XEB.TO vs. COW.TO
XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) and COW.TO (iShares Global Agriculture Index ETF) are both exchange-traded funds - XEB.TO is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Hedged in CAD 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, XEB.TO returned 1.44%/yr vs 8.62%/yr for COW.TO. At a 0.18 correlation, their price movements are largely independent. XEB.TO charges 0.53%/yr vs 0.72%/yr for COW.TO.
Performance
XEB.TO vs. COW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEB.TO achieves a 0.81% return, which is significantly lower than COW.TO's 15.66% return. Over the past 10 years, XEB.TO has underperformed COW.TO with an annualized return of 1.44%, while COW.TO has yielded a comparatively higher 8.62% annualized return.
XEB.TO
- 1D
- 0.18%
- 1M
- 0.79%
- YTD
- 0.81%
- 6M
- 0.94%
- 1Y
- 8.75%
- 3Y*
- 7.28%
- 5Y*
- -0.04%
- 10Y*
- 1.44%
COW.TO
- 1D
- -0.15%
- 1M
- -2.82%
- YTD
- 15.66%
- 6M
- 13.27%
- 1Y
- 10.89%
- 3Y*
- 8.91%
- 5Y*
- 4.20%
- 10Y*
- 8.62%
XEB.TO vs. COW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 0.81% | 11.14% | 3.46% | 8.58% | -19.80% | -3.14% | 2.97% | 13.37% | -7.43% | 8.80% |
COW.TO iShares Global Agriculture Index ETF | 15.66% | -0.67% | 5.62% | -8.61% | 12.64% | 19.02% | 11.66% | 25.91% | -14.26% | 14.84% |
Correlation
The correlation between XEB.TO and COW.TO is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 21, 2011 | 0.18 |
The correlation between XEB.TO and COW.TO shifts across timeframes, from 0.03 (1 year) to 0.19 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEB.TO vs. COW.TO — Risk / Return Rank
XEB.TO
COW.TO
XEB.TO vs. COW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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.
| XEB.TO | COW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.13 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | 1.04 | +0.74 |
| Martin ratioReturn relative to average drawdown | 6.91 | 2.15 | +4.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XEB.TO | COW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.42 | 0.70 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | 0.22 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.45 | -0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.36 | -0.06 |
Drawdowns
XEB.TO vs. COW.TO - Drawdown Comparison
The maximum XEB.TO drawdown since its inception was -29.53%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for XEB.TO and COW.TO.
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Drawdown Indicators
| XEB.TO | COW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.53% | -55.00% | +25.47% |
Max Drawdown (1Y)Largest decline over 1 year | -4.94% | -10.51% | +5.57% |
Max Drawdown (3Y)Largest decline over 3 years | -8.26% | -14.51% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -29.47% | -29.82% | +0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -29.53% | -36.62% | +7.09% |
Current DrawdownCurrent decline from peak | -2.23% | -7.31% | +5.08% |
Average DrawdownAverage peak-to-trough decline | -6.46% | -13.93% | +7.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 5.07% | -3.80% |
Volatility
XEB.TO vs. COW.TO - Volatility Comparison
The current volatility for iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) is 2.47%, while iShares Global Agriculture Index ETF (COW.TO) has a volatility of 3.77%. This indicates that XEB.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
| XEB.TO | COW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.47% | 3.77% | -1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 12.42% | -7.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.17% | 15.68% | -9.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.52% | 18.87% | -9.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.21% | 19.30% | -9.09% |
XEB.TO vs. COW.TO - Expense Ratio Comparison
XEB.TO has a 0.53% expense ratio, which is lower than COW.TO's 0.72% expense ratio.
Dividends
XEB.TO vs. COW.TO - Dividend Comparison
XEB.TO's dividend yield for the trailing twelve months is around 4.97%, more than COW.TO's 2.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COW.TO iShares Global Agriculture Index ETF | 2.08% | 2.40% | 1.43% | 1.62% | 2.03% | 0.69% | 1.02% | 1.02% | 1.07% | 0.58% | 1.10% | 1.78% |
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 4.97% | 4.98% | 4.68% | 4.00% | 4.26% | 3.23% | 3.45% | 3.65% | 4.95% | 3.81% | 4.31% | 4.60% |
Frequently Asked Questions
XEB.TO and COW.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEB.TO is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEB.TO is cheaper with a 0.53% expense ratio, compared with 0.72% for COW.TO.
XEB.TO is categorized as Emerging Markets Bonds, while COW.TO is Large Cap Blend Equities. XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index, while COW.TO tracks Manulife Investment Management Global Agriculture Index. Their fees differ too: 0.53% for XEB.TO and 0.72% for COW.TO.
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