WOOD vs. CUT

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Global Timber & Forestry ETF (WOOD) and Invesco MSCI Global Timber ETF (CUT).

WOOD and CUT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WOOD is a passively managed fund by iShares that tracks the performance of the S&P Global Timber & Forestry Index. It was launched on Jun 24, 2008. CUT is a passively managed fund by Invesco that tracks the performance of the Beacon Global Timber Index. It was launched on Nov 9, 2007. Both WOOD and CUT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

WOOD vs. CUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Timber & Forestry ETF (WOOD) and Invesco MSCI Global Timber ETF (CUT). The values are adjusted to include any dividend payments, if applicable.

WOOD vs. CUT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WOOD iShares Global Timber & Forestry ETF	-1.47%	-3.27%	-4.21%	13.84%	-19.39%	17.03%	20.36%	19.75%	-17.73%	34.49%
CUT Invesco MSCI Global Timber ETF	-1.41%	-5.92%	1.82%	8.65%	-16.38%	12.29%	18.05%	23.35%	-21.70%	30.41%

Returns By Period

The year-to-date returns for both investments are quite close, with WOOD having a -1.47% return and CUT slightly higher at -1.41%. Over the past 10 years, WOOD has outperformed CUT with an annualized return of 6.24%, while CUT has yielded a comparatively lower 4.66% annualized return.

WOOD

• 1D: 2.63%
• 1M: -9.48%
• YTD: -1.47%
• 6M: -1.91%
• 1Y: -3.55%
• 3Y*: 1.84%
• 5Y*: -2.14%
• 10Y*: 6.24%

CUT

• 1D: 2.29%
• 1M: -9.49%
• YTD: -1.41%
• 6M: -0.62%
• 1Y: -4.47%
• 3Y*: 1.30%
• 5Y*: -2.30%
• 10Y*: 4.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

WOOD vs. CUT - Expense Ratio Comparison

WOOD has a 0.46% expense ratio, which is lower than CUT's 0.55% expense ratio.

CUT

Invesco MSCI Global Timber ETF

WOOD

iShares Global Timber & Forestry ETF

Return for Risk

WOOD vs. CUT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WOOD

WOOD Risk / Return Rank: 8
WOOD Sharpe Ratio Rank: 9
WOOD Sortino Ratio Rank: 8
WOOD Omega Ratio Rank: 9
WOOD Calmar Ratio Rank: 8
WOOD Martin Ratio Rank: 7

CUT

CUT Risk / Return Rank: 7
CUT Sharpe Ratio Rank: 8
CUT Sortino Ratio Rank: 7
CUT Omega Ratio Rank: 7
CUT Calmar Ratio Rank: 7
CUT Martin Ratio Rank: 6

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.

WOOD vs. CUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Timber & Forestry ETF (WOOD) and Invesco MSCI Global Timber ETF (CUT). 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.

	WOOD	CUT	Difference
Sharpe ratio Return per unit of total volatility	-0.17	-0.22	+0.05
Sortino ratio Return per unit of downside risk	-0.10	-0.19	+0.09
Omega ratio Gain probability vs. loss probability	0.99	0.98	+0.01
Calmar ratio Return relative to maximum drawdown	-0.22	-0.27	+0.05
Martin ratio Return relative to average drawdown	-0.64	-0.69	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WOOD vs. CUT - Sharpe Ratio Comparison

The current WOOD Sharpe Ratio is -0.17, which is comparable to the CUT Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of WOOD and CUT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WOOD	CUT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.17	-0.22	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	-0.13	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.23	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.13	+0.04

Correlation

The correlation between WOOD and CUT is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

WOOD vs. CUT - Dividend Comparison

WOOD's dividend yield for the trailing twelve months is around 2.54%, more than CUT's 2.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WOOD iShares Global Timber & Forestry ETF	2.54%	2.51%	2.09%	1.64%	2.26%	1.24%	0.98%	1.85%	2.82%	1.19%	1.65%	2.04%
CUT Invesco MSCI Global Timber ETF	2.50%	2.46%	3.05%	2.44%	2.58%	1.57%	1.65%	2.67%	3.43%	1.57%	2.08%	1.52%

Drawdowns

WOOD vs. CUT - Drawdown Comparison

The maximum WOOD drawdown since its inception was -63.25%, smaller than the maximum CUT drawdown of -70.03%. Use the drawdown chart below to compare losses from any high point for WOOD and CUT.

Drawdown Indicators

	WOOD	CUT	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-70.03%	+6.78%
Max Drawdown (1Y) Largest decline over 1 year	-18.91%	-16.98%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-31.90%	-31.21%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-45.76%	-4.44%
Current Drawdown Current decline from peak	-19.85%	-19.60%	-0.25%
Average Drawdown Average peak-to-trough decline	-14.69%	-15.20%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	6.68%	-0.16%

Volatility

WOOD vs. CUT - Volatility Comparison

iShares Global Timber & Forestry ETF (WOOD) has a higher volatility of 7.12% compared to Invesco MSCI Global Timber ETF (CUT) at 6.60%. This indicates that WOOD's price experiences larger fluctuations and is considered to be riskier than CUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WOOD	CUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.12%	6.60%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	13.33%	13.02%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	19.97%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	18.29%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	20.19%	+1.65%