XEC.TO vs. CWO.NEO
XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) and CWO.NEO (iShares Emerging Markets Fundamental Index ETF) are both Emerging Markets Equities funds from iShares - XEC.TO tracks the Morningstar EM GR CAD while CWO.NEO tracks the FTSE RAFI Emerging Markets Index. Both are passively managed. Over the past 10 years, XEC.TO returned 10.71%/yr vs 11.43%/yr for CWO.NEO. A 0.65 correlation means they provide meaningful diversification when combined. XEC.TO charges 0.28%/yr vs 0.73%/yr for CWO.NEO.
Performance
XEC.TO vs. CWO.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, XEC.TO achieves a 27.92% return, which is significantly higher than CWO.NEO's 13.80% return. Over the past 10 years, XEC.TO has underperformed CWO.NEO with an annualized return of 10.71%, while CWO.NEO has yielded a comparatively higher 11.43% annualized return.
XEC.TO
- 1D
- -0.88%
- 1M
- 10.15%
- YTD
- 27.92%
- 6M
- 28.48%
- 1Y
- 54.44%
- 3Y*
- 24.69%
- 5Y*
- 10.21%
- 10Y*
- 10.71%
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%
XEC.TO vs. CWO.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 27.92% | 25.78% | 16.14% | 7.92% | -14.68% | -1.74% | 15.08% | 11.53% | -8.26% | 27.93% |
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 XEC.TO and CWO.NEO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013 | 0.65 |
The correlation between XEC.TO and CWO.NEO shifts across timeframes, from 0.64 (5 years) to 0.84 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XEC.TO vs. CWO.NEO — Risk / Return Rank
XEC.TO
CWO.NEO
XEC.TO vs. CWO.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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.
| XEC.TO | CWO.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.43 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | 3.26 | +1.61 |
| Martin ratioReturn relative to average drawdown | 17.00 | 12.37 | +4.63 |
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
| XEC.TO | CWO.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.01 | 2.29 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.70 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.66 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.45 | +0.06 |
Drawdowns
XEC.TO vs. CWO.NEO - Drawdown Comparison
The maximum XEC.TO drawdown since its inception was -32.54%, roughly equal to the maximum CWO.NEO drawdown of -31.99%. Use the drawdown chart below to compare losses from any high point for XEC.TO and CWO.NEO.
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Drawdown Indicators
| XEC.TO | CWO.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.54% | -31.99% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.25% | -10.90% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -15.07% | -17.12% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -29.14% | -24.80% | -4.34% |
Max Drawdown (10Y)Largest decline over 10 years | -32.54% | -31.97% | -0.57% |
Current DrawdownCurrent decline from peak | -0.88% | -1.42% | +0.54% |
Average DrawdownAverage peak-to-trough decline | -9.56% | -10.29% | +0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.21% | 2.86% | +0.35% |
Volatility
XEC.TO vs. CWO.NEO - Volatility Comparison
iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a higher volatility of 7.80% compared to iShares Emerging Markets Fundamental Index ETF (CWO.NEO) at 5.40%. This indicates that XEC.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
| XEC.TO | CWO.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.80% | 5.40% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 15.85% | 12.46% | +3.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.19% | 15.50% | +2.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.91% | 16.65% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.60% | 17.52% | +0.08% |
XEC.TO vs. CWO.NEO - Expense Ratio Comparison
XEC.TO has a 0.28% expense ratio, which is lower than CWO.NEO's 0.73% expense ratio.
Dividends
XEC.TO vs. CWO.NEO - Dividend Comparison
XEC.TO's dividend yield for the trailing twelve months is around 1.50%, less than CWO.NEO's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 1.50% | 1.92% | 2.03% | 2.16% | 2.28% | 2.78% | 1.64% | 2.87% | 2.66% | 2.13% | 1.80% | 2.19% |
Frequently Asked Questions
XEC.TO and CWO.NEO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.73% for CWO.NEO.
XEC.TO tracks Morningstar EM GR CAD, while CWO.NEO tracks FTSE RAFI Emerging Markets Index. Their fees differ too: 0.28% for XEC.TO and 0.73% for CWO.NEO.
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