PZW.TO vs. CAGE.TO

Last updated Jul 1, 2026

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and CAGE.TO (Avantis CIBC All-Equity Asset Allocation ETF) are both Global Equities funds. PZW.TO is passively managed, while CAGE.TO is actively managed. At a 0.19 correlation, their price movements are largely independent.

Performance

PZW.TO vs. CAGE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and Avantis CIBC All-Equity Asset Allocation ETF (CAGE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PZW.TO

• 1D: 0.29%
• 1M: 3.40%
• YTD: 17.33%
• 6M: 16.85%
• 1Y: 32.19%
• 3Y*: 20.71%
• 5Y*: 10.71%
• 10Y*: 11.60%

CAGE.TO

• 1D: -0.22%
• 1M: 1.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PZW.TO vs. CAGE.TO - Yearly Performance Comparison

	2026 (YTD)
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	15.37%
CAGE.TO Avantis CIBC All-Equity Asset Allocation ETF	12.17%

Correlation

The correlation between PZW.TO and CAGE.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026	0.19

Return for Risk

PZW.TO vs. CAGE.TO — Risk / Return Rank

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

PZW.TO

PZW.TO Risk / Return Rank: 83
PZW.TO Sharpe Ratio Rank: 83
PZW.TO Sortino Ratio Rank: 86
PZW.TO Omega Ratio Rank: 86
PZW.TO Calmar Ratio Rank: 82
PZW.TO Martin Ratio Rank: 80

CAGE.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PZW.TO vs. CAGE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and Avantis CIBC All-Equity Asset Allocation ETF (CAGE.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.

	PZW.TO	CAGE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.35	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.79	—	—
Martin ratio: Return relative to average drawdown	13.53	—	—

Drawdowns

PZW.TO vs. CAGE.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than CAGE.TO's maximum drawdown of -4.57%. Use the drawdown chart below to compare losses from any high point for PZW.TO and CAGE.TO.

Drawdown Indicators

	PZW.TO	CAGE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.45%	-4.57%	-27.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.45%	—	—
Current Drawdown Current decline from peak	0.00%	-1.35%	+1.35%
Average Drawdown Average peak-to-trough decline	-5.72%	-0.98%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	—	—

Volatility

Volatility by Period

	PZW.TO	CAGE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	15.56%	-1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.65%	15.56%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	15.56%	+0.34%

Dividends

PZW.TO vs. CAGE.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.65%, while CAGE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAGE.TO Avantis CIBC All-Equity Asset Allocation 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%
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	1.65%	1.97%	2.12%	3.23%	1.90%	1.93%	1.52%	2.26%	1.78%	1.57%	1.09%	0.96%

Frequently Asked Questions

Can I hold both PZW.TO and CAGE.TO in my portfolio?

PZW.TO and CAGE.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between PZW.TO and CAGE.TO?

They also come from different issuers: Invesco and Avantis.