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

DRFE.TO vs. CWO.NEO

Last updated Jul 16, 2026
Documentation

DRFE.TO (Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds. DRFE.TO is actively managed, while CWO.NEO is passively managed. Over the past 5 years, DRFE.TO returned 11.65%/yr vs 11.46%/yr for CWO.NEO. At a 0.33 correlation, their price movements are largely independent.

Performance

DRFE.TO vs. CWO.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DRFE.TO achieves a 21.13% return, which is significantly higher than CWO.NEO's 12.64% return.

DRFE.TO

1D
-0.72%
1M
-5.64%
6M
13.96%
YTD
21.13%
1Y
26.63%
3Y*
21.37%
5Y*
11.65%
10Y*
—

CWO.NEO

1D
0.50%
1M
-1.32%
6M
6.70%
YTD
12.64%
1Y
25.24%
3Y*
21.48%
5Y*
11.46%
10Y*
10.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		21.13%21.25%18.51%10.59%-8.03%4.88%7.49%0.47%
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		12.64%26.34%22.33%9.56%-9.03%7.13%-3.12%4.17%

Correlation

The correlation between DRFE.TO and CWO.NEO is 0.77, 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

0.77

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

0.57

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

0.40

Correlation (All Time)
Calculated using the full available price history since Mar 7, 2019

0.33

Over the past year, DRFE.TO and CWO.NEO have become more correlated (0.77) than their long-term average of 0.33, meaning their price movements have been converging.

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Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF

iShares Emerging Markets Fundamental 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. XEMC.TOCWO.NEO vs. BRFCWO.NEO vs. VGRO.TO

Return for Risk

DRFE.TO vs. CWO.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRFE.TO
DRFE.TO Risk / Return Rank: 4646
Overall Rank
DRFE.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
DRFE.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
DRFE.TO Omega Ratio Rank: 4848
Omega Ratio Rank
DRFE.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
DRFE.TO Martin Ratio Rank: 5050
Martin Ratio Rank
CWO.NEO
CWO.NEO Risk / Return Rank: 5757
Overall Rank
CWO.NEO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
CWO.NEO Sortino Ratio Rank: 5454
Sortino Ratio Rank
CWO.NEO Omega Ratio Rank: 5959
Omega Ratio Rank
CWO.NEO Calmar Ratio Rank: 5757
Calmar Ratio Rank
CWO.NEO Martin Ratio Rank: 5858
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.

DRFE.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

DRFE.TOCWO.NEODifference
Sharpe ratioReturn per unit of total volatility
1.27
1.53

-0.26

Sortino ratioReturn per unit of downside risk
1.74
2.15

-0.41

Omega ratioGain probability vs. loss probability

1.26

1.30

-0.04

Calmar ratioReturn relative to maximum drawdown

2.17

2.34

-0.16

Martin ratioReturn relative to average drawdown

6.93

8.26

-1.33

DRFE.TO vs. CWO.NEO - Sharpe Ratio Comparison

The current DRFE.TO Sharpe Ratio is 1.27, which is comparable to the CWO.NEO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of DRFE.TO and CWO.NEO, 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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Drawdowns

DRFE.TO vs. CWO.NEO - Drawdown Comparison

The maximum DRFE.TO drawdown since its inception was -25.26%, smaller than the maximum CWO.NEO drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for DRFE.TO and CWO.NEO.

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Drawdown Indicators

DRFE.TOCWO.NEODifference

Max Drawdown

Largest peak-to-trough decline

-25.26%

-31.99%

+6.73%

Max Drawdown (1Y)

Largest decline over 1 year

-12.31%

-10.90%

-1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-14.27%

-17.12%

+2.85%

Max Drawdown (5Y)

Largest decline over 5 years

-21.05%

-24.80%

+3.75%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.97%

—

Current Drawdown

Current decline from peak

-8.52%

-2.43%

-6.09%

Average Drawdown

Average peak-to-trough decline

-6.88%

-10.24%

+3.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.85%

3.07%

+0.78%

Volatility

DRFE.TO vs. CWO.NEO - Volatility Comparison

Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF (DRFE.TO) has a higher volatility of 9.86% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 4.85%. This indicates that DRFE.TO's price experiences larger fluctuations and is considered to be riskier than CWO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DRFE.TOCWO.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.86%

4.85%

+5.01%

Volatility (6M)

Calculated over the trailing 6-month period

19.33%

13.94%

+5.39%

Volatility (1Y)

Calculated over the trailing 1-year period

21.00%

16.67%

+4.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

16.91%

-0.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

17.46%

-0.24%

Dividends

DRFE.TO vs. CWO.NEO - Dividend Comparison

DRFE.TO's dividend yield for the trailing twelve months is around 1.61%, less than CWO.NEO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		2.64%2.79%3.50%4.14%5.03%4.61%2.64%3.01%3.22%2.60%2.57%3.23%
DRFE.TO
Desjardins RI Emerging Markets Multifactor - Net-Zero Emissions Pathway ETF		1.61%2.10%2.60%3.04%3.00%2.49%2.45%2.05%0.00%0.00%0.00%0.00%

Frequently Asked Questions

DRFE.TO and CWO.NEO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Desjardins and iShares.

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