CWO.NEO vs. XQQ.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, CWO.NEO returned 11.24%/yr vs 19.59%/yr for XQQ.TO. At a 0.42 correlation, their price movements are largely independent. CWO.NEO charges 0.73%/yr vs 0.39%/yr for XQQ.TO.
Performance
CWO.NEO vs. XQQ.TO - Performance Comparison
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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 XQQ.TO's 19.17% return. Over the past 10 years, CWO.NEO has underperformed XQQ.TO with an annualized return of 11.24%, while XQQ.TO has yielded a comparatively higher 19.59% 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%
XQQ.TO
- 1D
- -0.54%
- 1M
- 8.62%
- YTD
- 19.17%
- 6M
- 17.53%
- 1Y
- 37.37%
- 3Y*
- 26.17%
- 5Y*
- 15.19%
- 10Y*
- 19.59%
CWO.NEO vs. XQQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged) | 19.17% | 18.38% | 24.23% | 52.23% | -33.67% | 22.29% | 45.23% | 37.48% | -2.33% | 31.83% |
Correlation
The correlation between CWO.NEO and XQQ.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since May 11, 2011 | 0.42 |
The correlation between CWO.NEO and XQQ.TO shifts across timeframes, from 0.34 (5 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CWO.NEO vs. XQQ.TO — Risk / Return Rank
CWO.NEO
XQQ.TO
CWO.NEO vs. XQQ.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 NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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 | XQQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.41 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.94 | +0.18 |
| Martin ratioReturn relative to average drawdown | 11.86 | 10.98 | +0.88 |
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 | XQQ.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.20 | 2.37 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.68 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.88 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.86 | -0.41 |
Drawdowns
CWO.NEO vs. XQQ.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum XQQ.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and XQQ.TO.
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Drawdown Indicators
| CWO.NEO | XQQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -38.55% | +6.56% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -12.76% | +1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -22.72% | +5.60% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -38.55% | +13.75% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | -38.55% | +6.58% |
Current DrawdownCurrent decline from peak | -1.89% | -0.80% | -1.09% |
Average DrawdownAverage peak-to-trough decline | -10.28% | -5.92% | -4.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.41% | -0.55% |
Volatility
CWO.NEO vs. XQQ.TO - Volatility Comparison
iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a higher volatility of 5.38% compared to iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) at 4.51%. This indicates that CWO.NEO's price experiences larger fluctuations and is considered to be riskier than XQQ.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 | XQQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 4.51% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 12.01% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 15.82% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.64% | 22.51% | -5.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 22.34% | -4.83% |
CWO.NEO vs. XQQ.TO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than XQQ.TO's 0.39% expense ratio.
Dividends
CWO.NEO vs. XQQ.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.46%, more than XQQ.TO's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged) | 0.21% | 0.25% | 0.32% | 0.31% | 0.43% | 0.17% | 0.26% | 0.46% | 0.52% | 0.53% | 0.76% | 0.62% |
Frequently Asked Questions
CWO.NEO and XQQ.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XQQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO is categorized as Emerging Markets Equities, while XQQ.TO is Nasdaq-100. CWO.NEO tracks FTSE RAFI Emerging Markets Index, while XQQ.TO tracks Morningstar US Market TR CAD. Their fees differ too: 0.73% for CWO.NEO and 0.39% for XQQ.TO.
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