CWW.TO vs. XSH.TO
CWW.TO (iShares Global Water Index ETF) and XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) are both exchange-traded funds - CWW.TO is a Water Equities fund tracking the Morningstar Gbl GR CAD, while XSH.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 8.43%/yr vs 2.82%/yr for XSH.TO. At a 0.10 correlation, their price movements are largely independent. CWW.TO charges 0.66%/yr vs 0.10%/yr for XSH.TO.
Performance
CWW.TO vs. XSH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CWW.TO achieves a 0.97% return, which is significantly lower than XSH.TO's 1.28% return. Over the past 10 years, CWW.TO has outperformed XSH.TO with an annualized return of 8.43%, while XSH.TO has yielded a comparatively lower 2.82% annualized return.
CWW.TO
- 1D
- 0.30%
- 1M
- -1.46%
- YTD
- 0.97%
- 6M
- -3.59%
- 1Y
- 4.26%
- 3Y*
- 6.47%
- 5Y*
- 4.38%
- 10Y*
- 8.43%
XSH.TO
- 1D
- -0.05%
- 1M
- 0.91%
- YTD
- 1.28%
- 6M
- 1.34%
- 1Y
- 3.85%
- 3Y*
- 6.03%
- 5Y*
- 2.85%
- 10Y*
- 2.82%
CWW.TO vs. XSH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWW.TO iShares Global Water Index ETF | 0.97% | 10.11% | 2.99% | 11.71% | -16.52% | 27.08% | 12.93% | 26.85% | -2.69% | 17.91% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.28% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.78% |
Correlation
The correlation between CWW.TO and XSH.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.10 |
Over the past year, CWW.TO and XSH.TO have become more correlated (0.32) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
CWW.TO vs. XSH.TO — Risk / Return Rank
CWW.TO
XSH.TO
CWW.TO vs. XSH.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 Core Canadian Short Term Corporate Bond Index ETF (XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.36 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 2.57 | -2.15 |
| Martin ratioReturn relative to average drawdown | 1.03 | 10.05 | -9.02 |
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 | XSH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.31 | 1.79 | -1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 1.01 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.64 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.74 | -0.35 |
Drawdowns
CWW.TO vs. XSH.TO - Drawdown Comparison
The maximum CWW.TO drawdown since its inception was -46.54%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for CWW.TO and XSH.TO.
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Drawdown Indicators
| CWW.TO | XSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.54% | -14.24% | -32.30% |
Max Drawdown (1Y)Largest decline over 1 year | -10.24% | -1.51% | -8.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.77% | -1.51% | -18.26% |
Max Drawdown (5Y)Largest decline over 5 years | -31.05% | -7.80% | -23.25% |
Max Drawdown (10Y)Largest decline over 10 years | -31.05% | -14.24% | -16.81% |
Current DrawdownCurrent decline from peak | -7.85% | -0.05% | -7.80% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -0.93% | -8.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.14% | 0.38% | +3.76% |
Volatility
CWW.TO vs. XSH.TO - Volatility Comparison
iShares Global Water Index ETF (CWW.TO) has a higher volatility of 3.98% compared to iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) at 0.80%. This indicates that CWW.TO's price experiences larger fluctuations and is considered to be riskier than XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 0.80% | +3.18% |
Volatility (6M)Calculated over the trailing 6-month period | 10.85% | 1.83% | +9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.83% | 2.16% | +11.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.40% | 2.83% | +12.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.52% | 4.42% | +12.10% |
CWW.TO vs. XSH.TO - Expense Ratio Comparison
CWW.TO has a 0.66% expense ratio, which is higher than XSH.TO's 0.10% expense ratio.
Dividends
CWW.TO vs. XSH.TO - Dividend Comparison
CWW.TO's dividend yield for the trailing twelve months is around 1.55%, less than XSH.TO's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWW.TO iShares Global Water Index ETF | 1.55% | 1.34% | 1.05% | 1.17% | 1.28% | 2.62% | 1.11% | 1.24% | 2.95% | 1.41% | 1.60% | 1.16% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.90% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
CWW.TO and XSH.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.66% for CWW.TO.
CWW.TO is categorized as Water Equities, while XSH.TO is Canadian Government Bonds. CWW.TO tracks Morningstar Gbl GR CAD, while XSH.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.66% for CWW.TO and 0.10% for XSH.TO.
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