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WSHR.NEO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

WSHR.NEO vs. PZW.TO

Last updated Jul 1, 2026
See Documentation

WSHR.NEO (Wealthsimple Shariah World Equity Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - WSHR.NEO tracks the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 5 years, WSHR.NEO returned 6.68%/yr vs 10.71%/yr for PZW.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

WSHR.NEO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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, WSHR.NEO achieves a 8.42% return, which is significantly lower than PZW.TO's 17.33% return.

WSHR.NEO

1D
0.38%
1M
3.23%
YTD
8.42%
6M
7.85%
1Y
10.94%
3Y*
10.25%
5Y*
6.68%
10Y*
—

PZW.TO

1D
0.29%
1M
3.40%
YTD
17.33%
6M
16.85%
1Y
32.19%
3Y*
20.71%
5Y*
10.71%
10Y*
11.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

WSHR.NEO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
WSHR.NEO
Wealthsimple Shariah World Equity Index ETF		8.42%5.34%12.31%11.88%-11.31%15.91%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		17.33%18.48%16.03%12.88%-10.53%4.81%

Correlation

The correlation between WSHR.NEO and PZW.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.29

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

0.31

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

0.38

Correlation (All Time)
Calculated using the full available price history since May 12, 2021

0.37

Compare stocks, funds, or ETFs

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

Wealthsimple Shariah World Equity Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with WSHR.NEO:
WSHR.NEO vs. SPUSWSHR.NEO vs. SPWOWSHR.NEO vs. XEQT.TOWSHR.NEO vs. UMMAWSHR.NEO vs. SPYWSHR.NEO vs. XST.TOWSHR.NEO vs. QTIP.NEO
Often compared with PZW.TO:
PZW.TO vs. INAI.TOPZW.TO vs. PXC.TOPZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TOPZW.TO vs. QQCE.TO

Return for Risk

WSHR.NEO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
WSHR.NEO
WSHR.NEO Risk / Return Rank: 2929
Overall Rank
WSHR.NEO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
WSHR.NEO Sortino Ratio Rank: 2828
Sortino Ratio Rank
WSHR.NEO Omega Ratio Rank: 3030
Omega Ratio Rank
WSHR.NEO Calmar Ratio Rank: 2727
Calmar Ratio Rank
WSHR.NEO Martin Ratio Rank: 3131
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8383
Overall Rank
PZW.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
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.

WSHR.NEO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

WSHR.NEOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
1.00
2.28

-1.27

Sortino ratioReturn per unit of downside risk
1.43
3.35

-1.92

Omega ratioGain probability vs. loss probability

1.19

1.45

-0.26

Calmar ratioReturn relative to maximum drawdown

1.23

3.79

-2.56

Martin ratioReturn relative to average drawdown

4.11

13.53

-9.42

WSHR.NEO vs. PZW.TO - Sharpe Ratio Comparison

The current WSHR.NEO Sharpe Ratio is 1.00, which is lower than the PZW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of WSHR.NEO and PZW.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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Drawdowns

WSHR.NEO vs. PZW.TO - Drawdown Comparison

The maximum WSHR.NEO drawdown since its inception was -21.74%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for WSHR.NEO and PZW.TO.

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Drawdown Indicators

WSHR.NEOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-21.74%

-32.45%

+10.71%

Max Drawdown (1Y)

Largest decline over 1 year

-8.96%

-8.50%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-11.15%

-16.88%

+5.73%

Max Drawdown (5Y)

Largest decline over 5 years

-21.74%

-22.13%

+0.39%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.12%

-5.72%

+0.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

2.38%

+0.30%

Volatility

WSHR.NEO vs. PZW.TO - Volatility Comparison

The current volatility for Wealthsimple Shariah World Equity Index ETF (WSHR.NEO) is 2.15%, while Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a volatility of 2.90%. This indicates that WSHR.NEO experiences smaller price fluctuations and is considered to be less risky than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

WSHR.NEOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.15%

2.90%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.75%

10.41%

-2.66%

Volatility (1Y)

Calculated over the trailing 1-year period

10.98%

14.17%

-3.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.14%

14.65%

-3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.06%

15.90%

-4.84%

Dividends

WSHR.NEO vs. PZW.TO - Dividend Comparison

WSHR.NEO's dividend yield for the trailing twelve months is around 1.39%, less than PZW.TO's 1.65% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.65%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
WSHR.NEO
Wealthsimple Shariah World Equity Index ETF		1.39%1.34%1.31%1.34%1.45%0.44%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

WSHR.NEO and PZW.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

WSHR.NEO tracks Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: Mackenzie and Invesco.

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