CWO.NEO vs. XDIV.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index. Both are passively managed. Over the past 5 years, CWO.NEO returned 11.55%/yr vs 16.42%/yr for XDIV.TO. At a 0.33 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.11%/yr for XDIV.TO.
Performance
CWO.NEO vs. XDIV.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 XDIV.TO's 19.17% 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%
XDIV.TO
- 1D
- 0.19%
- 1M
- 3.65%
- YTD
- 19.17%
- 6M
- 18.94%
- 1Y
- 38.61%
- 3Y*
- 22.97%
- 5Y*
- 16.42%
- 10Y*
- —
CWO.NEO vs. XDIV.TO - 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% | 10.14% |
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF | 19.17% | 24.92% | 19.56% | 11.71% | 0.29% | 32.25% | -7.81% | 24.84% | -10.04% | 8.48% |
Correlation
The correlation between CWO.NEO and XDIV.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2017 | 0.33 |
The correlation between CWO.NEO and XDIV.TO shifts across timeframes, from 0.22 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. XDIV.TO — Risk / Return Rank
CWO.NEO
XDIV.TO
CWO.NEO vs. XDIV.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 iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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 | XDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.65 | ||
| Sortino ratioReturn per unit of downside risk | -4.24 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 2.03 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 16.64 | -13.38 |
| Martin ratioReturn relative to average drawdown | 12.37 | 56.55 | -44.17 |
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 | XDIV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 4.94 | -2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 1.57 | -0.87 |
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 | 0.81 | -0.36 |
Drawdowns
CWO.NEO vs. XDIV.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum XDIV.TO drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and XDIV.TO.
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Drawdown Indicators
| CWO.NEO | XDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -41.30% | +9.31% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -2.33% | -8.57% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -10.53% | -6.59% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -17.60% | -7.20% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.09% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -4.25% | -6.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 0.69% | +2.17% |
Volatility
CWO.NEO vs. XDIV.TO - Volatility Comparison
iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a higher volatility of 5.40% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.81%. This indicates that CWO.NEO's price experiences larger fluctuations and is considered to be riskier than XDIV.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 | XDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 2.81% | +2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 6.36% | +6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 7.85% | +7.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 10.53% | +6.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 16.01% | +1.51% |
CWO.NEO vs. XDIV.TO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio.
Dividends
CWO.NEO vs. XDIV.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, less than XDIV.TO's 3.28% 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% |
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF | 3.28% | 3.81% | 4.29% | 4.20% | 3.95% | 3.58% | 4.58% | 4.02% | 4.85% | 1.82% | 0.00% | 0.00% |
Frequently Asked Questions
CWO.NEO and XDIV.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO is categorized as Emerging Markets Equities, while XDIV.TO is Dividend. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index. Their fees differ too: 0.73% for CWO.NEO and 0.11% for XDIV.TO.
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