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PZW.TO vs. CYH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZW.TO vs. CYH.TO

Last updated Jun 8, 2026

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and CYH.TO (iShares Global Monthly Dividend Index ETF (CAD-Hedged)) are both Global Equities funds - PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index while CYH.TO tracks the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, PZW.TO returned 11.06%/yr vs 7.64%/yr for CYH.TO. At a 0.28 correlation, their price movements are largely independent.

Performance

PZW.TO vs. CYH.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 iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PZW.TO achieves a 13.28% return, which is significantly higher than CYH.TO's 10.09% return. Over the past 10 years, PZW.TO has outperformed CYH.TO with an annualized return of 11.06%, while CYH.TO has yielded a comparatively lower 7.64% annualized return.

PZW.TO

1D
0.54%
1M
1.10%
YTD
13.28%
6M
11.79%
1Y
31.67%
3Y*
19.50%
5Y*
10.19%
10Y*
11.06%

CYH.TO

1D
-0.11%
1M
0.61%
YTD
10.09%
6M
10.83%
1Y
22.44%
3Y*
16.57%
5Y*
8.51%
10Y*
7.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		13.28%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%
CYH.TO
iShares Global Monthly Dividend Index ETF (CAD-Hedged)		10.09%18.78%12.28%3.85%-2.46%23.39%-8.70%9.23%-6.21%13.17%

Correlation

The correlation between PZW.TO and CYH.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.30

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

0.38

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

0.30

Correlation (All Time)
Calculated using the full available price history since May 14, 2015

0.28

The correlation between PZW.TO and CYH.TO shifts across timeframes, from 0.26 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.

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Invesco FTSE RAFI Global Small-Mid ETF

iShares Global Monthly Dividend Index ETF (CAD-Hedged)

Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. XML.TOPZW.TO vs. EQLI.TOPZW.TO vs. VVO.TOPZW.TO vs. TEQT.TOPZW.TO vs. ZEQT.TO
Often compared with CYH.TO:
CYH.TO vs. XDG.TOCYH.TO vs. CUD.TOCYH.TO vs. VDY.TOCYH.TO vs. XEI.TOCYH.TO vs. ZDIVXCYH.TO vs. XDIV.TOCYH.TO vs. VEQT.TO

Return for Risk

PZW.TO vs. CYH.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: 7979
Overall Rank
PZW.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8282
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
CYH.TO
CYH.TO Risk / Return Rank: 8383
Overall Rank
CYH.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
CYH.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
CYH.TO Omega Ratio Rank: 7979
Omega Ratio Rank
CYH.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
CYH.TO Martin Ratio Rank: 8686
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.

PZW.TO vs. CYH.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 iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.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.

PZW.TOCYH.TODifference
Sharpe ratioReturn per unit of total volatility
2.25
2.40

-0.15

Sortino ratioReturn per unit of downside risk
3.30
3.40

-0.10

Omega ratioGain probability vs. loss probability

1.44

1.43

+0.01

Calmar ratioReturn relative to maximum drawdown

3.74

4.49

-0.74

Martin ratioReturn relative to average drawdown

13.35

17.09

-3.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PZW.TO vs. CYH.TO - Sharpe Ratio Comparison

The current PZW.TO Sharpe Ratio is 2.25, which is comparable to the CYH.TO Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of PZW.TO and CYH.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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Sharpe Ratios by Period

PZW.TOCYH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

2.40

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.63

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.45

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.29

+0.34

Drawdowns

PZW.TO vs. CYH.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, smaller than the maximum CYH.TO drawdown of -61.50%. Use the drawdown chart below to compare losses from any high point for PZW.TO and CYH.TO.

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Drawdown Indicators

PZW.TOCYH.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.45%

-61.50%

+29.05%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-5.34%

-3.16%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-12.12%

-4.76%

Max Drawdown (5Y)

Largest decline over 5 years

-22.13%

-17.65%

-4.48%

Max Drawdown (10Y)

Largest decline over 10 years

-32.45%

-44.90%

+12.45%

Current Drawdown

Current decline from peak

-0.38%

-1.41%

+1.03%

Average Drawdown

Average peak-to-trough decline

-5.75%

-10.21%

+4.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

1.39%

+0.99%

Volatility

PZW.TO vs. CYH.TO - Volatility Comparison

Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a higher volatility of 3.36% compared to iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH.TO) at 2.62%. This indicates that PZW.TO's price experiences larger fluctuations and is considered to be riskier than CYH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZW.TOCYH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.36%

2.62%

+0.74%

Volatility (6M)

Calculated over the trailing 6-month period

10.40%

7.11%

+3.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.15%

10.00%

+4.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.65%

13.57%

+1.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.93%

17.19%

-1.26%

Dividends

PZW.TO vs. CYH.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.72%, less than CYH.TO's 3.33% yield.

PositionTTM20252024202320222021202020192018201720162015
CYH.TO
iShares Global Monthly Dividend Index ETF (CAD-Hedged)		3.33%3.77%4.33%4.68%4.72%3.89%4.51%4.18%3.98%3.03%3.39%3.84%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.72%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

PZW.TO and CYH.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index, while CYH.TO tracks Morningstar Gbl GR CAD. They also come from different issuers: Invesco and iShares.

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