XBB.TO vs. COW.TO
XBB.TO (iShares Core Canadian Universe Bond Index ETF) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - XBB.TO is a Intermediate Core Bond fund tracking the FTSE Canada Universe Bond Index, while COW.TO is a Large Cap Blend Equities fund tracking the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, XBB.TO returned 1.63%/yr vs 8.27%/yr for COW.TO. At a correlation of -0.14, they often move in opposite directions. XBB.TO charges 0.10%/yr vs 0.72%/yr for COW.TO.
Performance
XBB.TO vs. COW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XBB.TO achieves a 1.72% return, which is significantly lower than COW.TO's 14.00% return. Over the past 10 years, XBB.TO has underperformed COW.TO with an annualized return of 1.63%, while COW.TO has yielded a comparatively higher 8.27% annualized return.
XBB.TO
- 1D
- 0.07%
- 1M
- 2.10%
- YTD
- 1.72%
- 6M
- 1.94%
- 1Y
- 4.05%
- 3Y*
- 4.40%
- 5Y*
- 0.73%
- 10Y*
- 1.63%
COW.TO
- 1D
- -0.63%
- 1M
- -0.63%
- YTD
- 14.00%
- 6M
- 6.80%
- 1Y
- 4.28%
- 3Y*
- 5.57%
- 5Y*
- 3.92%
- 10Y*
- 8.27%
XBB.TO vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XBB.TO iShares Core Canadian Universe Bond Index ETF | 1.72% | 2.59% | 4.00% | 6.64% | -11.66% | -2.81% | 8.58% | 7.28% | 1.00% | 2.42% |
COW.TO iShares Global Agriculture Index ETF | 14.00% | -4.34% | 5.62% | -8.61% | 12.62% | 19.09% | 11.78% | 26.04% | -14.16% | 14.90% |
Correlation
The correlation between XBB.TO and COW.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2007 | -0.14 |
The correlation between XBB.TO and COW.TO shifts across timeframes, from -0.14 (all time) to 0.05 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XBB.TO vs. COW.TO — Risk / Return Rank
XBB.TO
COW.TO
XBB.TO vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Universe Bond Index ETF (XBB.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.
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.
| XBB.TO | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.06 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 0.32 | +1.17 |
| Martin ratioReturn relative to average drawdown | 3.47 | 0.78 | +2.70 |
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Drawdowns
XBB.TO vs. COW.TO - Drawdown Comparison
The maximum XBB.TO drawdown since its inception was -18.16%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for XBB.TO and COW.TO.
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Drawdown Indicators
| XBB.TO | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.16% | -55.00% | +36.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -13.43% | +10.70% |
Max Drawdown (3Y)Largest decline over 3 years | -5.42% | -14.51% | +9.09% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -29.84% | +13.94% |
Max Drawdown (10Y)Largest decline over 10 years | -18.16% | -42.38% | +24.22% |
Current DrawdownCurrent decline from peak | -1.18% | -12.04% | +10.86% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -14.69% | +11.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 5.51% | -4.34% |
Volatility
XBB.TO vs. COW.TO - Volatility Comparison
The current volatility for iShares Core Canadian Universe Bond Index ETF (XBB.TO) is 1.44%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.57%. This indicates that XBB.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
| XBB.TO | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 3.57% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.26% | 12.85% | -9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.37% | 16.21% | -11.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 18.92% | -12.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.70% | 21.84% | -15.14% |
XBB.TO vs. COW.TO - Expense Ratio Comparison
XBB.TO has a 0.10% expense ratio, which is lower than COW.TO's 0.72% expense ratio.
Dividends
XBB.TO vs. COW.TO - Dividend Comparison
XBB.TO's dividend yield for the trailing twelve months is around 3.40%, more than COW.TO's 2.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COW.TO iShares Global Agriculture Index ETF | 2.16% | 2.46% | 1.43% | 1.62% | 2.01% | 0.69% | 1.13% | 1.13% | 1.18% | 0.63% | 1.21% | 1.96% |
XBB.TO iShares Core Canadian Universe Bond Index ETF | 3.40% | 3.39% | 3.25% | 3.01% | 2.91% | 2.54% | 2.55% | 2.80% | 2.92% | 2.83% | 2.81% | 2.87% |
Frequently Asked Questions
XBB.TO and COW.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XBB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XBB.TO is cheaper with a 0.10% expense ratio, compared with 0.72% for COW.TO.
XBB.TO is categorized as Intermediate Core Bond, while COW.TO is Large Cap Blend Equities. XBB.TO tracks FTSE Canada Universe Bond Index, while COW.TO tracks Manulife Investment Management Global Agriculture Index. Their fees differ too: 0.10% for XBB.TO and 0.72% for COW.TO.
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