VEGI vs. CVAR
VEGI (iShares MSCI Agriculture Producers ETF) and CVAR (Cultivar ETF) are both Mid Cap Value Equities funds. VEGI is passively managed, while CVAR is actively managed. Over the past 3 years, VEGI returned 8.09%/yr vs 8.39%/yr for CVAR. A 0.67 correlation means they provide meaningful diversification when combined. VEGI charges 0.39%/yr vs 0.87%/yr for CVAR.
Performance
VEGI vs. CVAR - Performance Comparison
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Returns By Period
In the year-to-date period, VEGI achieves a 16.98% return, which is significantly higher than CVAR's 0.62% return.
VEGI
- 1D
- 0.58%
- 1M
- -1.31%
- YTD
- 16.98%
- 6M
- 16.00%
- 1Y
- 14.94%
- 3Y*
- 8.09%
- 5Y*
- 3.61%
- 10Y*
- 8.58%
CVAR
- 1D
- -0.80%
- 1M
- -0.06%
- YTD
- 0.62%
- 6M
- 2.14%
- 1Y
- 11.92%
- 3Y*
- 8.39%
- 5Y*
- —
- 10Y*
- —
VEGI vs. CVAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
VEGI iShares MSCI Agriculture Producers ETF | 16.98% | 11.34% | -4.85% | -8.59% | 6.34% | 0.85% |
CVAR Cultivar ETF | 0.62% | 14.95% | 3.12% | 11.74% | -5.03% | 0.71% |
Correlation
The correlation between VEGI and CVAR is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2021 | 0.67 |
The correlation between VEGI and CVAR shifts across timeframes, from 0.50 (1 year) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VEGI vs. CVAR — Risk / Return Rank
VEGI
CVAR
VEGI vs. CVAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Agriculture Producers ETF (VEGI) and Cultivar ETF (CVAR). 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.
| VEGI | CVAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.42 | +0.59 |
| Martin ratioReturn relative to average drawdown | 3.86 | 3.45 | +0.41 |
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
| VEGI | CVAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 1.05 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.37 | -0.03 |
Drawdowns
VEGI vs. CVAR - Drawdown Comparison
The maximum VEGI drawdown since its inception was -37.37%, which is greater than CVAR's maximum drawdown of -19.39%. Use the drawdown chart below to compare losses from any high point for VEGI and CVAR.
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Drawdown Indicators
| VEGI | CVAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.37% | -19.39% | -17.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.49% | -8.45% | +0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -17.71% | -15.58% | -2.13% |
Max Drawdown (5Y)Largest decline over 5 years | -28.86% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.37% | — | — |
Current DrawdownCurrent decline from peak | -4.33% | -6.22% | +1.89% |
Average DrawdownAverage peak-to-trough decline | -9.82% | -5.51% | -4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.88% | 3.46% | +0.42% |
Volatility
VEGI vs. CVAR - Volatility Comparison
iShares MSCI Agriculture Producers ETF (VEGI) has a higher volatility of 4.52% compared to Cultivar ETF (CVAR) at 2.24%. This indicates that VEGI's price experiences larger fluctuations and is considered to be riskier than CVAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VEGI | CVAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 2.24% | +2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 7.48% | +4.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.75% | 11.43% | +3.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.88% | 15.47% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 15.47% | +3.47% |
VEGI vs. CVAR - Expense Ratio Comparison
VEGI has a 0.39% expense ratio, which is lower than CVAR's 0.87% expense ratio.
Dividends
VEGI vs. CVAR - Dividend Comparison
VEGI's dividend yield for the trailing twelve months is around 1.99%, more than CVAR's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVAR Cultivar ETF | 1.52% | 1.53% | 3.57% | 1.41% | 5.52% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VEGI iShares MSCI Agriculture Producers ETF | 1.99% | 2.33% | 2.62% | 2.54% | 1.49% | 1.46% | 1.55% | 1.84% | 2.02% | 1.75% | 2.13% | 2.49% |
Frequently Asked Questions
VEGI and CVAR have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VEGI has higher volatility (4.52%) compared to CVAR (2.24%). In terms of maximum drawdown, VEGI dropped -37.37% vs CVAR's -19.39%.
On 3-year performance, CVAR leads with 8.39% vs 8.09% for VEGI. On fees, VEGI is cheaper at 0.39% per year. On volatility, CVAR has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CVAR has performed better with a 8.39% return vs 8.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEGI is cheaper with a 0.39% expense ratio, compared with 0.87% for CVAR.
VEGI has the higher dividend yield at 1.99%, compared with 1.52% for CVAR.
They also come from different issuers: iShares and Cultivar. Their fees differ too: 0.39% for VEGI and 0.87% for CVAR.
CVAR currently has the higher Sharpe Ratio (1.05 vs 1.02), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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