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XHD.TO vs. COW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHD.TO vs. COW.TO

Last updated Jun 4, 2026

XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) and COW.TO (iShares Global Agriculture Index ETF) are both Large Cap Blend Equities funds from iShares - XHD.TO tracks the Morningstar US Market TR CAD while COW.TO tracks the Manulife Investment Management Global Agriculture Index. Both are passively managed. Over the past 10 years, XHD.TO returned 6.22%/yr vs 8.59%/yr for COW.TO. A 0.53 correlation means they provide meaningful diversification when combined. XHD.TO charges 0.33%/yr vs 0.72%/yr for COW.TO.

Performance

XHD.TO vs. COW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) and iShares Global Agriculture Index ETF (COW.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, XHD.TO achieves a 11.94% return, which is significantly lower than COW.TO's 15.84% return. Over the past 10 years, XHD.TO has underperformed COW.TO with an annualized return of 6.22%, while COW.TO has yielded a comparatively higher 8.59% annualized return.

XHD.TO

1D
0.83%
1M
0.69%
YTD
11.94%
6M
5.51%
1Y
11.69%
3Y*
9.73%
5Y*
6.55%
10Y*
6.22%

COW.TO

1D
0.40%
1M
-2.01%
YTD
15.84%
6M
13.53%
1Y
9.79%
3Y*
8.62%
5Y*
4.24%
10Y*
8.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHD.TO vs. COW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		11.94%3.92%9.50%-0.07%4.22%17.88%-9.51%17.96%-5.62%11.73%
COW.TO
iShares Global Agriculture Index ETF		15.84%-0.67%5.62%-8.61%12.64%19.02%11.66%25.91%-14.26%14.84%

Correlation

The correlation between XHD.TO and COW.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.54

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

0.54

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

0.54

Correlation (All Time)
Calculated using the full available price history since Aug 21, 2012

0.53

The correlation between XHD.TO and COW.TO has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

XHD.TO vs. COW.TO - Sectors Allocation Comparison

Sectors
XHD.TO
COW.TO

Consumer Defensive

24.1%
42.3%

Energy

22.3%

-

Healthcare

16.5%

-

Financial Services

11.1%
0.5%

Utilities

9.2%

-

Technology

8.2%

-

Consumer Cyclical

6.1%
1.7%

Industrials

1.4%
28.0%

Basic Materials

1.2%
27.4%

Communication Services

0.1%

-

Real Estate

-

-

Consumer Defensive

XHD.TO
24.1%
COW.TO
42.3%

Energy

XHD.TO
22.3%
COW.TO

-

Healthcare

XHD.TO
16.5%
COW.TO

-

Financial Services

XHD.TO
11.1%
COW.TO
0.5%

Utilities

XHD.TO
9.2%
COW.TO

-

Technology

XHD.TO
8.2%
COW.TO

-

Consumer Cyclical

XHD.TO
6.1%
COW.TO
1.7%

Industrials

XHD.TO
1.4%
COW.TO
28.0%

Basic Materials

XHD.TO
1.2%
COW.TO
27.4%

Communication Services

XHD.TO
0.1%
COW.TO

-

Real Estate

XHD.TO

-

COW.TO

-

Compare stocks, funds, or ETFs

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iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

iShares Global Agriculture Index ETF

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Often compared with COW.TO:
COW.TO vs. NTR.TOCOW.TO vs. CWW.TOCOW.TO vs. COWGCOW.TO vs. XHC.TOCOW.TO vs. VOOCOW.TO vs. DBACOW.TO vs. ZWC.TO

Return for Risk

XHD.TO vs. COW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHD.TO
XHD.TO Risk / Return Rank: 3030
Overall Rank
XHD.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 3333
Martin Ratio Rank
COW.TO
COW.TO Risk / Return Rank: 1919
Overall Rank
COW.TO Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
COW.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
COW.TO Omega Ratio Rank: 1818
Omega Ratio Rank
COW.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
COW.TO Martin Ratio Rank: 1818
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.

XHD.TO vs. COW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.

XHD.TOCOW.TODifference
Sharpe ratioReturn per unit of total volatility
1.04
0.63

+0.41

Sortino ratioReturn per unit of downside risk
1.45
1.03

+0.41

Omega ratioGain probability vs. loss probability

1.20

1.12

+0.08

Calmar ratioReturn relative to maximum drawdown

1.80

0.94

+0.87

Martin ratioReturn relative to average drawdown

5.11

1.94

+3.17

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

XHD.TO vs. COW.TO - Sharpe Ratio Comparison

The current XHD.TO Sharpe Ratio is 1.04, which is higher than the COW.TO Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of XHD.TO and COW.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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Sharpe Ratios by Period

XHD.TOCOW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.04

0.63

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.23

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

0.45

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.36

+0.17

Drawdowns

XHD.TO vs. COW.TO - Drawdown Comparison

The maximum XHD.TO drawdown since its inception was -38.71%, smaller than the maximum COW.TO drawdown of -55.00%. Use the drawdown chart below to compare losses from any high point for XHD.TO and COW.TO.

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Drawdown Indicators

XHD.TOCOW.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-55.00%

+16.29%

Max Drawdown (1Y)

Largest decline over 1 year

-6.51%

-10.51%

+4.00%

Max Drawdown (3Y)

Largest decline over 3 years

-12.75%

-14.51%

+1.76%

Max Drawdown (5Y)

Largest decline over 5 years

-16.38%

-29.82%

+13.44%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

-36.62%

-2.09%

Current Drawdown

Current decline from peak

-2.45%

-7.17%

+4.72%

Average Drawdown

Average peak-to-trough decline

-3.93%

-13.94%

+10.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

5.06%

-2.77%

Volatility

XHD.TO vs. COW.TO - Volatility Comparison

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) and iShares Global Agriculture Index ETF (COW.TO) have volatilities of 3.78% and 3.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHD.TOCOW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.78%

3.85%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

12.44%

-3.04%

Volatility (1Y)

Calculated over the trailing 1-year period

11.28%

15.68%

-4.40%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.03%

18.87%

-5.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

19.30%

-3.77%

XHD.TO vs. COW.TO - Expense Ratio Comparison

XHD.TO has a 0.33% expense ratio, which is lower than COW.TO's 0.72% expense ratio.

Dividends

XHD.TO vs. COW.TO - Dividend Comparison

XHD.TO's dividend yield for the trailing twelve months is around 2.38%, more than COW.TO's 2.07% yield.

PositionTTM20252024202320222021202020192018201720162015
COW.TO
iShares Global Agriculture Index ETF		2.07%2.40%1.43%1.62%2.03%0.69%1.02%1.02%1.07%0.58%1.10%1.78%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.38%2.61%2.99%3.09%2.69%2.81%3.44%2.46%2.81%2.36%2.48%3.00%

Frequently Asked Questions

XHD.TO and COW.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XHD.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XHD.TO is cheaper with a 0.33% expense ratio, compared with 0.72% for COW.TO.

XHD.TO tracks Morningstar US Market TR CAD, while COW.TO tracks Manulife Investment Management Global Agriculture Index. Their fees differ too: 0.33% for XHD.TO and 0.72% for COW.TO.

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