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

QUU.TO vs. COW.TO

Last updated Jun 5, 2026

QUU.TO (Mackenzie US Large Cap Equity Index ETF) and COW.TO (iShares Global Agriculture Index ETF) are both Large Cap Blend Equities funds - QUU.TO tracks the Solactive US Large Cap CAD Index while COW.TO tracks the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 5 years, QUU.TO returned 16.94%/yr vs 4.20%/yr for COW.TO. At a 0.38 correlation, their price movements are largely independent. QUU.TO charges 0.07%/yr vs 0.72%/yr for COW.TO.

Performance

QUU.TO vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie US Large Cap Equity Index ETF (QUU.TO) and iShares Global Agriculture Index ETF (COW.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, QUU.TO achieves a 13.03% return, which is significantly lower than COW.TO's 15.66% return.

QUU.TO

1D
0.43%
1M
6.93%
YTD
13.03%
6M
11.12%
1Y
30.75%
3Y*
24.45%
5Y*
16.94%
10Y*
—

COW.TO

1D
-0.15%
1M
-2.82%
YTD
15.66%
6M
13.27%
1Y
10.89%
3Y*
8.91%
5Y*
4.20%
10Y*
8.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUU.TO vs. COW.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QUU.TO
Mackenzie US Large Cap Equity Index ETF		13.03%13.08%35.77%25.01%-15.10%26.45%18.85%24.81%-1.07%
COW.TO
iShares Global Agriculture Index ETF		15.66%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-16.16%

Correlation

The correlation between QUU.TO and COW.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.29

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

0.34

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2018

0.38

Over the past year, the correlation between QUU.TO and COW.TO has dropped to 0.17 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

QUU.TO vs. COW.TO - Sectors Allocation Comparison

Sectors
QUU.TO
COW.TO

Technology

35.3%

-

Communication Services

11.5%

-

Financial Services

11.5%
0.5%

Consumer Cyclical

10.0%
1.7%

Healthcare

8.8%

-

Industrials

8.6%
28.0%

Consumer Defensive

4.8%
42.3%

Energy

3.6%

-

Utilities

2.3%

-

Basic Materials

1.8%
27.4%

Real Estate

1.8%

-

Technology

QUU.TO
35.3%
COW.TO

-

Communication Services

QUU.TO
11.5%
COW.TO

-

Financial Services

QUU.TO
11.5%
COW.TO
0.5%

Consumer Cyclical

QUU.TO
10.0%
COW.TO
1.7%

Healthcare

QUU.TO
8.8%
COW.TO

-

Industrials

QUU.TO
8.6%
COW.TO
28.0%

Consumer Defensive

QUU.TO
4.8%
COW.TO
42.3%

Energy

QUU.TO
3.6%
COW.TO

-

Utilities

QUU.TO
2.3%
COW.TO

-

Basic Materials

QUU.TO
1.8%
COW.TO
27.4%

Real Estate

QUU.TO
1.8%
COW.TO

-

Compare stocks, funds, or ETFs

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

Mackenzie US Large Cap Equity Index ETF

iShares Global Agriculture Index ETF

Often compared with QUU.TO:
QUU.TO vs. XEQT.TOQUU.TO vs. VOOQUU.TO vs. VUN.TOQUU.TO vs. VTIQUU.TO vs. XUS.TOQUU.TO vs. ZNQ.TOQUU.TO vs. MSTR
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

QUU.TO vs. COW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUU.TO
QUU.TO Risk / Return Rank: 7676
Overall Rank
QUU.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QUU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
QUU.TO Omega Ratio Rank: 7979
Omega Ratio Rank
QUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
QUU.TO Martin Ratio Rank: 7171
Martin Ratio Rank
COW.TO
COW.TO Risk / Return Rank: 2121
Overall Rank
COW.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 2222
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 2121
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 2323
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1919
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.

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

This table presents a comparison of risk-adjusted performance metrics for Mackenzie US Large Cap Equity Index ETF (QUU.TO) 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.

QUU.TOCOW.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
0.70

+1.83

Sortino ratioReturn per unit of downside risk
3.46
1.14

+2.32

Omega ratioGain probability vs. loss probability

1.46

1.13

+0.34

Calmar ratioReturn relative to maximum drawdown

3.51

1.04

+2.47

Martin ratioReturn relative to average drawdown

13.05

2.15

+10.90

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

QUU.TO vs. COW.TO - Sharpe Ratio Comparison

The current QUU.TO Sharpe Ratio is 2.53, which is higher than the COW.TO Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of QUU.TO 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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Sharpe Ratios by Period

QUU.TOCOW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

0.70

+1.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.11

0.22

+0.89

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.45

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.36

+0.56

Drawdowns

QUU.TO vs. COW.TO - Drawdown Comparison

The maximum QUU.TO drawdown since its inception was -26.86%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for QUU.TO and COW.TO.

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Drawdown Indicators

QUU.TOCOW.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.86%

-55.00%

+28.14%

Max Drawdown (1Y)

Largest decline over 1 year

-8.81%

-10.51%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-19.23%

-14.51%

-4.72%

Max Drawdown (5Y)

Largest decline over 5 years

-24.00%

-29.82%

+5.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.62%

—

Current Drawdown

Current decline from peak

0.00%

-7.31%

+7.31%

Average Drawdown

Average peak-to-trough decline

-4.42%

-13.93%

+9.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

5.07%

-2.71%

Volatility

QUU.TO vs. COW.TO - Volatility Comparison

Mackenzie US Large Cap Equity Index ETF (QUU.TO) and iShares Global Agriculture Index ETF (COW.TO) have volatilities of 3.73% and 3.77%, 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.

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Volatility by Period

QUU.TOCOW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

3.77%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

9.22%

12.42%

-3.20%

Volatility (1Y)

Calculated over the trailing 1-year period

12.23%

15.68%

-3.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.30%

18.87%

-3.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.29%

19.30%

-2.01%

QUU.TO vs. COW.TO - Expense Ratio Comparison

QUU.TO has a 0.07% expense ratio, which is lower than COW.TO's 0.72% expense ratio.

Dividends

QUU.TO vs. COW.TO - Dividend Comparison

QUU.TO's dividend yield for the trailing twelve months is around 0.88%, less than COW.TO's 2.08% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.08%2.40%1.43%1.62%2.03%0.69%1.02%1.02%1.07%0.58%1.10%1.78%
QUU.TO
Mackenzie US Large Cap Equity Index ETF		0.88%0.97%1.00%1.21%1.59%0.98%1.34%1.59%1.55%0.00%0.00%0.00%

Frequently Asked Questions

QUU.TO and COW.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QUU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QUU.TO is cheaper with a 0.07% expense ratio, compared with 0.72% for COW.TO.

QUU.TO tracks Solactive US Large Cap CAD Index, while COW.TO tracks Manulife Investment Management Global Agriculture Index. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.07% for QUU.TO and 0.72% for COW.TO.

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