HXEM.TO vs. CWO.NEO
HXEM.TO (Global X Emerging Markets Equity Index Corporate Class ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds - HXEM.TO tracks the Global X Emerging Markets Futures Roll Index (Total Return) while CWO.NEO tracks the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 5 years, HXEM.TO returned 9.75%/yr vs 11.55%/yr for CWO.NEO. A 0.62 correlation means they provide meaningful diversification when combined. HXEM.TO charges 0.25%/yr vs 0.73%/yr for CWO.NEO.
Performance
HXEM.TO vs. CWO.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, HXEM.TO achieves a 28.95% return, which is significantly higher than CWO.NEO's 13.80% return.
HXEM.TO
- 1D
- -0.87%
- 1M
- 11.29%
- YTD
- 28.95%
- 6M
- 29.50%
- 1Y
- 56.68%
- 3Y*
- 24.44%
- 5Y*
- 9.75%
- 10Y*
- —
CWO.NEO
- 1D
- -1.42%
- 1M
- 4.14%
- YTD
- 13.80%
- 6M
- 13.05%
- 1Y
- 35.32%
- 3Y*
- 23.05%
- 5Y*
- 11.55%
- 10Y*
- 11.43%
HXEM.TO vs. CWO.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF | 28.95% | 26.46% | 14.53% | 7.09% | -16.39% | -2.71% | 12.33% |
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 13.80% | 26.34% | 22.33% | 9.56% | -9.03% | 7.13% | 10.97% |
Correlation
The correlation between HXEM.TO and CWO.NEO is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2020 | 0.62 |
Over the past year, HXEM.TO and CWO.NEO have become more correlated (0.83) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
HXEM.TO vs. CWO.NEO — Risk / Return Rank
HXEM.TO
CWO.NEO
HXEM.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.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.
| HXEM.TO | CWO.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.43 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 4.61 | 3.26 | +1.36 |
| Martin ratioReturn relative to average drawdown | 16.65 | 12.37 | +4.27 |
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
| HXEM.TO | CWO.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.91 | 2.29 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 0.70 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.66 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.45 | +0.19 |
Drawdowns
HXEM.TO vs. CWO.NEO - Drawdown Comparison
The maximum HXEM.TO drawdown since its inception was -35.00%, which is greater than CWO.NEO's maximum drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for HXEM.TO and CWO.NEO.
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Drawdown Indicators
| HXEM.TO | CWO.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.00% | -31.99% | -3.01% |
Max Drawdown (1Y)Largest decline over 1 year | -12.34% | -10.90% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -15.40% | -17.12% | +1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -30.44% | -24.80% | -5.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.97% | — |
Current DrawdownCurrent decline from peak | -0.87% | -1.42% | +0.55% |
Average DrawdownAverage peak-to-trough decline | -13.75% | -10.29% | -3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 2.86% | +0.55% |
Volatility
HXEM.TO vs. CWO.NEO - Volatility Comparison
Global X Emerging Markets Equity Index Corporate Class ETF (HXEM.TO) has a higher volatility of 8.38% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 5.40%. This indicates that HXEM.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
| HXEM.TO | CWO.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.38% | 5.40% | +2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.05% | 12.46% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.60% | 15.50% | +4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.03% | 16.65% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.95% | 17.52% | -0.57% |
HXEM.TO vs. CWO.NEO - Expense Ratio Comparison
HXEM.TO has a 0.25% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.
Dividends
HXEM.TO vs. CWO.NEO - Dividend Comparison
HXEM.TO has not paid dividends to shareholders, while CWO.NEO's dividend yield for the trailing twelve months is around 2.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWO.NEO iShares Emerging Markets Fundamental Index ETF | 2.45% | 2.79% | 3.50% | 4.14% | 5.03% | 4.61% | 2.64% | 3.01% | 3.22% | 2.60% | 2.57% | 3.23% |
HXEM.TO Global X Emerging Markets Equity Index Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HXEM.TO and CWO.NEO have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXEM.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXEM.TO is cheaper with a 0.25% expense ratio, compared with 0.73% for CWO.NEO.
HXEM.TO tracks Global X Emerging Markets Futures Roll Index (Total Return), while CWO.NEO tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.25% for HXEM.TO and 0.73% for CWO.NEO.
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