CWO.NEO vs. FRDM
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, CWO.NEO returned 11.55%/yr vs 22.71%/yr for FRDM. A 0.55 correlation means they provide meaningful diversification when combined. CWO.NEO charges 0.73%/yr vs 0.49%/yr for FRDM.
Performance
CWO.NEO vs. FRDM - Performance Comparison
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Different Trading Currencies
CWO.NEO is traded in CAD, while FRDM is traded in USD. To make them comparable, the FRDM values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CWO.NEO achieves a 13.80% return, which is significantly lower than FRDM's 46.46% return.
CWO.NEO
- 1D
- -1.42%
- 1M
- 4.14%
- YTD
- 13.80%
- 6M
- 13.05%
- 1Y
- 35.32%
- 3Y*
- 23.05%
- 5Y*
- 11.55%
- 10Y*
- 11.43%
FRDM
- 1D
- -0.89%
- 1M
- 19.40%
- YTD
- 46.46%
- 6M
- 52.57%
- 1Y
- 100.00%
- 3Y*
- 38.67%
- 5Y*
- 22.71%
- 10Y*
- —
CWO.NEO vs. FRDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 9.87% |
FRDM Freedom 100 Emerging Markets ETF | 46.46% | 53.88% | 10.44% | 20.07% | -8.35% | 5.17% | 14.93% | 8.17% |
Correlation
The correlation between CWO.NEO and FRDM is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 24, 2019 | 0.55 |
The correlation between CWO.NEO and FRDM shifts across timeframes, from 0.52 (5 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. FRDM — Risk / Return Rank
CWO.NEO
FRDM
CWO.NEO vs. FRDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and Freedom 100 Emerging Markets ETF (FRDM). 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.
| CWO.NEO | FRDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.72 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 6.55 | -3.29 |
| Martin ratioReturn relative to average drawdown | 12.37 | 25.28 | -12.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CWO.NEO | FRDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 4.25 | -1.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 1.25 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.00 | -0.55 |
Drawdowns
CWO.NEO vs. FRDM - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum FRDM drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and FRDM.
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Drawdown Indicators
| CWO.NEO | FRDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -33.94% | +1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -15.35% | +4.45% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -15.35% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -22.15% | -2.65% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.89% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -5.55% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.97% | -1.11% |
Volatility
CWO.NEO vs. FRDM - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 5.40%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 10.89%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than FRDM 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 | FRDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 10.89% | -5.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 21.00% | -8.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 23.69% | -8.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 18.21% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 19.96% | -2.44% |
CWO.NEO vs. FRDM - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than FRDM's 0.49% expense ratio.
Dividends
CWO.NEO vs. FRDM - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, more than FRDM's 1.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.45% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
FRDM Freedom 100 Emerging Markets ETF | 1.51% | 2.26% | 2.53% | 2.66% | 2.72% | 2.17% | 1.11% | 1.07% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWO.NEO and FRDM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FRDM is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FRDM is cheaper with a 0.49% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO is categorized as Emerging Markets Equities, while FRDM is Emerging Markets Diversified. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: iShares and Freedom Funds. Their fees differ too: 0.73% for CWO.NEO and 0.49% for FRDM.
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