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EEM vs. COW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EEM vs. COW.TO

Last updated Jun 16, 2026

EEM (iShares MSCI Emerging Markets ETF) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net), while COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, EEM returned 10.16%/yr vs 7.43%/yr for COW.TO. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.72% expense ratio.

Performance

EEM vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Emerging Markets ETF (EEM) and iShares Global Agriculture Index ETF (COW.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EEM is traded in USD, while COW.TO is traded in CAD. To make them comparable, the COW.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EEM achieves a 28.15% return, which is significantly higher than COW.TO's 11.81% return. Over the past 10 years, EEM has outperformed COW.TO with an annualized return of 10.16%, while COW.TO has yielded a comparatively lower 7.43% annualized return.

EEM

1D
3.29%
1M
7.75%
YTD
28.15%
6M
31.50%
1Y
52.42%
3Y*
22.37%
5Y*
7.63%
10Y*
10.16%

COW.TO

1D
-0.56%
1M
-2.33%
YTD
11.81%
6M
5.30%
1Y
1.54%
3Y*
3.67%
5Y*
1.13%
10Y*
7.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EEM vs. COW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EEM
iShares MSCI Emerging Markets ETF		28.15%33.98%6.49%8.95%-20.56%-3.63%17.02%18.22%-15.31%37.26%
COW.TO
iShares Global Agriculture Index ETF		11.81%0.24%-2.62%-6.38%5.91%19.15%14.49%31.45%-20.82%23.25%

Correlation

The correlation between EEM and COW.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

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

0.26

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

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.31

Correlation (All Time)
Calculated using the full available price history since Dec 19, 2007

0.44

Over the past year, the correlation between EEM and COW.TO has dropped to 0.13 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

EEM vs. COW.TO - Sectors Allocation Comparison

Sectors
EEM
COW.TO

Technology

44.3%

-

Financial Services

17.7%
0.5%

Consumer Cyclical

8.3%
1.7%

Industrials

6.6%
28.0%

Communication Services

6.0%

-

Basic Materials

5.9%
27.4%

Energy

3.4%

-

Consumer Defensive

2.5%
42.3%

Healthcare

2.5%

-

Utilities

1.8%

-

Real Estate

1.0%

-

Technology

EEM
44.3%
COW.TO

-

Financial Services

EEM
17.7%
COW.TO
0.5%

Consumer Cyclical

EEM
8.3%
COW.TO
1.7%

Industrials

EEM
6.6%
COW.TO
28.0%

Communication Services

EEM
6.0%
COW.TO

-

Basic Materials

EEM
5.9%
COW.TO
27.4%

Energy

EEM
3.4%
COW.TO

-

Consumer Defensive

EEM
2.5%
COW.TO
42.3%

Healthcare

EEM
2.5%
COW.TO

-

Utilities

EEM
1.8%
COW.TO

-

Real Estate

EEM
1.0%
COW.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Emerging Markets ETF

iShares Global Agriculture Index ETF

Often compared with EEM:
EEM vs. VWOEEM vs. SPYEEM vs. IEMGEEM vs. IS3N.DEEEM vs. VXUSEEM vs. EEMSEEM vs. SPEM
Often compared with COW.TO:
COW.TO vs. NTR.TOCOW.TO vs. CWW.TOCOW.TO vs. COWGCOW.TO vs. XHC.TOCOW.TO vs. VOOCOW.TO vs. DBACOW.TO vs. ZWC.TO

Return for Risk

EEM vs. COW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EEM
EEM Risk / Return Rank: 8282
Overall Rank
EEM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
EEM Sortino Ratio Rank: 7878
Sortino Ratio Rank
EEM Omega Ratio Rank: 8484
Omega Ratio Rank
EEM Calmar Ratio Rank: 8282
Calmar Ratio Rank
EEM Martin Ratio Rank: 8181
Martin Ratio Rank
COW.TO
COW.TO Risk / Return Rank: 1212
Overall Rank
COW.TO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1212
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1313
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.

EEM vs. COW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Emerging Markets ETF (EEM) and iShares Global Agriculture Index ETF (COW.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.

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.

EEMCOW.TODifference
Sharpe ratioReturn per unit of total volatility
2.42
0.09

+2.32

Sortino ratioReturn per unit of downside risk
3.09
0.26

+2.83

Omega ratioGain probability vs. loss probability

1.45

1.03

+0.42

Calmar ratioReturn relative to maximum drawdown

3.90

0.12

+3.77

Martin ratioReturn relative to average drawdown

14.36

0.27

+14.09

EEM vs. COW.TO - Sharpe Ratio Comparison

The current EEM Sharpe Ratio is 2.42, which is higher than the COW.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of EEM and COW.TO, 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

EEM vs. COW.TO - Drawdown Comparison

The maximum EEM drawdown since its inception was -66.43%, roughly equal to the maximum COW.TO drawdown of -64.63%. Use the drawdown chart below to compare losses from any high point for EEM and COW.TO.

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Drawdown Indicators

EEMCOW.TODifference

Max Drawdown

Largest peak-to-trough decline

-66.43%

-64.63%

-1.80%

Max Drawdown (1Y)

Largest decline over 1 year

-13.52%

-12.60%

-0.92%

Max Drawdown (3Y)

Largest decline over 3 years

-17.29%

-15.40%

-1.89%

Max Drawdown (5Y)

Largest decline over 5 years

-37.49%

-34.83%

-2.66%

Max Drawdown (10Y)

Largest decline over 10 years

-39.82%

-46.79%

+6.97%

Current Drawdown

Current decline from peak

-0.97%

-20.63%

+19.66%

Average Drawdown

Average peak-to-trough decline

-16.00%

-17.25%

+1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.66%

5.80%

-2.14%

Volatility

EEM vs. COW.TO - Volatility Comparison

iShares MSCI Emerging Markets ETF (EEM) has a higher volatility of 11.26% compared to iShares Global Agriculture Index ETF (COW.TO) at 3.42%. This indicates that EEM's price experiences larger fluctuations and is considered to be riskier than COW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EEMCOW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.26%

3.42%

+7.84%

Volatility (6M)

Calculated over the trailing 6-month period

19.62%

13.09%

+6.53%

Volatility (1Y)

Calculated over the trailing 1-year period

21.84%

16.82%

+5.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.32%

19.90%

-0.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.67%

22.74%

-2.07%

EEM vs. COW.TO - Expense Ratio Comparison

Both EEM and COW.TO have an expense ratio of 0.72%.

Dividends

EEM vs. COW.TO - Dividend Comparison

EEM's dividend yield for the trailing twelve months is around 2.24%, more than COW.TO's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.16%2.46%1.43%1.62%2.01%0.69%1.13%1.13%1.18%0.63%1.21%1.96%
EEM
iShares MSCI Emerging Markets ETF		2.24%2.22%2.43%2.63%2.50%1.99%1.45%2.76%2.24%1.89%1.89%2.49%

Frequently Asked Questions

EEM and COW.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.72% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

EEM and COW.TO have the same expense ratio: 0.72% per year.

EEM is categorized as Emerging Markets Diversified, while COW.TO is Large Cap Blend Equities. EEM tracks MSCI Emerging Markets Index (Net), while COW.TO tracks Manulife Investment Management Global Agriculture Index.

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