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

ITA vs. COW.TO

Last updated Jun 16, 2026

ITA (iShares U.S. Aerospace & Defense ETF) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index, 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, ITA returned 15.54%/yr vs 7.43%/yr for COW.TO. At a 0.50 correlation, their price movements are largely independent. ITA charges 0.38%/yr vs 0.72%/yr for COW.TO.

Performance

ITA vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Aerospace & Defense ETF (ITA) 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

ITA 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, ITA achieves a 10.73% return, which is significantly lower than COW.TO's 11.81% return. Over the past 10 years, ITA has outperformed COW.TO with an annualized return of 15.54%, while COW.TO has yielded a comparatively lower 7.43% annualized return.

ITA

1D
1.62%
1M
9.34%
YTD
10.73%
6M
13.39%
1Y
32.52%
3Y*
27.94%
5Y*
17.41%
10Y*
15.54%

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)

ITA vs. COW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITA
iShares U.S. Aerospace & Defense ETF		10.73%48.64%15.81%14.33%9.96%9.39%-13.57%30.51%-7.22%35.24%
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 ITA and COW.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.10

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

0.27

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

0.39

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

0.45

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

0.50

Over the past year, the correlation between ITA and COW.TO has dropped to 0.10 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

ITA vs. COW.TO - Sectors Allocation Comparison

Sectors
ITA
COW.TO

Industrials

99.8%
28.0%

Technology

0.1%

-

Basic Materials

-

27.4%

Communication Services

-

-

Consumer Cyclical

-

1.7%

Consumer Defensive

-

42.3%

Energy

-

-

Financial Services

-

0.5%

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Industrials

ITA
99.8%
COW.TO
28.0%

Technology

ITA
0.1%
COW.TO

-

Basic Materials

ITA

-

COW.TO
27.4%

Communication Services

ITA

-

COW.TO

-

Consumer Cyclical

ITA

-

COW.TO
1.7%

Consumer Defensive

ITA

-

COW.TO
42.3%

Energy

ITA

-

COW.TO

-

Financial Services

ITA

-

COW.TO
0.5%

Healthcare

ITA

-

COW.TO

-

Real Estate

ITA

-

COW.TO

-

Utilities

ITA

-

COW.TO

-

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iShares U.S. Aerospace & Defense ETF

iShares Global Agriculture Index ETF

Often compared with ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. DFEN
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

ITA vs. COW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITA
ITA Risk / Return Rank: 4545
Overall Rank
ITA Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 4949
Sortino Ratio Rank
ITA Omega Ratio Rank: 4444
Omega Ratio Rank
ITA Calmar Ratio Rank: 4646
Calmar Ratio Rank
ITA Martin Ratio Rank: 3838
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) 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.

ITACOW.TODifference
Sharpe ratioReturn per unit of total volatility
1.50
0.09

+1.41

Sortino ratioReturn per unit of downside risk
2.19
0.26

+1.94

Omega ratioGain probability vs. loss probability

1.26

1.03

+0.23

Calmar ratioReturn relative to maximum drawdown

2.06

0.12

+1.94

Martin ratioReturn relative to average drawdown

5.46

0.27

+5.19

ITA vs. COW.TO - Sharpe Ratio Comparison

The current ITA Sharpe Ratio is 1.50, which is higher than the COW.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of ITA 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

ITA vs. COW.TO - Drawdown Comparison

The maximum ITA drawdown since its inception was -59.72%, smaller than the maximum COW.TO drawdown of -64.63%. Use the drawdown chart below to compare losses from any high point for ITA and COW.TO.

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Drawdown Indicators

ITACOW.TODifference

Max Drawdown

Largest peak-to-trough decline

-59.72%

-64.63%

+4.91%

Max Drawdown (1Y)

Largest decline over 1 year

-15.82%

-12.60%

-3.22%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

-15.40%

-0.42%

Max Drawdown (5Y)

Largest decline over 5 years

-18.72%

-34.83%

+16.11%

Max Drawdown (10Y)

Largest decline over 10 years

-51.00%

-46.79%

-4.21%

Current Drawdown

Current decline from peak

-5.13%

-20.63%

+15.50%

Average Drawdown

Average peak-to-trough decline

-9.45%

-17.25%

+7.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.98%

5.80%

+0.18%

Volatility

ITA vs. COW.TO - Volatility Comparison

iShares U.S. Aerospace & Defense ETF (ITA) has a higher volatility of 9.14% compared to iShares Global Agriculture Index ETF (COW.TO) at 3.42%. This indicates that ITA'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

ITACOW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.14%

3.42%

+5.72%

Volatility (6M)

Calculated over the trailing 6-month period

18.45%

13.09%

+5.36%

Volatility (1Y)

Calculated over the trailing 1-year period

21.82%

16.82%

+5.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.23%

19.90%

+0.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.24%

22.74%

+0.50%

ITA vs. COW.TO - Expense Ratio Comparison

ITA has a 0.38% expense ratio, which is lower than COW.TO's 0.72% expense ratio.

Dividends

ITA vs. COW.TO - Dividend Comparison

ITA's dividend yield for the trailing twelve months is around 0.52%, less 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%
ITA
iShares U.S. Aerospace & Defense ETF		0.52%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

ITA and COW.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ITA is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ITA is cheaper with a 0.38% expense ratio, compared with 0.72% for COW.TO.

ITA is categorized as Aerospace & Defense, while COW.TO is Large Cap Blend Equities. ITA tracks Dow Jones U.S. Select Aerospace & Defense Index, while COW.TO tracks Manulife Investment Management Global Agriculture Index. Their fees differ too: 0.38% for ITA and 0.72% for COW.TO.

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