CEW.TO vs. VDY.TO

Last updated Jun 4, 2026

CEW.TO (iShares Equal Weight Banc & Lifeco ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - CEW.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. Both are passively managed. Over the past 10 years, CEW.TO returned 15.05%/yr vs 14.02%/yr for VDY.TO. Their correlation of 0.83 suggests significant overlap in exposure. CEW.TO charges 0.61%/yr vs 0.22%/yr for VDY.TO.

Performance

CEW.TO vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEW.TO achieves a 15.99% return, which is significantly lower than VDY.TO's 20.59% return. Over the past 10 years, CEW.TO has outperformed VDY.TO with an annualized return of 15.05%, while VDY.TO has yielded a comparatively lower 14.02% annualized return.

CEW.TO

• 1D: -0.28%
• 1M: 4.69%
• YTD: 15.99%
• 6M: 18.59%
• 1Y: 44.58%
• 3Y*: 29.74%
• 5Y*: 17.56%
• 10Y*: 15.05%

VDY.TO

• 1D: -0.07%
• 1M: 4.52%
• YTD: 20.59%
• 6M: 22.32%
• 1Y: 46.18%
• 3Y*: 26.00%
• 5Y*: 17.21%
• 10Y*: 14.02%

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

CEW.TO vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CEW.TO iShares Equal Weight Banc & Lifeco ETF	15.99%	32.58%	29.48%	17.04%	-6.85%	29.26%	-0.63%	25.38%	-12.85%	11.88%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	20.59%	29.20%	20.71%	8.40%	-0.23%	36.78%	-1.37%	21.43%	-10.09%	8.75%

Correlation

The correlation between CEW.TO and VDY.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	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 9, 2012	0.83

The correlation between CEW.TO and VDY.TO shifts across timeframes, from 0.67 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

CEW.TO vs. VDY.TO - Sectors Allocation Comparison

Sectors	CEW.TO	VDY.TO
Financial Services	100.0%	56.0%
Basic Materials	-	2.2%
Communication Services	-	2.8%
Consumer Cyclical	-	3.0%
Consumer Defensive	-	0.4%
Energy	-	30.8%
Healthcare	-	0.1%
Industrials	-	0.2%
Real Estate	-	-
Technology	-	0.4%
Utilities	-	4.1%

Return for Risk

CEW.TO vs. VDY.TO — Risk / Return Rank

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

CEW.TO

CEW.TO Risk / Return Rank: 94
CEW.TO Sharpe Ratio Rank: 95
CEW.TO Sortino Ratio Rank: 95
CEW.TO Omega Ratio Rank: 94
CEW.TO Calmar Ratio Rank: 92
CEW.TO Martin Ratio Rank: 92

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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.

CEW.TO vs. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Equal Weight Banc & Lifeco ETF (CEW.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

	CEW.TO	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.86	5.65	-1.79
Sortino ratio: Return per unit of downside risk	5.25	8.14	-2.89
Omega ratio: Gain probability vs. loss probability	1.71	2.14	-0.43
Calmar ratio: Return relative to maximum drawdown	6.29	14.88	-8.60
Martin ratio: Return relative to average drawdown	23.14	60.75	-37.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CEW.TO vs. VDY.TO - Sharpe Ratio Comparison

The current CEW.TO Sharpe Ratio is 3.86, which is lower than the VDY.TO Sharpe Ratio of 5.65. The chart below compares the historical Sharpe Ratios of CEW.TO and VDY.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.

Sharpe Ratios by Period

	CEW.TO	VDY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.86	5.65	-1.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.31	1.50	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.88	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.84	-0.25

Drawdowns

CEW.TO vs. VDY.TO - Drawdown Comparison

The maximum CEW.TO drawdown since its inception was -53.58%, which is greater than VDY.TO's maximum drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for CEW.TO and VDY.TO.

Drawdown Indicators

	CEW.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-53.58%	-39.21%	-14.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-3.12%	-4.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.74%	-10.87%	-1.87%
Max Drawdown (5Y) Largest decline over 5 years	-22.46%	-16.18%	-6.28%
Max Drawdown (10Y) Largest decline over 10 years	-43.66%	-39.21%	-4.45%
Current Drawdown Current decline from peak	-1.50%	-0.77%	-0.73%
Average Drawdown Average peak-to-trough decline	-7.02%	-4.61%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	0.76%	+1.17%

Volatility

CEW.TO vs. VDY.TO - Volatility Comparison

iShares Equal Weight Banc & Lifeco ETF (CEW.TO) has a higher volatility of 3.65% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.31%. This indicates that CEW.TO's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEW.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.31%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	6.87%	+3.25%
Volatility (1Y) Calculated over the trailing 1-year period	11.61%	8.21%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	11.56%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	15.96%	+1.04%

CEW.TO vs. VDY.TO - Expense Ratio Comparison

CEW.TO has a 0.61% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

CEW.TO vs. VDY.TO - Dividend Comparison

CEW.TO's dividend yield for the trailing twelve months is around 2.42%, less than VDY.TO's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEW.TO iShares Equal Weight Banc & Lifeco ETF	2.42%	2.75%	3.32%	3.87%	3.84%	2.93%	3.61%	3.20%	2.95%	2.47%	2.54%	2.74%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.90%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%

Frequently Asked Questions

Can I hold both CEW.TO and VDY.TO in my portfolio?

CEW.TO and VDY.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, CEW.TO or VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEW.TO or VDY.TO?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.61% for CEW.TO.

What is the main difference between CEW.TO and VDY.TO?

CEW.TO is categorized as Financials Equities, while VDY.TO is Dividend. CEW.TO tracks Morningstar Gbl Fin Svc GR CAD, while VDY.TO tracks FTSE Canada High Dividend Yield Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.61% for CEW.TO and 0.22% for VDY.TO.