CWO.NEO vs. IAU

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and iShares Gold Trust (IAU).

CWO.NEO and IAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CWO.NEO is a passively managed fund by iShares that tracks the performance of the FTSE RAFI Emerging Markets Index. It was launched on Apr 7, 2009. IAU is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price. It was launched on Jan 21, 2005. Both CWO.NEO and IAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CWO.NEO vs. IAU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and iShares Gold Trust (IAU). The values are adjusted to include any dividend payments, if applicable.

CWO.NEO vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWO.NEO iShares Emerging Markets Fundamental Index ETF	4.72%	26.34%	22.33%	9.56%	-9.03%	7.13%	-3.12%	10.86%	-0.29%	17.16%
IAU iShares Gold Trust	11.89%	56.43%	37.75%	10.35%	6.45%	-4.87%	22.92%	12.18%	6.57%	5.72%

Different Trading Currencies

CWO.NEO is traded in CAD, while IAU is traded in USD. To make them comparable, the IAU 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 4.72% return, which is significantly lower than IAU's 10.08% return. Over the past 10 years, CWO.NEO has underperformed IAU with an annualized return of 10.26%, while IAU has yielded a comparatively higher 14.84% annualized return.

CWO.NEO

• 1D: -0.68%
• 1M: -3.79%
• YTD: 4.72%
• 6M: 6.75%
• 1Y: 24.14%
• 3Y*: 19.80%
• 5Y*: 10.38%
• 10Y*: 10.26%

IAU

• 1D: 0.00%
• 1M: -10.67%
• YTD: 10.08%
• 6M: 20.73%
• 1Y: 45.64%
• 3Y*: 34.39%
• 5Y*: 24.31%
• 10Y*: 14.84%

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

CWO.NEO vs. IAU - Expense Ratio Comparison

CWO.NEO has a 0.73% expense ratio, which is higher than IAU's 0.25% expense ratio.

CWO.NEO

iShares Emerging Markets Fundamental Index ETF

IAU

iShares Gold Trust

Return for Risk

CWO.NEO vs. IAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CWO.NEO

CWO.NEO Risk / Return Rank: 66
CWO.NEO Sharpe Ratio Rank: 70
CWO.NEO Sortino Ratio Rank: 69
CWO.NEO Omega Ratio Rank: 71
CWO.NEO Calmar Ratio Rank: 60
CWO.NEO Martin Ratio Rank: 59

IAU

IAU Risk / Return Rank: 86
IAU Sharpe Ratio Rank: 88
IAU Sortino Ratio Rank: 85
IAU Omega Ratio Rank: 85
IAU Calmar Ratio Rank: 86
IAU Martin Ratio Rank: 84

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.

CWO.NEO vs. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.77	-0.45
Sortino ratio Return per unit of downside risk	1.84	2.22	-0.38
Omega ratio Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio Return relative to maximum drawdown	1.72	2.59	-0.86
Martin ratio Return relative to average drawdown	6.53	8.91	-2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWO.NEO vs. IAU - Sharpe Ratio Comparison

The current CWO.NEO Sharpe Ratio is 1.32, which is comparable to the IAU Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of CWO.NEO and IAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CWO.NEO	IAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.77	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	1.48	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.98	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.67	-0.24

Correlation

The correlation between CWO.NEO and IAU is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

CWO.NEO vs. IAU - Dividend Comparison

CWO.NEO's dividend yield for the trailing twelve months is around 2.66%, while IAU has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWO.NEO iShares Emerging Markets Fundamental Index ETF	2.66%	2.79%	3.50%	4.14%	5.03%	4.61%	2.64%	3.01%	3.22%	2.60%	2.57%	3.23%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CWO.NEO vs. IAU - Drawdown Comparison

The maximum CWO.NEO drawdown since its inception was -31.99%, roughly equal to the maximum IAU drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and IAU.

Drawdown Indicators

	CWO.NEO	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-31.99%	-45.14%	+13.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.53%	-19.18%	+5.65%
Max Drawdown (5Y) Largest decline over 5 years	-24.80%	-20.93%	-3.87%
Max Drawdown (10Y) Largest decline over 10 years	-31.97%	-21.82%	-10.15%
Current Drawdown Current decline from peak	-6.63%	-11.71%	+5.08%
Average Drawdown Average peak-to-trough decline	-10.37%	-15.98%	+5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.58%	5.23%	-1.65%

Volatility

CWO.NEO vs. IAU - Volatility Comparison

The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 7.45%, while iShares Gold Trust (IAU) has a volatility of 9.96%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWO.NEO	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.45%	9.96%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	23.05%	-10.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	25.93%	-7.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	16.53%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	15.26%	+2.28%