CWO.NEO vs. HXEM.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) are both Emerging Markets Equities funds - CWO.NEO tracks the FTSE RAFI Emerging Markets Index while HXEM.TO tracks the Global X Emerging Markets Futures Roll Index (Total Return). Both are passively managed. Over the past 5 years, CWO.NEO returned 11.55%/yr vs 9.75%/yr for HXEM.TO. A 0.62 correlation means they provide meaningful diversification when combined. CWO.NEO charges 0.73%/yr vs 0.25%/yr for HXEM.TO.
Performance
CWO.NEO vs. HXEM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWO.NEO achieves a 13.80% return, which is significantly lower than HXEM.TO's 28.95% 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%
HXEM.TO
- 1D
- -0.87%
- 1M
- 11.29%
- YTD
- 28.95%
- 6M
- 29.50%
- 1Y
- 56.68%
- 3Y*
- 24.44%
- 5Y*
- 9.75%
- 10Y*
- —
CWO.NEO vs. HXEM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | 10.97% |
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF | 28.95% | 26.46% | 14.53% | 7.09% | -16.39% | -2.71% | 12.33% |
Correlation
The correlation between CWO.NEO and HXEM.TO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020 | 0.62 |
Over the past year, CWO.NEO and HXEM.TO have become more correlated (0.83) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
CWO.NEO vs. HXEM.TO — Risk / Return Rank
CWO.NEO
HXEM.TO
CWO.NEO vs. HXEM.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 Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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.
| CWO.NEO | HXEM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.53 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 4.61 | -1.36 |
| Martin ratioReturn relative to average drawdown | 12.37 | 16.65 | -4.27 |
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 | HXEM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 2.91 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.58 | +0.12 |
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 | 0.65 | -0.19 |
Drawdowns
CWO.NEO vs. HXEM.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum HXEM.TO drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and HXEM.TO.
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Drawdown Indicators
| CWO.NEO | HXEM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -35.00% | +3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -12.34% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -15.40% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -30.44% | +5.64% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.87% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -13.75% | +3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.41% | -0.55% |
Volatility
CWO.NEO vs. HXEM.TO - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 5.40%, while Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a volatility of 8.38%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than HXEM.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 | HXEM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 8.38% | -2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 17.05% | -4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 19.60% | -4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 17.03% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 16.95% | +0.57% |
CWO.NEO vs. HXEM.TO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than HXEM.TO's 0.25% expense ratio.
Dividends
CWO.NEO vs. HXEM.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, while HXEM.TO has not paid dividends to shareholders.
| 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% |
HXEM.TO Global X Emerging Markets Equity 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
CWO.NEO and HXEM.TO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO tracks FTSE RAFI Emerging Markets Index, while HXEM.TO tracks Global X Emerging Markets Futures Roll Index (Total Return). They also come from different issuers: iShares and Global X. Their fees differ too: 0.73% for CWO.NEO and 0.25% for HXEM.TO.
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