PDBA vs. COW.TO

Last updated Jun 4, 2026

PDBA (Invesco Agriculture Commodity Strategy No K-1 ETF) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - PDBA is a Agricultural Commodities fund actively managed by Invesco, while COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index. PDBA is actively managed, while COW.TO is passively managed. Over the past 3 years, PDBA returned 13.50%/yr vs 7.38%/yr for COW.TO. At a 0.16 correlation, their price movements are largely independent. PDBA charges 0.59%/yr vs 0.72%/yr for COW.TO.

Performance

PDBA vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and iShares Global Agriculture Index ETF (COW.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PDBA 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, PDBA achieves a 5.38% return, which is significantly lower than COW.TO's 14.41% return.

PDBA

• 1D: -0.89%
• 1M: -4.99%
• YTD: 5.38%
• 6M: 5.65%
• 1Y: 3.79%
• 3Y*: 13.50%
• 5Y*: —
• 10Y*: —

COW.TO

• 1D: -0.00%
• 1M: -3.96%
• YTD: 14.41%
• 6M: 13.97%
• 1Y: 8.39%
• 3Y*: 7.38%
• 5Y*: 1.36%
• 10Y*: 7.81%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PDBA vs. COW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	5.38%	-0.76%	34.16%	7.83%	-1.60%
COW.TO iShares Global Agriculture Index ETF	14.41%	4.09%	-2.72%	-6.53%	-9.36%

Correlation

The correlation between PDBA and COW.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Aug 25, 2022	0.16

Return for Risk

PDBA vs. COW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PDBA

PDBA Risk / Return Rank: 13
PDBA Sharpe Ratio Rank: 14
PDBA Sortino Ratio Rank: 13
PDBA Omega Ratio Rank: 13
PDBA Calmar Ratio Rank: 14
PDBA Martin Ratio Rank: 13

COW.TO

COW.TO Risk / Return Rank: 19
COW.TO Sharpe Ratio Rank: 19
COW.TO Sortino Ratio Rank: 19
COW.TO Omega Ratio Rank: 18
COW.TO Calmar Ratio Rank: 21
COW.TO Martin Ratio Rank: 18

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) 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.

	PDBA	COW.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.35	0.53	-0.18
Sortino ratio: Return per unit of downside risk	0.57	0.89	-0.32
Omega ratio: Gain probability vs. loss probability	1.07	1.10	-0.03
Calmar ratio: Return relative to maximum drawdown	0.47	0.70	-0.22
Martin ratio: Return relative to average drawdown	0.92	1.57	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PDBA vs. COW.TO - Sharpe Ratio Comparison

The current PDBA Sharpe Ratio is 0.35, which is lower than the COW.TO Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of PDBA 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.

Sharpe Ratios by Period

	PDBA	COW.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.53	-0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.40	+0.44

Drawdowns

PDBA vs. COW.TO - Drawdown Comparison

The maximum PDBA drawdown since its inception was -12.45%, smaller than the maximum COW.TO drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for PDBA and COW.TO.

Drawdown Indicators

	PDBA	COW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.45%	-42.89%	+30.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-12.10%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	-15.33%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.89%	—
Current Drawdown Current decline from peak	-6.47%	-16.16%	+9.69%
Average Drawdown Average peak-to-trough decline	-3.79%	-11.68%	+7.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	5.36%	-1.22%

Volatility

PDBA vs. COW.TO - Volatility Comparison

Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and iShares Global Agriculture Index ETF (COW.TO) have volatilities of 4.05% and 3.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDBA	COW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	3.86%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	6.51%	12.58%	-6.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.77%	15.91%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	21.11%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.29%	21.42%	-8.13%

PDBA vs. COW.TO - Expense Ratio Comparison

PDBA has a 0.59% expense ratio, which is lower than COW.TO's 0.72% expense ratio.

Dividends

PDBA vs. COW.TO - Dividend Comparison

PDBA's dividend yield for the trailing twelve months is around 3.15%, more than COW.TO's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COW.TO iShares Global Agriculture Index ETF	2.07%	2.40%	1.43%	1.62%	2.03%	0.69%	1.02%	1.02%	1.07%	0.58%	1.10%	1.78%
PDBA Invesco Agriculture Commodity Strategy No K-1 ETF	3.15%	3.32%	13.01%	6.82%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDBA and COW.TO in my portfolio?

PDBA and COW.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDBA or COW.TO?

On fees, PDBA is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PDBA or COW.TO?

PDBA is cheaper with a 0.59% expense ratio, compared with 0.72% for COW.TO.

What is the main difference between PDBA and COW.TO?

PDBA is categorized as Agricultural Commodities, while COW.TO is Large Cap Blend Equities. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.59% for PDBA and 0.72% for COW.TO.