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CWO.NEO vs. XEI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CWO.NEO vs. XEI.TO

Last updated Jun 5, 2026

CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, CWO.NEO returned 11.24%/yr vs 12.30%/yr for XEI.TO. At a 0.42 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.22%/yr for XEI.TO.

Performance

CWO.NEO vs. XEI.TO - 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 S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CWO.NEO achieves a 13.27% return, which is significantly lower than XEI.TO's 23.25% return. Over the past 10 years, CWO.NEO has underperformed XEI.TO with an annualized return of 11.24%, while XEI.TO has yielded a comparatively higher 12.30% annualized return.

CWO.NEO

1D
-0.47%
1M
2.68%
YTD
13.27%
6M
12.25%
1Y
33.89%
3Y*
22.83%
5Y*
11.44%
10Y*
11.24%

XEI.TO

1D
0.85%
1M
3.41%
YTD
23.25%
6M
23.82%
1Y
45.53%
3Y*
22.82%
5Y*
15.75%
10Y*
12.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CWO.NEO vs. XEI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		13.27%26.34%22.33%9.56%-9.03%7.13%-3.12%10.86%-0.29%17.16%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		23.25%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%

Correlation

The correlation between CWO.NEO and XEI.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (3Y)
Calculated over the trailing 3-year period

0.27

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.42

Over the past year, the correlation between CWO.NEO and XEI.TO has dropped to 0.17 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

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iShares Emerging Markets Fundamental Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

Often compared with CWO.NEO:
CWO.NEO vs. XEC.TOCWO.NEO vs. VEE.TOCWO.NEO vs. EMGFCWO.NEO vs. ZEM.TOCWO.NEO vs. BRFCWO.NEO vs. VGRO.TOCWO.NEO vs. XEMC.TO
Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO

Return for Risk

CWO.NEO vs. XEI.TO — 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: 6666
Overall Rank
CWO.NEO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
CWO.NEO Sortino Ratio Rank: 6565
Sortino Ratio Rank
CWO.NEO Omega Ratio Rank: 7070
Omega Ratio Rank
CWO.NEO Calmar Ratio Rank: 6464
Calmar Ratio Rank
CWO.NEO Martin Ratio Rank: 6666
Martin Ratio Rank
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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.NEOXEI.TODifference
Sharpe ratioReturn per unit of total volatility
2.20
6.34

-4.14

Sortino ratioReturn per unit of downside risk
2.95
9.47

-6.52

Omega ratioGain probability vs. loss probability

1.41

2.34

-0.93

Calmar ratioReturn relative to maximum drawdown

3.12

20.39

-17.27

Martin ratioReturn relative to average drawdown

11.86

69.23

-57.37

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. XEI.TO - Sharpe Ratio Comparison

The current CWO.NEO Sharpe Ratio is 2.20, which is lower than the XEI.TO Sharpe Ratio of 6.34. The chart below compares the historical Sharpe Ratios of CWO.NEO and XEI.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CWO.NEOXEI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.20

6.34

-4.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

1.41

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.77

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.67

-0.22

Drawdowns

CWO.NEO vs. XEI.TO - Drawdown Comparison

The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and XEI.TO.

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Drawdown Indicators

CWO.NEOXEI.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.99%

-45.51%

+13.52%

Max Drawdown (1Y)

Largest decline over 1 year

-10.90%

-2.24%

-8.66%

Max Drawdown (3Y)

Largest decline over 3 years

-17.12%

-9.92%

-7.20%

Max Drawdown (5Y)

Largest decline over 5 years

-24.80%

-17.32%

-7.48%

Max Drawdown (10Y)

Largest decline over 10 years

-31.97%

-45.51%

+13.54%

Current Drawdown

Current decline from peak

-1.89%

0.00%

-1.89%

Average Drawdown

Average peak-to-trough decline

-10.28%

-5.05%

-5.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.86%

0.66%

+2.20%

Volatility

CWO.NEO vs. XEI.TO - Volatility Comparison

iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a higher volatility of 5.38% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.89%. This indicates that CWO.NEO's price experiences larger fluctuations and is considered to be riskier than XEI.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.NEOXEI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.38%

2.89%

+2.49%

Volatility (6M)

Calculated over the trailing 6-month period

12.46%

6.03%

+6.43%

Volatility (1Y)

Calculated over the trailing 1-year period

15.50%

7.24%

+8.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.64%

11.24%

+5.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.51%

16.01%

+1.50%

CWO.NEO vs. XEI.TO - Expense Ratio Comparison

CWO.NEO has a 0.73% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.

Dividends

CWO.NEO vs. XEI.TO - Dividend Comparison

CWO.NEO's dividend yield for the trailing twelve months is around 2.46%, less than XEI.TO's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		2.46%2.79%3.50%4.14%5.03%4.61%2.64%3.01%3.22%2.60%2.57%3.23%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.53%4.39%5.56%5.08%4.78%3.65%5.13%4.71%5.53%4.37%4.51%5.75%

Frequently Asked Questions

CWO.NEO and XEI.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.73% for CWO.NEO.

CWO.NEO is categorized as Emerging Markets Equities, while XEI.TO is Canada Equities. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. Their fees differ too: 0.73% for CWO.NEO and 0.22% for XEI.TO.

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