PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CM.TO vs. VCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CM.TO vs. VCN.TO

Last updated Jun 13, 2026

CM.TO (Canadian Imperial Bank of Commerce) is a stock, while VCN.TO (Vanguard FTSE Canada All Cap Index ETF) is Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Over the past 10 years, CM.TO returned 21.34%/yr vs 12.80%/yr for VCN.TO. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

CM.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Imperial Bank of Commerce (CM.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CM.TO achieves a 28.60% return, which is significantly higher than VCN.TO's 10.85% return. Over the past 10 years, CM.TO has outperformed VCN.TO with an annualized return of 21.34%, while VCN.TO has yielded a comparatively lower 12.80% annualized return.

CM.TO

1D
1.70%
1M
3.50%
YTD
28.60%
6M
26.24%
1Y
77.57%
3Y*
47.25%
5Y*
23.85%
10Y*
21.34%

VCN.TO

1D
0.72%
1M
3.40%
YTD
10.85%
6M
11.65%
1Y
33.96%
3Y*
23.86%
5Y*
14.96%
10Y*
12.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CM.TO vs. VCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CM.TO
Canadian Imperial Bank of Commerce		28.60%42.31%49.56%23.83%-20.89%47.75%13.88%18.19%-8.64%22.50%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.85%31.00%22.16%12.29%-5.76%25.65%4.83%22.09%-9.09%8.44%

Correlation

The correlation between CM.TO and VCN.TO is 0.55, 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

0.55

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

0.61

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

0.64

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

0.62

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.57

The correlation between CM.TO and VCN.TO has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Canadian Imperial Bank of Commerce

Vanguard FTSE Canada All Cap Index ETF

Often compared with CM.TO:
CM.TO vs. RY.TOCM.TO vs. BMO.TOCM.TO vs. BNS.TOCM.TO vs. CMCM.TO vs. TD.TOCM.TO vs. EQB.TOCM.TO vs. NA.TO
Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO

Return for Risk

CM.TO vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CM.TO
CM.TO Risk / Return Rank: 9898
Overall Rank
CM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CM.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CM.TO Omega Ratio Rank: 9898
Omega Ratio Rank
CM.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
CM.TO Martin Ratio Rank: 9898
Martin Ratio Rank
VCN.TO
VCN.TO Risk / Return Rank: 8686
Overall Rank
VCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VCN.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.

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

This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM.TO) 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.

CM.TOVCN.TODifference
Sharpe ratioReturn per unit of total volatility
4.40
2.59

+1.81

Sortino ratioReturn per unit of downside risk
5.26
3.35

+1.91

Omega ratioGain probability vs. loss probability

1.75

1.47

+0.28

Calmar ratioReturn relative to maximum drawdown

8.50

3.68

+4.82

Martin ratioReturn relative to average drawdown

31.13

16.98

+14.15

CM.TO vs. VCN.TO - Sharpe Ratio Comparison

The current CM.TO Sharpe Ratio is 4.40, which is higher than the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of CM.TO 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.

Loading charts...

Drawdowns

CM.TO vs. VCN.TO - Drawdown Comparison

The maximum CM.TO drawdown since its inception was -58.49%, which is greater than VCN.TO's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for CM.TO and VCN.TO.

Loading charts...

Drawdown Indicators

CM.TOVCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-58.49%

-37.32%

-21.17%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-9.11%

0.00%

Max Drawdown (3Y)

Largest decline over 3 years

-16.57%

-12.24%

-4.33%

Max Drawdown (5Y)

Largest decline over 5 years

-35.43%

-16.12%

-19.31%

Max Drawdown (10Y)

Largest decline over 10 years

-40.02%

-37.32%

-2.70%

Current Drawdown

Current decline from peak

-1.28%

-0.85%

-0.43%

Average Drawdown

Average peak-to-trough decline

-9.29%

-3.89%

-5.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.48%

1.97%

+0.51%

Volatility

CM.TO vs. VCN.TO - Volatility Comparison

Canadian Imperial Bank of Commerce (CM.TO) has a higher volatility of 7.93% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.44%. This indicates that CM.TO'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.

Loading charts...

Volatility by Period

CM.TOVCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.93%

4.44%

+3.49%

Volatility (6M)

Calculated over the trailing 6-month period

14.93%

10.63%

+4.30%

Volatility (1Y)

Calculated over the trailing 1-year period

17.59%

12.94%

+4.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

13.10%

+5.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.92%

14.99%

+4.93%

Dividends

CM.TO vs. VCN.TO - Dividend Comparison

CM.TO's dividend yield for the trailing twelve months is around 2.57%, more than VCN.TO's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
CM.TO
Canadian Imperial Bank of Commerce		2.57%3.20%4.04%5.47%7.52%8.13%10.74%10.51%10.58%8.39%8.84%9.69%
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

CM.TO and VCN.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Portfolio Optimizer

Find the right allocation for CM.TO and VCN.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer