VBG.NEO vs. COW.TO
VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, VBG.NEO returned 0.33%/yr vs 8.62%/yr for COW.TO. At a correlation of -0.05, they often move in opposite directions. VBG.NEO charges 0.39%/yr vs 0.72%/yr for COW.TO.
Performance
VBG.NEO vs. COW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VBG.NEO achieves a -0.27% return, which is significantly lower than COW.TO's 15.66% return. Over the past 10 years, VBG.NEO has underperformed COW.TO with an annualized return of 0.33%, while COW.TO has yielded a comparatively higher 8.62% annualized return.
VBG.NEO
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- -0.27%
- 6M
- -0.75%
- 1Y
- -0.38%
- 3Y*
- 1.83%
- 5Y*
- -1.35%
- 10Y*
- 0.33%
COW.TO
- 1D
- -0.15%
- 1M
- -1.40%
- YTD
- 15.66%
- 6M
- 14.53%
- 1Y
- 10.97%
- 3Y*
- 8.91%
- 5Y*
- 4.20%
- 10Y*
- 8.62%
VBG.NEO vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.27% | 0.14% | 1.68% | 6.85% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
COW.TO iShares Global Agriculture Index ETF | 15.66% | -0.67% | 5.62% | -8.61% | 12.64% | 19.02% | 11.66% | 25.91% | -14.26% | 14.84% |
Correlation
The correlation between VBG.NEO and COW.TO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | -0.05 |
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Return for Risk
VBG.NEO vs. COW.TO — Risk / Return Rank
VBG.NEO
COW.TO
VBG.NEO vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) 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.
| VBG.NEO | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.13 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 1.04 | -1.27 |
| Martin ratioReturn relative to average drawdown | -0.55 | 2.15 | -2.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBG.NEO | COW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 0.70 | -0.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 0.22 | -0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.45 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.36 | -0.13 |
Drawdowns
VBG.NEO vs. COW.TO - Drawdown Comparison
The maximum VBG.NEO drawdown since its inception was -17.31%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and COW.TO.
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Drawdown Indicators
| VBG.NEO | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.31% | -55.00% | +37.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -10.51% | +7.34% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -14.51% | +11.34% |
Max Drawdown (5Y)Largest decline over 5 years | -16.66% | -29.82% | +13.16% |
Max Drawdown (10Y)Largest decline over 10 years | -17.31% | -36.62% | +19.31% |
Current DrawdownCurrent decline from peak | -9.05% | -7.31% | -1.74% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -13.93% | +9.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 5.07% | -3.76% |
Volatility
VBG.NEO vs. COW.TO - Volatility Comparison
The current volatility for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) is 1.84%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.77%. This indicates that VBG.NEO experiences smaller price fluctuations and is considered to be less risky than COW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBG.NEO | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 3.77% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 12.42% | -9.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 15.68% | -11.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 18.87% | -13.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 19.30% | -14.68% |
VBG.NEO vs. COW.TO - Expense Ratio Comparison
VBG.NEO has a 0.39% expense ratio, which is lower than COW.TO's 0.72% expense ratio.
Dividends
VBG.NEO vs. COW.TO - Dividend Comparison
VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, more than COW.TO's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.61% | 3.46% | 3.25% | 3.44% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
Frequently Asked Questions
VBG.NEO and COW.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VBG.NEO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VBG.NEO is cheaper with a 0.39% expense ratio, compared with 0.72% for COW.TO.
VBG.NEO is categorized as Global Bonds, while COW.TO is Large Cap Blend Equities. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while COW.TO tracks Manulife Investment Management Global Agriculture Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.39% for VBG.NEO and 0.72% for COW.TO.
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