risk / Return Rank: 100
PMMF Sharpe Ratio Rank: 100
PMMF Sortino Ratio Rank: 100
PMMF Omega Ratio Rank: 100
PMMF Calmar Ratio Rank: 100
PMMF Martin Ratio Rank: 100

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. PMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares Prime Money Market ETF (PMMF). 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.NEO	PMMF	Difference
Sharpe ratio Return per unit of total volatility	4.41	1.15	+3.26
Sortino ratio Return per unit of downside risk	6.17	1.59	+4.57
Omega ratio Gain probability vs. loss probability	2.00	1.21	+0.80
Calmar ratio Return relative to maximum drawdown	6.30	1.44	+4.86
Martin ratio Return relative to average drawdown	30.78	3.99	+26.79
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. PMMF - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.41, which is higher than the PMMF Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of CRQ.NEO and PMMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CRQ.NEO	PMMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.41	1.15	+3.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.35	+0.34

Drawdowns

CRQ.NEO vs. PMMF - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, which is greater than PMMF's maximum drawdown of -5.18%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and PMMF.

Drawdown Indicators

	CRQ.NEO	PMMF	Difference
Max Drawdown Largest peak-to-trough decline	-41.75%	-5.18%	-36.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-3.72%	-3.12%
Max Drawdown (3Y) Largest decline over 3 years	-11.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	—	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-5.62%	-2.04%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	1.34%	+0.06%

Volatility

CRQ.NEO vs. PMMF - Volatility Comparison

iShares Canadian Fundamental Index ETF (CRQ.NEO) has a higher volatility of 2.99% compared to iShares Prime Money Market ETF (PMMF) at 0.80%. This indicates that CRQ.NEO's price experiences larger fluctuations and is considered to be riskier than PMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRQ.NEO	PMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	0.80%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	3.48%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	9.76%	4.67%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	5.27%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	5.27%	+11.00%

CRQ.NEO vs. PMMF - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is higher than PMMF's 0.20% expense ratio.

Dividends

CRQ.NEO vs. PMMF - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.90%, less than PMMF's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PMMF iShares Prime Money Market ETF	3.83%	3.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CRQ.NEO and PMMF in my portfolio?

CRQ.NEO and PMMF have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRQ.NEO or PMMF?

On fees, PMMF is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRQ.NEO or PMMF?

PMMF is cheaper with a 0.20% expense ratio, compared with 0.72% for CRQ.NEO.

What is the main difference between CRQ.NEO and PMMF?

CRQ.NEO is categorized as Canada Equities, while PMMF is Money Market. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.72% for CRQ.NEO and 0.20% for PMMF.