FXC vs. CWO.NEO
FXC (Invesco CurrencyShares® Canadian Dollar Trust) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both exchange-traded funds - FXC is a Currency fund tracking the Canadian Dollar, while CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, FXC returned -0.15%/yr vs 10.85%/yr for CWO.NEO. A 0.53 correlation means they provide meaningful diversification when combined. FXC charges 0.40%/yr vs 0.73%/yr for CWO.NEO.
Performance
FXC vs. CWO.NEO - Performance Comparison
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Different Trading Currencies
FXC is traded in USD, while CWO.NEO is traded in CAD. To make them comparable, the CWO.NEO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, FXC achieves a -0.74% return, which is significantly lower than CWO.NEO's 14.56% return. Over the past 10 years, FXC has underperformed CWO.NEO with an annualized return of -0.15%, while CWO.NEO has yielded a comparatively higher 10.85% annualized return.
FXC
- 1D
- 0.01%
- 1M
- -1.76%
- YTD
- -0.74%
- 6M
- 1.05%
- 1Y
- -0.81%
- 3Y*
- 0.26%
- 5Y*
- -1.74%
- 10Y*
- -0.15%
CWO.NEO
- 1D
- 1.70%
- 1M
- 3.79%
- YTD
- 14.56%
- 6M
- 15.59%
- 1Y
- 37.24%
- 3Y*
- 22.42%
- 5Y*
- 9.14%
- 10Y*
- 10.85%
FXC vs. CWO.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXC Invesco CurrencyShares® Canadian Dollar Trust | -0.74% | 5.24% | -5.96% | 4.35% | -6.44% | 0.22% | 1.92% | 5.94% | -7.54% | 6.72% |
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 14.56% | 32.39% | 12.67% | 12.06% | -15.12% | 7.92% | -1.18% | 16.39% | -8.04% | 25.25% |
Correlation
The correlation between FXC and CWO.NEO 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 | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 5, 2009 | 0.53 |
Over the past year, the correlation between FXC and CWO.NEO has dropped to 0.28 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
FXC vs. CWO.NEO — Risk / Return Rank
FXC
CWO.NEO
FXC vs. CWO.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Canadian Dollar Trust (FXC) 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.
| FXC | CWO.NEO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.18 | 2.31 | -2.49 |
Sortino ratioReturn per unit of downside risk | -0.24 | 3.06 | -3.30 |
Omega ratioGain probability vs. loss probability | 0.97 | 1.42 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | -0.16 | 3.34 | -3.50 |
Martin ratioReturn relative to average drawdown | -0.32 | 12.56 | -12.87 |
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
| FXC | CWO.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.18 | 2.31 | -2.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.28 | 0.49 | -0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.55 | -0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | 0.30 | -0.35 |
Drawdowns
FXC vs. CWO.NEO - Drawdown Comparison
The maximum FXC drawdown since its inception was -35.39%, smaller than the maximum CWO.NEO drawdown of -55.27%. Use the drawdown chart below to compare losses from any high point for FXC and CWO.NEO.
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Drawdown Indicators
| FXC | CWO.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.39% | -55.27% | +19.88% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -11.21% | +7.43% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -17.69% | +10.35% |
Max Drawdown (5Y)Largest decline over 5 years | -13.53% | -29.94% | +16.41% |
Max Drawdown (10Y)Largest decline over 10 years | -15.46% | -40.79% | +25.33% |
Current DrawdownCurrent decline from peak | -28.56% | 0.00% | -28.56% |
Average DrawdownAverage peak-to-trough decline | -19.91% | -17.73% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.98% | 2.97% | -0.99% |
Volatility
FXC vs. CWO.NEO - Volatility Comparison
The current volatility for Invesco CurrencyShares® Canadian Dollar Trust (FXC) is 0.69%, while iShares Emerging Markets Fundamental Index ETF (CWO.NEO) has a volatility of 5.27%. This indicates that FXC experiences smaller price fluctuations and is considered to be less risky 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
| FXC | CWO.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 5.27% | -4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 13.09% | -9.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.49% | 16.18% | -11.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.37% | 18.64% | -12.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.66% | 19.92% | -13.26% |
FXC vs. CWO.NEO - Expense Ratio Comparison
FXC has a 0.40% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.
Dividends
FXC vs. CWO.NEO - Dividend Comparison
FXC's dividend yield for the trailing twelve months is around 0.26%, less than CWO.NEO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.42% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
FXC Invesco CurrencyShares® Canadian Dollar Trust | 0.26% | 0.55% | 2.23% | 2.01% | 0.31% | 0.00% | 0.19% | 0.75% | 0.42% | 0.02% | 0.00% | 0.02% |
Frequently Asked Questions
FXC and CWO.NEO 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, FXC is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FXC is cheaper with a 0.40% expense ratio, compared with 0.73% for CWO.NEO.
FXC is categorized as Currency, while CWO.NEO is Emerging Markets Equities. FXC tracks Canadian Dollar, while CWO.NEO tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.40% for FXC and 0.73% for CWO.NEO.
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