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PZW.TO vs. WSHR.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PZW.TO vs. WSHR.NEO

Last updated Jul 1, 2026
See Documentation

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and WSHR.NEO (Wealthsimple Shariah World Equity Index ETF) 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 WSHR.NEO tracks the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index. Both are passively managed. Over the past 5 years, PZW.TO returned 10.71%/yr vs 6.68%/yr for WSHR.NEO. At a 0.37 correlation, their price movements are largely independent.

Performance

PZW.TO vs. WSHR.NEO - 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 Wealthsimple Shariah World Equity Index ETF (WSHR.NEO). 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 17.33% return, which is significantly higher than WSHR.NEO's 8.42% return.

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%

WSHR.NEO

1D
0.38%
1M
3.23%
YTD
8.42%
6M
7.85%
1Y
10.94%
3Y*
10.25%
5Y*
6.68%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PZW.TO vs. WSHR.NEO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%4.81%
WSHR.NEO
Wealthsimple Shariah World Equity Index ETF		8.42%5.34%12.31%11.88%-11.31%15.91%

Correlation

The correlation between PZW.TO and WSHR.NEO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.31

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

0.38

Correlation (All Time)
Calculated using the full available price history since May 12, 2021

0.37

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco FTSE RAFI Global Small-Mid ETF

Wealthsimple Shariah World Equity Index ETF

Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO
Often compared with WSHR.NEO:
WSHR.NEO vs. SPUSWSHR.NEO vs. SPWOWSHR.NEO vs. XEQT.TOWSHR.NEO vs. UMMAWSHR.NEO vs. SPYWSHR.NEO vs. XST.TOWSHR.NEO vs. QTIP.NEO

Return for Risk

PZW.TO vs. WSHR.NEO — 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: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
Martin Ratio Rank
WSHR.NEO
WSHR.NEO Risk / Return Rank: 2929
Overall Rank
WSHR.NEO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
WSHR.NEO Sortino Ratio Rank: 2828
Sortino Ratio Rank
WSHR.NEO Omega Ratio Rank: 3030
Omega Ratio Rank
WSHR.NEO Calmar Ratio Rank: 2727
Calmar Ratio Rank
WSHR.NEO Martin Ratio Rank: 3131
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. WSHR.NEO - 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 Wealthsimple Shariah World Equity Index ETF (WSHR.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.

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.TOWSHR.NEODifference
Sharpe ratioReturn per unit of total volatility
2.28
1.00

+1.27

Sortino ratioReturn per unit of downside risk
3.35
1.43

+1.92

Omega ratioGain probability vs. loss probability

1.45

1.19

+0.26

Calmar ratioReturn relative to maximum drawdown

3.79

1.23

+2.56

Martin ratioReturn relative to average drawdown

13.53

4.11

+9.42

PZW.TO vs. WSHR.NEO - Sharpe Ratio Comparison

The current PZW.TO Sharpe Ratio is 2.28, which is higher than the WSHR.NEO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of PZW.TO and WSHR.NEO, 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

PZW.TO vs. WSHR.NEO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than WSHR.NEO's maximum drawdown of -21.74%. Use the drawdown chart below to compare losses from any high point for PZW.TO and WSHR.NEO.

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Drawdown Indicators

PZW.TOWSHR.NEODifference

Max Drawdown

Largest peak-to-trough decline

-32.45%

-21.74%

-10.71%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-8.96%

+0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-11.15%

-5.73%

Max Drawdown (5Y)

Largest decline over 5 years

-22.13%

-21.74%

-0.39%

Max Drawdown (10Y)

Largest decline over 10 years

-32.45%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.72%

-5.12%

-0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.68%

-0.30%

Volatility

PZW.TO vs. WSHR.NEO - Volatility Comparison

Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a higher volatility of 2.90% compared to Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) at 2.15%. This indicates that PZW.TO's price experiences larger fluctuations and is considered to be riskier than WSHR.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZW.TOWSHR.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.90%

2.15%

+0.75%

Volatility (6M)

Calculated over the trailing 6-month period

10.41%

7.75%

+2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

14.17%

10.98%

+3.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.65%

11.14%

+3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.90%

11.06%

+4.84%

Dividends

PZW.TO vs. WSHR.NEO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.65%, more than WSHR.NEO's 1.39% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
WSHR.NEO
Wealthsimple Shariah World Equity Index ETF		1.39%1.34%1.31%1.34%1.45%0.44%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PZW.TO and WSHR.NEO have a correlation of 0.29, 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 WSHR.NEO tracks Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index. They also come from different issuers: Invesco and Mackenzie.

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