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CDZ.TO vs. VCE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CDZ.TO vs. VCE.TO

Last updated Jul 1, 2026
See Documentation

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds - CDZ.TO tracks the S&P/TSX Canadian Dividend Aristocrats Index while VCE.TO tracks the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, CDZ.TO returned 9.24%/yr vs 12.89%/yr for VCE.TO. Their correlation of 0.83 suggests significant overlap in exposure. CDZ.TO charges 0.66%/yr vs 0.06%/yr for VCE.TO.

Performance

CDZ.TO vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Vanguard FTSE Canada Index ETF (VCE.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, CDZ.TO achieves a 9.82% return, which is significantly lower than VCE.TO's 11.08% return. Over the past 10 years, CDZ.TO has underperformed VCE.TO with an annualized return of 9.24%, while VCE.TO has yielded a comparatively higher 12.89% annualized return.

CDZ.TO

1D
-0.09%
1M
1.65%
YTD
9.82%
6M
9.85%
1Y
16.60%
3Y*
15.64%
5Y*
9.55%
10Y*
9.24%

VCE.TO

1D
0.12%
1M
1.40%
YTD
11.08%
6M
10.54%
1Y
28.53%
3Y*
22.20%
5Y*
14.43%
10Y*
12.89%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CDZ.TO vs. VCE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		9.82%13.46%17.94%9.05%-4.39%22.95%-3.15%25.82%-8.72%5.06%
VCE.TO
Vanguard FTSE Canada Index ETF		11.08%26.45%21.50%12.34%-5.14%28.63%4.18%23.06%-7.82%8.84%

Correlation

The correlation between CDZ.TO and VCE.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

0.79

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

0.83

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

0.84

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2011

0.83

The correlation between CDZ.TO and VCE.TO shifts across timeframes, from 0.67 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.

CDZ.TO vs. VCE.TO - Sectors Allocation Comparison

Sectors
CDZ.TO
VCE.TO

Energy

20.4%
17.6%

Financial Services

18.4%
38.3%

Industrials

14.0%
10.3%

Utilities

10.7%
1.8%

Real Estate

8.8%
0.2%

Consumer Cyclical

7.9%
3.3%

Communication Services

7.3%
1.6%

Consumer Defensive

6.7%
2.9%

Basic Materials

3.0%
15.9%

Technology

2.4%
8.2%

Healthcare

-

-

Energy

CDZ.TO
20.4%
VCE.TO
17.6%

Financial Services

CDZ.TO
18.4%
VCE.TO
38.3%

Industrials

CDZ.TO
14.0%
VCE.TO
10.3%

Utilities

CDZ.TO
10.7%
VCE.TO
1.8%

Real Estate

CDZ.TO
8.8%
VCE.TO
0.2%

Consumer Cyclical

CDZ.TO
7.9%
VCE.TO
3.3%

Communication Services

CDZ.TO
7.3%
VCE.TO
1.6%

Consumer Defensive

CDZ.TO
6.7%
VCE.TO
2.9%

Basic Materials

CDZ.TO
3.0%
VCE.TO
15.9%

Technology

CDZ.TO
2.4%
VCE.TO
8.2%

Healthcare

CDZ.TO

-

VCE.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Vanguard FTSE Canada Index ETF

Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO
Often compared with VCE.TO:
VCE.TO vs. VCN.TOVCE.TO vs. VDY.TOVCE.TO vs. XIC.TOVCE.TO vs. VFV.TOVCE.TO vs. VEQT.TOVCE.TO vs. ZCN.TOVCE.TO vs. VXC.TO

Return for Risk

CDZ.TO vs. VCE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CDZ.TO
CDZ.TO Risk / Return Rank: 5454
Overall Rank
CDZ.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 7070
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 5555
Martin Ratio Rank
VCE.TO
VCE.TO Risk / Return Rank: 8282
Overall Rank
VCE.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
VCE.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
VCE.TO Omega Ratio Rank: 8080
Omega Ratio Rank
VCE.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
VCE.TO Martin Ratio Rank: 8888
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.

CDZ.TO vs. VCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Vanguard FTSE Canada Index ETF (VCE.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.

CDZ.TOVCE.TODifference
Sharpe ratioReturn per unit of total volatility
1.51
2.27

-0.76

Sortino ratioReturn per unit of downside risk
1.92
3.02

-1.10

Omega ratioGain probability vs. loss probability

1.35

1.40

-0.05

Calmar ratioReturn relative to maximum drawdown

2.27

3.54

-1.27

Martin ratioReturn relative to average drawdown

8.15

16.17

-8.03

CDZ.TO vs. VCE.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 1.51, which is lower than the VCE.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of CDZ.TO and VCE.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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Drawdowns

CDZ.TO vs. VCE.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.23%, which is greater than VCE.TO's maximum drawdown of -35.93%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and VCE.TO.

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Drawdown Indicators

CDZ.TOVCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.23%

-35.93%

-13.30%

Max Drawdown (1Y)

Largest decline over 1 year

-7.33%

-8.09%

+0.76%

Max Drawdown (3Y)

Largest decline over 3 years

-13.00%

-12.15%

-0.85%

Max Drawdown (5Y)

Largest decline over 5 years

-17.15%

-15.86%

-1.29%

Max Drawdown (10Y)

Largest decline over 10 years

-45.70%

-35.93%

-9.77%

Current Drawdown

Current decline from peak

-0.42%

-1.10%

+0.68%

Average Drawdown

Average peak-to-trough decline

-6.13%

-3.70%

-2.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

1.77%

+0.27%

Volatility

CDZ.TO vs. VCE.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 2.07%, while Vanguard FTSE Canada Index ETF (VCE.TO) has a volatility of 3.76%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CDZ.TOVCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.07%

3.76%

-1.69%

Volatility (6M)

Calculated over the trailing 6-month period

7.40%

10.11%

-2.71%

Volatility (1Y)

Calculated over the trailing 1-year period

11.09%

12.65%

-1.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.33%

12.85%

-1.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.77%

14.99%

-0.22%

CDZ.TO vs. VCE.TO - Expense Ratio Comparison

CDZ.TO has a 0.66% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

CDZ.TO vs. VCE.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.08%, more than VCE.TO's 2.16% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.08%3.45%3.61%3.77%3.73%3.04%3.82%3.80%4.51%3.54%3.62%3.85%
VCE.TO
Vanguard FTSE Canada Index ETF		2.16%2.46%2.89%3.22%3.27%2.66%2.99%3.06%3.27%2.62%2.69%3.04%

Frequently Asked Questions

CDZ.TO and VCE.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.

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

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.66% for CDZ.TO.

CDZ.TO tracks S&P/TSX Canadian Dividend Aristocrats Index, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.66% for CDZ.TO and 0.06% for VCE.TO.

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