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XCH.TO vs. CWO.NEO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCH.TO vs. CWO.NEO

Last updated Jun 4, 2026

XCH.TO (iShares China Index ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both exchange-traded funds - XCH.TO is a China Equities fund tracking the Morningstar China GR CAD, while CWO.NEO is a Emerging Markets Equities fund tracking the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, XCH.TO returned 3.34%/yr vs 11.43%/yr for CWO.NEO. A 0.61 correlation means they provide meaningful diversification when combined. XCH.TO charges 0.87%/yr vs 0.73%/yr for CWO.NEO.

Performance

XCH.TO vs. CWO.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares China Index ETF (XCH.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XCH.TO achieves a -6.01% return, which is significantly lower than CWO.NEO's 13.80% return. Over the past 10 years, XCH.TO has underperformed CWO.NEO with an annualized return of 3.34%, while CWO.NEO has yielded a comparatively higher 11.43% annualized return.

XCH.TO

1D
-1.76%
1M
-0.68%
YTD
-6.01%
6M
-8.84%
1Y
2.81%
3Y*
12.55%
5Y*
-0.79%
10Y*
3.34%

CWO.NEO

1D
-1.42%
1M
4.14%
YTD
13.80%
6M
13.05%
1Y
35.32%
3Y*
23.05%
5Y*
11.55%
10Y*
11.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCH.TO vs. CWO.NEO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XCH.TO
iShares China Index ETF		-6.01%22.48%39.50%-14.76%-15.40%-20.56%7.17%8.11%-6.28%27.28%
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		13.80%26.34%22.33%9.56%-9.03%7.13%-3.12%10.86%-0.29%17.16%

Correlation

The correlation between XCH.TO and CWO.NEO is 0.71, 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

0.71

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

0.64

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

0.56

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

0.59

Correlation (All Time)
Calculated using the full available price history since Jan 28, 2010

0.61

The correlation between XCH.TO and CWO.NEO shifts across timeframes, from 0.56 (5 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.

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iShares China Index ETF

iShares Emerging Markets Fundamental Index ETF

Often compared with XCH.TO:
XCH.TO vs. VEE.TOXCH.TO vs. XEC.TOXCH.TO vs. XAW.TOXCH.TO vs. VFV.TOXCH.TO vs. ZCH.TOXCH.TO vs. XIC.TOXCH.TO vs. FBRT
Often compared with CWO.NEO:
CWO.NEO vs. XEC.TOCWO.NEO vs. VEE.TOCWO.NEO vs. EMGFCWO.NEO vs. ZEM.TOCWO.NEO vs. BRFCWO.NEO vs. VGRO.TOCWO.NEO vs. XEMC.TO

Return for Risk

XCH.TO vs. CWO.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCH.TO
XCH.TO Risk / Return Rank: 1010
Overall Rank
XCH.TO Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
XCH.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
XCH.TO Omega Ratio Rank: 1010
Omega Ratio Rank
XCH.TO Calmar Ratio Rank: 1111
Calmar Ratio Rank
XCH.TO Martin Ratio Rank: 1010
Martin Ratio Rank
CWO.NEO
CWO.NEO Risk / Return Rank: 6868
Overall Rank
CWO.NEO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CWO.NEO Sortino Ratio Rank: 6666
Sortino Ratio Rank
CWO.NEO Omega Ratio Rank: 7272
Omega Ratio Rank
CWO.NEO Calmar Ratio Rank: 6666
Calmar Ratio Rank
CWO.NEO Martin Ratio Rank: 6868
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.

XCH.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares China Index ETF (XCH.TO) and iShares Emerging Markets Fundamental Index ETF (CWO.NEO). 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.

XCH.TOCWO.NEODifference
Sharpe ratioReturn per unit of total volatility
0.15
2.29

-2.14

Sortino ratioReturn per unit of downside risk
0.35
3.05

-2.71

Omega ratioGain probability vs. loss probability

1.04

1.43

-0.39

Calmar ratioReturn relative to maximum drawdown

0.17

3.26

-3.09

Martin ratioReturn relative to average drawdown

0.35

12.37

-12.03

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

XCH.TO vs. CWO.NEO - Sharpe Ratio Comparison

The current XCH.TO Sharpe Ratio is 0.15, which is lower than the CWO.NEO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of XCH.TO and CWO.NEO, 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

XCH.TOCWO.NEODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.15

2.29

-2.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

0.70

-0.72

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.13

0.66

-0.53

Sharpe Ratio (All Time)

Calculated using the full available price history

0.13

0.45

-0.32

Drawdowns

XCH.TO vs. CWO.NEO - Drawdown Comparison

The maximum XCH.TO drawdown since its inception was -58.02%, which is greater than CWO.NEO's maximum drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for XCH.TO and CWO.NEO.

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Drawdown Indicators

XCH.TOCWO.NEODifference

Max Drawdown

Largest peak-to-trough decline

-58.02%

-31.99%

-26.03%

Max Drawdown (1Y)

Largest decline over 1 year

-16.51%

-10.90%

-5.61%

Max Drawdown (3Y)

Largest decline over 3 years

-27.28%

-17.12%

-10.16%

Max Drawdown (5Y)

Largest decline over 5 years

-50.32%

-24.80%

-25.52%

Max Drawdown (10Y)

Largest decline over 10 years

-58.02%

-31.97%

-26.05%

Current Drawdown

Current decline from peak

-21.53%

-1.42%

-20.11%

Average Drawdown

Average peak-to-trough decline

-20.41%

-10.29%

-10.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.15%

2.86%

+5.29%

Volatility

XCH.TO vs. CWO.NEO - Volatility Comparison

iShares China Index ETF (XCH.TO) has a higher volatility of 6.91% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 5.40%. This indicates that XCH.TO's price experiences larger fluctuations and is considered to be riskier than CWO.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCH.TOCWO.NEODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.91%

5.40%

+1.51%

Volatility (6M)

Calculated over the trailing 6-month period

13.42%

12.46%

+0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

19.20%

15.50%

+3.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.81%

16.65%

+13.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.73%

17.52%

+8.21%

XCH.TO vs. CWO.NEO - Expense Ratio Comparison

XCH.TO has a 0.87% expense ratio, which is higher than CWO.NEO's 0.73% expense ratio.

Dividends

XCH.TO vs. CWO.NEO - Dividend Comparison

XCH.TO's dividend yield for the trailing twelve months is around 2.25%, less than CWO.NEO's 2.45% yield.

PositionTTM20252024202320222021202020192018201720162015
CWO.NEO
iShares Emerging Markets Fundamental Index ETF		2.45%2.79%3.50%4.14%5.03%4.61%2.64%3.01%3.22%2.60%2.57%3.23%
XCH.TO
iShares China Index ETF		2.25%2.11%1.54%2.86%2.35%1.50%2.17%2.50%2.45%2.41%2.21%2.58%

Frequently Asked Questions

XCH.TO and CWO.NEO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CWO.NEO is cheaper at 0.73% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CWO.NEO is cheaper with a 0.73% expense ratio, compared with 0.87% for XCH.TO.

XCH.TO is categorized as China Equities, while CWO.NEO is Emerging Markets Equities. XCH.TO tracks Morningstar China GR CAD, while CWO.NEO tracks FTSE RAFI Emerging Markets Index. Their fees differ too: 0.87% for XCH.TO and 0.73% for CWO.NEO.

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