CWO.NEO vs. VOO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CWO.NEO returned 11.43%/yr vs 16.44%/yr for VOO. At a 0.42 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.03%/yr for VOO.
Performance
CWO.NEO vs. VOO - Performance Comparison
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Different Trading Currencies
CWO.NEO is traded in CAD, while VOO is traded in USD. To make them comparable, the VOO 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 higher than VOO's 12.66% return. Over the past 10 years, CWO.NEO has underperformed VOO with an annualized return of 11.43%, while VOO has yielded a comparatively higher 16.44% annualized 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%
VOO
- 1D
- 0.00%
- 1M
- 7.45%
- YTD
- 12.66%
- 6M
- 10.84%
- 1Y
- 30.08%
- 3Y*
- 23.99%
- 5Y*
- 17.22%
- 10Y*
- 16.44%
CWO.NEO vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 10.86% | -0.29% | 17.16% |
VOO Vanguard S&P 500 ETF | 12.32% | 12.42% | 35.71% | 23.54% | -12.34% | 27.63% | 16.32% | 24.91% | 3.60% | 14.02% |
Correlation
The correlation between CWO.NEO and VOO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010 | 0.42 |
The correlation between CWO.NEO and VOO shifts across timeframes, from 0.32 (5 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. VOO — Risk / Return Rank
CWO.NEO
VOO
CWO.NEO vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.50 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 3.51 | -0.25 |
| Martin ratioReturn relative to average drawdown | 12.37 | 13.34 | -0.97 |
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 | VOO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 2.60 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 1.16 | -0.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 1.01 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.15 | -0.70 |
Drawdowns
CWO.NEO vs. VOO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, which is greater than VOO's maximum drawdown of -27.65%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and VOO.
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Drawdown Indicators
| CWO.NEO | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -27.65% | -4.34% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -8.62% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -18.93% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -22.08% | -2.72% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | -27.65% | -4.32% |
Current DrawdownCurrent decline from peak | -1.42% | 0.00% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -3.24% | -7.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 2.26% | +0.60% |
Volatility
CWO.NEO vs. VOO - Volatility Comparison
iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a higher volatility of 5.40% compared to Vanguard S&P 500 ETF (VOO) at 2.60%. This indicates that CWO.NEO's price experiences larger fluctuations and is considered to be riskier than VOO 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 | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 2.60% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 8.79% | +3.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 11.64% | +3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 14.91% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 16.28% | +1.24% |
CWO.NEO vs. VOO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
CWO.NEO vs. VOO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, more than VOO's 1.03% 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% |
VOO Vanguard S&P 500 ETF | 1.03% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
CWO.NEO and VOO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VOO is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VOO is cheaper with a 0.03% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO is categorized as Emerging Markets Equities, while VOO is S&P 500. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.73% for CWO.NEO and 0.03% for VOO.
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