BMAX.TO vs. VCIP.TO

Last updated Jul 25, 2026

BMAX.TO (Brompton Enhanced Multi-Asset Income ETF) and VCIP.TO (Vanguard Conservative Income ETF Portfolio) are both Diversified Portfolio funds. Both are actively managed. Over the past 3 years, BMAX.TO returned 17.46%/yr vs 6.70%/yr for VCIP.TO. At a 0.48 correlation, their price movements are largely independent. BMAX.TO charges 1.20%/yr vs 0.25%/yr for VCIP.TO.

Performance

BMAX.TO vs. VCIP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) and Vanguard Conservative Income ETF Portfolio (VCIP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMAX.TO achieves a 9.61% return, which is significantly higher than VCIP.TO's 2.67% return.

BMAX.TO

• 1D: -0.26%
• 1M: -0.63%
• 6M: 7.54%
• YTD: 9.61%
• 1Y: 17.55%
• 3Y*: 17.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.30%

VCIP.TO

• 1D: 0.29%
• 1M: -1.01%
• 6M: 1.73%
• YTD: 2.67%
• 1Y: 6.74%
• 3Y*: 6.70%
• 5Y*: 2.14%
• 10Y*: —
• ALL TIME*: 3.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	CA$187.21K	CA$217.93K	CA$209.61K
VCIP.TO Vanguard Conservative Income ETF Portfolio	CA$158.36K	CA$152.65K	CA$180.37K

BMAX.TO vs. VCIP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	9.61%	17.88%	19.43%	11.56%	5.83%
VCIP.TO Vanguard Conservative Income ETF Portfolio	2.67%	5.91%	6.91%	8.32%	3.32%

Correlation

The correlation between BMAX.TO and VCIP.TO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022	0.48

The correlation between BMAX.TO and VCIP.TO shifts across timeframes, from 0.48 (all time) to 0.67 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BMAX.TO vs. VCIP.TO — Risk / Return Rank

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

BMAX.TO

BMAX.TO Risk / Return Rank: 64
BMAX.TO Sharpe Ratio Rank: 67
BMAX.TO Sortino Ratio Rank: 68
BMAX.TO Omega Ratio Rank: 64
BMAX.TO Calmar Ratio Rank: 54
BMAX.TO Martin Ratio Rank: 65

VCIP.TO

VCIP.TO Risk / Return Rank: 57
VCIP.TO Sharpe Ratio Rank: 60
VCIP.TO Sortino Ratio Rank: 59
VCIP.TO Omega Ratio Rank: 62
VCIP.TO Calmar Ratio Rank: 51
VCIP.TO Martin Ratio Rank: 53

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.

BMAX.TO vs. VCIP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) and Vanguard Conservative Income ETF Portfolio (VCIP.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.

	BMAX.TO	VCIP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.40	+0.12
Sortino ratio: Return per unit of downside risk	2.22	2.00	+0.23
Omega ratio: Gain probability vs. loss probability	1.27	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	1.89	1.78	+0.10
Martin ratio: Return relative to average drawdown	7.94	6.16	+1.78

BMAX.TO vs. VCIP.TO - Sharpe Ratio Comparison

The current BMAX.TO Sharpe Ratio is 1.52, which is comparable to the VCIP.TO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BMAX.TO and VCIP.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

BMAX.TO vs. VCIP.TO - Drawdown Comparison

The maximum BMAX.TO drawdown since its inception was -15.42%, roughly equal to the maximum VCIP.TO drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for BMAX.TO and VCIP.TO.

Drawdown Indicators

	BMAX.TO	VCIP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.42%	-15.86%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-3.80%	-5.55%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-4.28%	-11.14%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.86%	—
Current Drawdown Current decline from peak	-3.32%	-1.37%	-1.95%
Average Drawdown Average peak-to-trough decline	-1.88%	-3.53%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	1.10%	+1.12%

Volatility

BMAX.TO vs. VCIP.TO - Volatility Comparison

Brompton Enhanced Multi-Asset Income ETF (BMAX.TO) has a higher volatility of 3.91% compared to Vanguard Conservative Income ETF Portfolio (VCIP.TO) at 1.27%. This indicates that BMAX.TO's price experiences larger fluctuations and is considered to be riskier than VCIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMAX.TO	VCIP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	1.27%	+2.64%
Volatility (6M) Calculated over the trailing 6-month period	9.75%	4.08%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	4.83%	+6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	5.74%	+7.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	6.22%	+6.94%

BMAX.TO vs. VCIP.TO - Expense Ratio Comparison

BMAX.TO has a 1.20% expense ratio, which is higher than VCIP.TO's 0.25% expense ratio.

Dividends

BMAX.TO vs. VCIP.TO - Dividend Comparison

BMAX.TO's dividend yield for the trailing twelve months is around 9.70%, more than VCIP.TO's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BMAX.TO Brompton Enhanced Multi-Asset Income ETF	9.70%	9.70%	9.65%	9.55%	2.41%	0.00%	0.00%	0.00%
VCIP.TO Vanguard Conservative Income ETF Portfolio	2.96%	2.93%	2.90%	2.77%	2.29%	2.23%	1.86%	2.08%

Frequently Asked Questions

Can I hold both BMAX.TO and VCIP.TO in my portfolio?

BMAX.TO and VCIP.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMAX.TO or VCIP.TO?

On fees, VCIP.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMAX.TO or VCIP.TO?

VCIP.TO is cheaper with a 0.25% expense ratio, compared with 1.20% for BMAX.TO.

What is the main difference between BMAX.TO and VCIP.TO?

They also come from different issuers: Brompton Funds Limited and Vanguard. Their fees differ too: 1.20% for BMAX.TO and 0.25% for VCIP.TO.