CWO.NEO vs. XSEM.TO
CWO.NEO (iShares Emerging Markets Fundamental Index ETF) and XSEM.TO (iShares ESG Aware MSCI Emerging Markets Index ETF) are both Emerging Markets Equities funds from iShares - CWO.NEO tracks the FTSE RAFI Emerging Markets Index while XSEM.TO tracks the Morningstar EM GR CAD. Both are passively managed. Over the past 5 years, CWO.NEO returned 11.55%/yr vs 9.59%/yr for XSEM.TO. A 0.56 correlation means they provide meaningful diversification when combined. CWO.NEO charges 0.73%/yr vs 0.32%/yr for XSEM.TO.
Performance
CWO.NEO vs. XSEM.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 XSEM.TO's 28.13% 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%
XSEM.TO
- 1D
- -0.86%
- 1M
- 12.07%
- YTD
- 28.13%
- 6M
- 29.29%
- 1Y
- 57.34%
- 3Y*
- 25.23%
- 5Y*
- 9.59%
- 10Y*
- —
CWO.NEO vs. XSEM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | -3.12% | 4.95% |
XSEM.TO iShares ESG Aware MSCI Emerging Markets Index ETF | 28.13% | 30.16% | 14.82% | 7.04% | -17.24% | -3.58% | 15.66% | 5.23% |
Correlation
The correlation between CWO.NEO and XSEM.TO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2019 | 0.56 |
Over the past year, CWO.NEO and XSEM.TO have become more correlated (0.83) than their long-term average of 0.56, meaning their price movements have been converging.
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Return for Risk
CWO.NEO vs. XSEM.TO — Risk / Return Rank
CWO.NEO
XSEM.TO
CWO.NEO vs. XSEM.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 ESG Aware MSCI Emerging Markets Index ETF (XSEM.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 | XSEM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.54 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 4.69 | -1.43 |
| Martin ratioReturn relative to average drawdown | 12.37 | 17.06 | -4.69 |
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 | XSEM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 2.96 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.57 | +0.13 |
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 | 0.55 | -0.10 |
Drawdowns
CWO.NEO vs. XSEM.TO - Drawdown Comparison
The maximum CWO.NEO drawdown since its inception was -31.99%, smaller than the maximum XSEM.TO drawdown of -37.03%. Use the drawdown chart below to compare losses from any high point for CWO.NEO and XSEM.TO.
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Drawdown Indicators
| CWO.NEO | XSEM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.99% | -37.03% | +5.04% |
Max Drawdown (1Y)Largest decline over 1 year | -10.90% | -12.30% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -17.12% | -15.17% | -1.95% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -33.18% | +8.38% |
Max Drawdown (10Y)Largest decline over 10 years | -31.97% | — | — |
Current DrawdownCurrent decline from peak | -1.42% | -0.86% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -10.29% | -13.17% | +2.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 3.37% | -0.51% |
Volatility
CWO.NEO vs. XSEM.TO - Volatility Comparison
The current volatility for iShares Emerging Markets Fundamental Index ETF (CWO.NEO) is 5.40%, while iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM.TO) has a volatility of 8.35%. This indicates that CWO.NEO experiences smaller price fluctuations and is considered to be less risky than XSEM.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 | XSEM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 8.35% | -2.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.46% | 17.02% | -4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 19.47% | -3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.65% | 17.06% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 18.26% | -0.74% |
CWO.NEO vs. XSEM.TO - Expense Ratio Comparison
CWO.NEO has a 0.73% expense ratio, which is higher than XSEM.TO's 0.32% expense ratio.
Dividends
CWO.NEO vs. XSEM.TO - Dividend Comparison
CWO.NEO's dividend yield for the trailing twelve months is around 2.45%, more than XSEM.TO's 1.41% 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% |
XSEM.TO iShares ESG Aware MSCI Emerging Markets Index ETF | 1.41% | 1.80% | 2.12% | 1.12% | 2.29% | 2.50% | 1.16% | 2.46% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CWO.NEO and XSEM.TO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSEM.TO is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSEM.TO is cheaper with a 0.32% expense ratio, compared with 0.73% for CWO.NEO.
CWO.NEO tracks FTSE RAFI Emerging Markets Index, while XSEM.TO tracks Morningstar EM GR CAD. Their fees differ too: 0.73% for CWO.NEO and 0.32% for XSEM.TO.
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