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

VUN.TO vs. COW.TO

Last updated Jun 4, 2026

VUN.TO (Vanguard U.S. Total Market Index ETF) and COW.TO (iShares Global Agriculture Index ETF) are both Large Cap Blend Equities funds - VUN.TO tracks the CRSP US Total Market Index CAD while COW.TO tracks the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, VUN.TO returned 15.43%/yr vs 8.59%/yr for COW.TO. A 0.51 correlation means they provide meaningful diversification when combined. VUN.TO charges 0.17%/yr vs 0.72%/yr for COW.TO.

Performance

VUN.TO vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Total Market Index ETF (VUN.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, VUN.TO achieves a 12.43% return, which is significantly lower than COW.TO's 15.84% return. Over the past 10 years, VUN.TO has outperformed COW.TO with an annualized return of 15.43%, while COW.TO has yielded a comparatively lower 8.59% annualized return.

VUN.TO

1D
-0.39%
1M
7.17%
YTD
12.43%
6M
10.44%
1Y
29.34%
3Y*
23.05%
5Y*
15.50%
10Y*
15.43%

COW.TO

1D
0.40%
1M
-2.01%
YTD
15.84%
6M
13.53%
1Y
9.79%
3Y*
8.62%
5Y*
4.24%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
VUN.TO
Vanguard U.S. Total Market Index ETF		12.43%11.43%33.76%23.00%-14.20%24.54%18.22%23.99%2.35%13.01%
COW.TO
iShares Global Agriculture Index ETF		15.84%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-14.26%14.84%

Correlation

The correlation between VUN.TO and COW.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.22

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

0.34

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

0.40

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

0.53

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.51

Over the past year, the correlation between VUN.TO and COW.TO has dropped to 0.22 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

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

Sectors
VUN.TO
COW.TO

Technology

31.5%

-

Financial Services

12.5%
0.5%

Healthcare

10.2%

-

Consumer Cyclical

10.0%
1.7%

Industrials

9.9%
28.0%

Communication Services

9.7%

-

Consumer Defensive

5.0%
42.3%

Energy

4.2%

-

Utilities

2.5%

-

Real Estate

2.5%

-

Basic Materials

2.2%
27.4%

Technology

VUN.TO
31.5%
COW.TO

-

Financial Services

VUN.TO
12.5%
COW.TO
0.5%

Healthcare

VUN.TO
10.2%
COW.TO

-

Consumer Cyclical

VUN.TO
10.0%
COW.TO
1.7%

Industrials

VUN.TO
9.9%
COW.TO
28.0%

Communication Services

VUN.TO
9.7%
COW.TO

-

Consumer Defensive

VUN.TO
5.0%
COW.TO
42.3%

Energy

VUN.TO
4.2%
COW.TO

-

Utilities

VUN.TO
2.5%
COW.TO

-

Real Estate

VUN.TO
2.5%
COW.TO

-

Basic Materials

VUN.TO
2.2%
COW.TO
27.4%

Compare stocks, funds, or ETFs

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

Vanguard U.S. Total Market Index ETF

iShares Global Agriculture Index ETF

Often compared with VUN.TO:
VUN.TO vs. XUU.TOVUN.TO vs. VCN.TOVUN.TO vs. VOOVUN.TO vs. VTIVUN.TO vs. VEQT.TOVUN.TO vs. TPU.TOVUN.TO vs. SPY
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VUN.TO
VUN.TO Risk / Return Rank: 7272
Overall Rank
VUN.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
VUN.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
VUN.TO Omega Ratio Rank: 7474
Omega Ratio Rank
VUN.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
VUN.TO Martin Ratio Rank: 6969
Martin Ratio Rank
COW.TO
COW.TO Risk / Return Rank: 1919
Overall Rank
COW.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1818
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1818
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Total Market Index ETF (VUN.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.

VUN.TOCOW.TODifference
Sharpe ratioReturn per unit of total volatility
2.47
0.63

+1.84

Sortino ratioReturn per unit of downside risk
3.39
1.03

+2.36

Omega ratioGain probability vs. loss probability

1.45

1.12

+0.33

Calmar ratioReturn relative to maximum drawdown

3.46

0.94

+2.53

Martin ratioReturn relative to average drawdown

12.96

1.94

+11.02

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

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

The current VUN.TO Sharpe Ratio is 2.47, which is higher than the COW.TO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of VUN.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

VUN.TOCOW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.47

0.63

+1.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

0.23

+0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.93

0.45

+0.48

Sharpe Ratio (All Time)

Calculated using the full available price history

1.01

0.36

+0.65

Drawdowns

VUN.TO vs. COW.TO - Drawdown Comparison

The maximum VUN.TO drawdown since its inception was -28.19%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for VUN.TO and COW.TO.

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Drawdown Indicators

VUN.TOCOW.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.19%

-55.00%

+26.81%

Max Drawdown (1Y)

Largest decline over 1 year

-8.51%

-10.51%

+2.00%

Max Drawdown (3Y)

Largest decline over 3 years

-19.88%

-14.51%

-5.37%

Max Drawdown (5Y)

Largest decline over 5 years

-23.67%

-29.82%

+6.15%

Max Drawdown (10Y)

Largest decline over 10 years

-28.19%

-36.62%

+8.43%

Current Drawdown

Current decline from peak

-0.39%

-7.17%

+6.78%

Average Drawdown

Average peak-to-trough decline

-3.80%

-13.94%

+10.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

5.06%

-2.79%

Volatility

VUN.TO vs. COW.TO - Volatility Comparison

The current volatility for Vanguard U.S. Total Market Index ETF (VUN.TO) is 3.04%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.85%. This indicates that VUN.TO 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

VUN.TOCOW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

3.85%

-0.81%

Volatility (6M)

Calculated over the trailing 6-month period

8.81%

12.44%

-3.63%

Volatility (1Y)

Calculated over the trailing 1-year period

11.97%

15.68%

-3.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.43%

18.87%

-3.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

19.30%

-2.60%

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

VUN.TO has a 0.17% expense ratio, which is lower than COW.TO's 0.72% expense ratio.

Dividends

VUN.TO vs. COW.TO - Dividend Comparison

VUN.TO's dividend yield for the trailing twelve months is around 0.74%, less than COW.TO's 2.07% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.07%2.40%1.43%1.62%2.03%0.69%1.02%1.02%1.07%0.58%1.10%1.78%
VUN.TO
Vanguard U.S. Total Market Index ETF		0.74%0.84%0.93%1.10%1.21%0.97%1.15%1.45%1.52%1.39%1.49%1.49%

Frequently Asked Questions

VUN.TO and COW.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VUN.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VUN.TO is cheaper with a 0.17% expense ratio, compared with 0.72% for COW.TO.

VUN.TO tracks CRSP US Total Market Index CAD, while COW.TO tracks Manulife Investment Management Global Agriculture Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.17% for VUN.TO and 0.72% for COW.TO.

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