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VEE.TO vs. CWO.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEE.TO vs. CWO.NEO

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds - VEE.TO tracks the FTSE Emerging Markets All Cap China A Inclusion Index while CWO.NEO tracks the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, VEE.TO returned 9.01%/yr vs 11.43%/yr for CWO.NEO. A 0.73 correlation means they provide meaningful diversification when combined. VEE.TO charges 0.25%/yr vs 0.73%/yr for CWO.NEO.

Performance

VEE.TO vs. CWO.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VEE.TO having a 13.54% return and CWO.NEO slightly higher at 13.80%. Over the past 10 years, VEE.TO has underperformed CWO.NEO with an annualized return of 9.01%, while CWO.NEO has yielded a comparatively higher 11.43% annualized return.

VEE.TO

1D
-0.90%
1M
4.93%
YTD
13.54%
6M
12.96%
1Y
31.71%
3Y*
18.62%
5Y*
7.50%
10Y*
9.01%

CWO.NEO

1D
-1.42%
1M
4.14%
YTD
13.80%
6M
13.05%
1Y
35.32%
3Y*
23.05%
5Y*
11.55%
10Y*
11.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEE.TO vs. CWO.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		13.54%19.32%19.06%6.24%-12.78%0.05%12.32%14.33%-7.95%22.55%
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		13.80%26.34%22.33%9.56%-9.03%7.13%-3.12%10.86%-0.29%17.16%

Correlation

The correlation between VEE.TO and CWO.NEO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.87

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

0.75

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

0.66

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

0.69

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2011

0.73

The correlation between VEE.TO and CWO.NEO shifts across timeframes, from 0.66 (5 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Vanguard FTSE Emerging Markets All Cap Index ETF

iShares Emerging Markets Fundamental Index ETF

Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS
Often compared with CWO.NEO:
CWO.NEO vs. XEC.TOCWO.NEO vs. EMGFCWO.NEO vs. ZEM.TOCWO.NEO vs. BRFCWO.NEO vs. VGRO.TOCWO.NEO vs. XEMC.TOCWO.NEO vs. FLN

Return for Risk

VEE.TO vs. CWO.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VEE.TO
VEE.TO Risk / Return Rank: 6060
Overall Rank
VEE.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 6363
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
Martin Ratio Rank
CWO.NEO
CWO.NEO Risk / Return Rank: 6868
Overall Rank
CWO.NEO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CWO.NEO Sortino Ratio Rank: 6666
Sortino Ratio Rank
CWO.NEO Omega Ratio Rank: 7272
Omega Ratio Rank
CWO.NEO Calmar Ratio Rank: 6666
Calmar Ratio Rank
CWO.NEO Martin Ratio Rank: 6868
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.

VEE.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.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.

VEE.TOCWO.NEODifference
Sharpe ratioReturn per unit of total volatility
2.08
2.29

-0.21

Sortino ratioReturn per unit of downside risk
2.90
3.05

-0.15

Omega ratioGain probability vs. loss probability

1.39

1.43

-0.04

Calmar ratioReturn relative to maximum drawdown

2.97

3.26

-0.29

Martin ratioReturn relative to average drawdown

10.74

12.37

-1.63

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

VEE.TO vs. CWO.NEO - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 2.08, which is comparable to the CWO.NEO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of VEE.TO and CWO.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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Sharpe Ratios by Period

VEE.TOCWO.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.29

-0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.70

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.66

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.45

-0.01

Drawdowns

VEE.TO vs. CWO.NEO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, smaller than the maximum CWO.NEO drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for VEE.TO and CWO.NEO.

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Drawdown Indicators

VEE.TOCWO.NEODifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-31.99%

+2.15%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-10.90%

+0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-17.12%

+2.15%

Max Drawdown (5Y)

Largest decline over 5 years

-26.10%

-24.80%

-1.30%

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

-31.97%

+2.13%

Current Drawdown

Current decline from peak

-0.90%

-1.42%

+0.52%

Average Drawdown

Average peak-to-trough decline

-8.73%

-10.29%

+1.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

2.86%

+0.10%

Volatility

VEE.TO vs. CWO.NEO - Volatility Comparison

Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a higher volatility of 6.04% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 5.40%. This indicates that VEE.TO's price experiences larger fluctuations and is considered to be riskier than CWO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEE.TOCWO.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

5.40%

+0.64%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

12.46%

+0.40%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

15.50%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.29%

16.65%

-1.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

17.52%

-0.55%

VEE.TO vs. CWO.NEO - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.

Dividends

VEE.TO vs. CWO.NEO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, less than CWO.NEO's 2.45% yield.

PositionTTM20252024202320222021202020192018201720162015
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		2.45%2.79%3.50%4.14%5.03%4.61%2.64%3.01%3.22%2.60%2.57%3.23%
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		1.91%2.26%2.45%2.83%3.35%2.18%1.61%2.71%2.21%1.89%1.99%2.53%

Frequently Asked Questions

VEE.TO and CWO.NEO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.73% for CWO.NEO.

VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while CWO.NEO tracks FTSE RAFI Emerging Markets Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEE.TO and 0.73% for CWO.NEO.

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