AVES vs. VCN.TO

Last updated Jun 13, 2026

AVES (Avantis Emerging Markets Value ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - AVES is a Emerging Markets Equities fund actively managed by Avantis, while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. AVES is actively managed, while VCN.TO is passively managed. Over the past 3 years, AVES returned 19.19%/yr vs 22.03%/yr for VCN.TO. A 0.56 correlation means they provide meaningful diversification when combined. AVES charges 0.36%/yr vs 0.06%/yr for VCN.TO.

Performance

AVES vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Avantis Emerging Markets Value ETF (AVES) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AVES is traded in USD, while VCN.TO is traded in CAD. To make them comparable, the VCN.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AVES achieves a 15.51% return, which is significantly higher than VCN.TO's 8.65% return.

AVES

• 1D: 0.32%
• 1M: 0.12%
• YTD: 15.51%
• 6M: 18.20%
• 1Y: 31.51%
• 3Y*: 19.19%
• 5Y*: —
• 10Y*: —

VCN.TO

• 1D: 0.54%
• 1M: 0.18%
• YTD: 8.65%
• 6M: 10.08%
• 1Y: 30.36%
• 3Y*: 22.03%
• 5Y*: 11.69%
• 10Y*: 11.84%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AVES vs. VCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AVES Avantis Emerging Markets Value ETF	15.51%	30.49%	4.50%	16.79%	-16.04%	0.95%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	8.65%	37.27%	12.62%	15.02%	-11.38%	5.53%

Correlation

The correlation between AVES and VCN.TO is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.56

The correlation between AVES and VCN.TO has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

AVES vs. VCN.TO - Sectors Allocation Comparison

Sectors	AVES	VCN.TO
Financial Services	25.3%	33.7%
Technology	21.4%	7.5%
Industrials	13.3%	10.5%
Basic Materials	9.8%	17.6%
Consumer Cyclical	9.6%	3.7%
Communication Services	5.3%	1.4%
Energy	4.0%	18.5%
Consumer Defensive	3.2%	2.8%
Real Estate	2.4%	1.5%
Healthcare	2.1%	0.1%
Utilities	1.7%	2.7%

Return for Risk

AVES vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.TO Martin Ratio Rank: 88

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.

AVES vs. VCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis Emerging Markets Value ETF (AVES) and Vanguard FTSE Canada All Cap Index ETF (VCN.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.

	AVES	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.23	-0.60
Sortino ratio: Return per unit of downside risk	2.22	2.93	-0.71
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.32	3.20	-0.88
Martin ratio: Return relative to average drawdown	8.40	13.83	-5.43

AVES vs. VCN.TO - Sharpe Ratio Comparison

The current AVES Sharpe Ratio is 1.64, which is comparable to the VCN.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of AVES and VCN.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.

Drawdowns

AVES vs. VCN.TO - Drawdown Comparison

The maximum AVES drawdown since its inception was -27.40%, smaller than the maximum VCN.TO drawdown of -42.69%. Use the drawdown chart below to compare losses from any high point for AVES and VCN.TO.

Drawdown Indicators

	AVES	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.40%	-42.69%	+15.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.90%	-9.55%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-12.66%	-5.84%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.69%	—
Current Drawdown Current decline from peak	-2.45%	-1.64%	-0.81%
Average Drawdown Average peak-to-trough decline	-7.70%	-8.50%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.21%	+1.35%

Volatility

AVES vs. VCN.TO - Volatility Comparison

Avantis Emerging Markets Value ETF (AVES) has a higher volatility of 8.89% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.42%. This indicates that AVES's price experiences larger fluctuations and is considered to be riskier than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVES	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.89%	4.42%	+4.47%
Volatility (6M) Calculated over the trailing 6-month period	15.88%	11.02%	+4.86%
Volatility (1Y) Calculated over the trailing 1-year period	18.34%	13.70%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.20%	14.73%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.20%	16.47%	+0.73%

AVES vs. VCN.TO - Expense Ratio Comparison

AVES has a 0.36% expense ratio, which is higher than VCN.TO's 0.06% expense ratio.

Dividends

AVES vs. VCN.TO - Dividend Comparison

AVES's dividend yield for the trailing twelve months is around 3.53%, more than VCN.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%

Frequently Asked Questions

Can I hold both AVES and VCN.TO in my portfolio?

AVES and VCN.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AVES or VCN.TO?

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AVES or VCN.TO?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.36% for AVES.

What is the main difference between AVES and VCN.TO?

AVES is categorized as Emerging Markets Equities, while VCN.TO is Canada Equities. They also come from different issuers: Avantis and Vanguard. Their fees differ too: 0.36% for AVES and 0.06% for VCN.TO.