CWW.TO vs. CLF.TO
CWW.TO (iShares Global Water Index ETF) and CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) are both exchange-traded funds - CWW.TO is a Water Equities fund tracking the Morningstar Gbl GR CAD, while CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, CWW.TO returned 8.42%/yr vs 1.81%/yr for CLF.TO. At a 0.01 correlation, their price movements are largely independent. CWW.TO charges 0.66%/yr vs 0.17%/yr for CLF.TO.
Performance
CWW.TO vs. CLF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWW.TO achieves a 0.67% return, which is significantly lower than CLF.TO's 0.83% return. Over the past 10 years, CWW.TO has outperformed CLF.TO with an annualized return of 8.42%, while CLF.TO has yielded a comparatively lower 1.81% annualized return.
CWW.TO
- 1D
- 0.76%
- 1M
- -0.37%
- YTD
- 0.67%
- 6M
- -4.32%
- 1Y
- 3.23%
- 3Y*
- 6.26%
- 5Y*
- 4.32%
- 10Y*
- 8.42%
CLF.TO
- 1D
- -0.11%
- 1M
- 0.76%
- YTD
- 0.83%
- 6M
- 0.50%
- 1Y
- 2.45%
- 3Y*
- 4.12%
- 5Y*
- 1.72%
- 10Y*
- 1.81%
CWW.TO vs. CLF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWW.TO iShares Global Water Index ETF | 0.67% | 10.11% | 2.99% | 11.71% | -16.52% | 27.08% | 12.93% | 26.85% | -2.69% | 17.91% |
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 0.83% | 3.36% | 4.82% | 4.58% | -3.98% | -1.27% | 5.53% | 3.97% | 1.68% | -0.49% |
Correlation
The correlation between CWW.TO and CLF.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2008 | 0.01 |
Over the past year, CWW.TO and CLF.TO have become more correlated (0.28) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
CWW.TO vs. CLF.TO — Risk / Return Rank
CWW.TO
CLF.TO
CWW.TO vs. CLF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Water Index ETF (CWW.TO) and iShares 1-5 Year Laddered Government Bond Index ETF (CLF.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.
| CWW.TO | CLF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.23 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | 1.78 | -1.46 |
| Martin ratioReturn relative to average drawdown | 0.79 | 5.12 | -4.33 |
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
| CWW.TO | CLF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.23 | 1.20 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.58 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.54 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.72 | -0.34 |
Drawdowns
CWW.TO vs. CLF.TO - Drawdown Comparison
The maximum CWW.TO drawdown since its inception was -46.54%, which is greater than CLF.TO's maximum drawdown of -6.91%. Use the drawdown chart below to compare losses from any high point for CWW.TO and CLF.TO.
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Drawdown Indicators
| CWW.TO | CLF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.54% | -6.91% | -39.63% |
Max Drawdown (1Y)Largest decline over 1 year | -10.24% | -1.38% | -8.86% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -1.42% | -18.35% |
Max Drawdown (5Y)Largest decline over 5 years | -31.05% | -6.80% | -24.25% |
Max Drawdown (10Y)Largest decline over 10 years | -31.05% | -6.91% | -24.14% |
Current DrawdownCurrent decline from peak | -8.12% | -0.34% | -7.78% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -1.08% | -8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.11% | 0.48% | +3.63% |
Volatility
CWW.TO vs. CLF.TO - Volatility Comparison
iShares Global Water Index ETF (CWW.TO) has a higher volatility of 4.23% compared to iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) at 0.72%. This indicates that CWW.TO's price experiences larger fluctuations and is considered to be riskier than CLF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWW.TO | CLF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 0.72% | +3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 10.85% | 1.62% | +9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.83% | 2.04% | +11.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.40% | 2.98% | +12.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.52% | 3.37% | +13.15% |
CWW.TO vs. CLF.TO - Expense Ratio Comparison
CWW.TO has a 0.66% expense ratio, which is higher than CLF.TO's 0.17% expense ratio.
Dividends
CWW.TO vs. CLF.TO - Dividend Comparison
CWW.TO's dividend yield for the trailing twelve months is around 1.56%, less than CLF.TO's 2.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 2.25% | 2.22% | 2.22% | 2.23% | 2.10% | 1.98% | 2.81% | 3.93% | 2.67% | 2.91% | 3.12% | 3.29% |
CWW.TO iShares Global Water Index ETF | 1.56% | 1.34% | 1.05% | 1.17% | 1.28% | 2.62% | 1.11% | 1.24% | 2.95% | 1.41% | 1.60% | 1.16% |
Frequently Asked Questions
CWW.TO and CLF.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CLF.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLF.TO is cheaper with a 0.17% expense ratio, compared with 0.66% for CWW.TO.
CWW.TO is categorized as Water Equities, while CLF.TO is Canadian Government Bonds. CWW.TO tracks Morningstar Gbl GR CAD, while CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.66% for CWW.TO and 0.17% for CLF.TO.
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