CWO.NEO vs. DRFE.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) are both Emerging Markets Equities funds. CWO.NEO is passively managed, while DRFE.TO is actively managed. Over the past 5 years, CWO.NEO returned 11.10%/yr vs 11.04%/yr for DRFE.TO. At a 0.33 correlation, their price movements are largely independent.
Performance
CWO.NEO vs. DRFE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWO.NEO achieves a 10.87% return, which is significantly lower than DRFE.TO's 17.85% return.
CWO.NEO
- 1D
- -0.58%
- 1M
- -2.49%
- 6M
- 5.11%
- YTD
- 10.87%
- 1Y
- 23.91%
- 3Y*
- 21.22%
- 5Y*
- 11.10%
- 10Y*
- 9.77%
DRFE.TO
- 1D
- -1.72%
- 1M
- -8.01%
- 6M
- 10.15%
- YTD
- 17.85%
- 1Y
- 22.92%
- 3Y*
- 20.19%
- 5Y*
- 11.04%
- 10Y*
- —
CWO.NEO vs. DRFE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 10.87% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 4.17% |
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 17.85% | 21.25% | 18.51% | 10.59% | -8.03% | 4.88% | 7.49% | 0.47% |
Correlation
The correlation between CWO.NEO and DRFE.TO is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2019 | 0.33 |
Over the past year, CWO.NEO and DRFE.TO have become more correlated (0.77) than their long-term average of 0.33, meaning their price movements have been converging.
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Return for Risk
CWO.NEO vs. DRFE.TO — Risk / Return Rank
CWO.NEO
DRFE.TO
CWO.NEO vs. DRFE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.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.
| CWO.NEO | DRFE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.22 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.87 | +0.34 |
| Martin ratioReturn relative to average drawdown | 7.78 | 5.81 | +1.97 |
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Drawdowns
CWO.NEO vs. DRFE.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, which is greater than DRFE.TO's maximum drawdown of -25.26%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and DRFE.TO.
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Drawdown Indicators
| CWO.NEO | DRFE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -25.26% | -6.73% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -12.31% | +1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -14.27% | -2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -21.05% | -3.75% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | — | — |
Current DrawdownCurrent decline from peak | -3.96% | -11.00% | +7.04% |
Average DrawdownAverage peak-to-trough decline | -10.24% | -6.88% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.09% | 3.96% | -0.87% |
Volatility
CWO.NEO vs. DRFE.TO - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 4.85%, while Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) has a volatility of 9.91%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than DRFE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWO.NEO | DRFE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 9.91% | -5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 13.96% | 19.43% | -5.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.61% | 21.09% | -4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.91% | 16.61% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 17.23% | +0.23% |
Dividends
CWO.NEO vs. DRFE.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.68%, more than DRFE.TO's 1.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.68% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
DRFE.TO Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF | 1.65% | 2.10% | 2.60% | 3.04% | 3.00% | 2.49% | 2.45% | 2.05% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWO.NEO and DRFE.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and Desjardins.
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