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FIW vs. CWW.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FIW vs. CWW.TO

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Water ETF (FIW) and iShares Global Water Index ETF (CWW.TO).

FIW and CWW.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FIW is a passively managed fund by First Trust that tracks the performance of the ISE Clean Edge Water Index. It was launched on May 8, 2007. CWW.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl GR CAD. It was launched on Jun 4, 2007. Both FIW and CWW.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

FIW vs. CWW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Water ETF (FIW) and iShares Global Water Index ETF (CWW.TO). The values are adjusted to include any dividend payments, if applicable.

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FIW vs. CWW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FIW
First Trust Water ETF		-4.90%7.20%8.38%20.35%-15.70%32.00%21.15%37.37%-9.23%24.69%
CWW.TO
iShares Global Water Index ETF		1.76%15.39%-5.14%14.26%-22.11%28.02%15.19%33.19%-10.25%26.05%
Different Trading Currencies

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

Returns By Period

In the year-to-date period, FIW achieves a -4.90% return, which is significantly lower than CWW.TO's 1.76% return. Over the past 10 years, FIW has outperformed CWW.TO with an annualized return of 12.78%, while CWW.TO has yielded a comparatively lower 8.49% annualized return.

FIW

1D
2.21%
1M
-9.31%
YTD
-4.90%
6M
-7.85%
1Y
3.18%
3Y*
8.02%
5Y*
6.20%
10Y*
12.78%

CWW.TO

1D
1.82%
1M
-7.12%
YTD
1.76%
6M
-0.97%
1Y
13.58%
3Y*
6.13%
5Y*
3.58%
10Y*
8.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

First Trust Water ETF

iShares Global Water Index ETF

Often compared with FIW:
FIW vs. PHOFIW vs. CGWFIW vs. GRIDFIW vs. SPYFIW vs. AQWAFIW vs. PIOFIW vs. EBLU
Often compared with CWW.TO:
CWW.TO vs. COW.TOCWW.TO vs. KBWBCWW.TO vs. VFV.TOCWW.TO vs. CIF.TOCWW.TO vs. VCRCWW.TO vs. ENFRCWW.TO vs. XAW.TO

FIW vs. CWW.TO - Expense Ratio Comparison

FIW has a 0.54% expense ratio, which is lower than CWW.TO's 0.66% expense ratio.

CWW.TO
iShares Global Water Index ETF
FIW
First Trust Water ETF

Return for Risk

FIW vs. CWW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FIW
FIW Risk / Return Rank: 1818
Overall Rank
FIW Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
FIW Sortino Ratio Rank: 1717
Sortino Ratio Rank
FIW Omega Ratio Rank: 1616
Omega Ratio Rank
FIW Calmar Ratio Rank: 1818
Calmar Ratio Rank
FIW Martin Ratio Rank: 1919
Martin Ratio Rank
CWW.TO
CWW.TO Risk / Return Rank: 3535
Overall Rank
CWW.TO Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
CWW.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
CWW.TO Omega Ratio Rank: 3131
Omega Ratio Rank
CWW.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
CWW.TO Martin Ratio Rank: 3434
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.

FIW vs. CWW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Water ETF (FIW) and iShares Global Water Index ETF (CWW.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.

FIWCWW.TODifference

Sharpe ratio

Return per unit of total volatility

0.17

0.87

-0.70

Sortino ratio

Return per unit of downside risk

0.39

1.33

-0.93

Omega ratio

Gain probability vs. loss probability

1.05

1.17

-0.12

Calmar ratio

Return relative to maximum drawdown

0.29

1.29

-1.00

Martin ratio

Return relative to average drawdown

0.94

4.45

-3.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIW vs. CWW.TO - Sharpe Ratio Comparison

The current FIW Sharpe Ratio is 0.17, which is lower than the CWW.TO Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of FIW and CWW.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FIWCWW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.17

0.87

-0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.21

+0.14

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.65

0.46

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.54

-0.11

Correlation

The correlation between FIW and CWW.TO is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FIW vs. CWW.TO - Dividend Comparison

FIW's dividend yield for the trailing twelve months is around 0.80%, less than CWW.TO's 1.52% yield.

TTM20252024202320222021202020192018201720162015
FIW
First Trust Water ETF		0.80%0.69%0.69%0.68%0.67%0.37%0.56%0.55%0.73%1.13%0.51%0.76%
CWW.TO
iShares Global Water Index ETF		1.52%1.34%1.05%1.17%1.28%2.62%1.11%1.24%2.95%1.41%1.60%1.16%

Drawdowns

FIW vs. CWW.TO - Drawdown Comparison

The maximum FIW drawdown since its inception was -52.75%, which is greater than CWW.TO's maximum drawdown of -35.68%. Use the drawdown chart below to compare losses from any high point for FIW and CWW.TO.

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Drawdown Indicators

FIWCWW.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.75%

-46.54%

-6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-12.74%

-10.24%

-2.50%

Max Drawdown (5Y)

Largest decline over 5 years

-28.53%

-31.05%

+2.52%

Max Drawdown (10Y)

Largest decline over 10 years

-36.60%

-31.05%

-5.55%

Current Drawdown

Current decline from peak

-10.81%

-5.93%

-4.88%

Average Drawdown

Average peak-to-trough decline

-8.29%

-9.50%

+1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.97%

3.35%

+0.62%

Volatility

FIW vs. CWW.TO - Volatility Comparison

The current volatility for First Trust Water ETF (FIW) is 5.68%, while iShares Global Water Index ETF (CWW.TO) has a volatility of 6.34%. This indicates that FIW experiences smaller price fluctuations and is considered to be less risky than CWW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FIWCWW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.68%

6.34%

-0.66%

Volatility (6M)

Calculated over the trailing 6-month period

11.04%

10.75%

+0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

18.63%

15.66%

+2.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.30%

17.51%

+0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.88%

18.52%

+1.36%