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CM.TO vs. VDY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CM.TO vs. VDY.TO

Last updated Jun 13, 2026

CM.TO (Canadian Imperial Bank of Commerce) is a stock, while VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) is Dividend fund tracking the FTSE Canada High Dividend Yield Index. Over the past 10 years, CM.TO returned 21.34%/yr vs 14.58%/yr for VDY.TO. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

CM.TO vs. VDY.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 Canadian High Dividend Yield Index ETF (VDY.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, CM.TO achieves a 28.60% return, which is significantly higher than VDY.TO's 23.81% return. Over the past 10 years, CM.TO has outperformed VDY.TO with an annualized return of 21.34%, while VDY.TO has yielded a comparatively lower 14.58% 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%

VDY.TO

1D
0.65%
1M
5.11%
YTD
23.81%
6M
23.43%
1Y
49.57%
3Y*
27.42%
5Y*
17.91%
10Y*
14.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CM.TO vs. VDY.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%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		23.81%29.21%21.44%8.41%-0.23%36.60%-1.37%21.42%-10.09%8.32%

Correlation

The correlation between CM.TO and VDY.TO is 0.61, 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

0.61

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

0.64

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

0.71

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

0.71

Correlation (All Time)
Calculated using the full available price history since Nov 8, 2012

0.71

The correlation between CM.TO and VDY.TO shifts across timeframes, from 0.61 (1 year) to 0.71 (10 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Canadian Imperial Bank of Commerce

Vanguard FTSE Canadian High Dividend Yield 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 VDY.TO:
VDY.TO vs. XEI.TOVDY.TO vs. XDIV.TOVDY.TO vs. VCN.TOVDY.TO vs. SCHDVDY.TO vs. XIC.TOVDY.TO vs. VCE.TOVDY.TO vs. ZDV.TO

Return for Risk

CM.TO vs. VDY.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
VDY.TO
VDY.TO Risk / Return Rank: 9898
Overall Rank
VDY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
VDY.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
VDY.TO Omega Ratio Rank: 9898
Omega Ratio Rank
VDY.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
VDY.TO Martin Ratio Rank: 9898
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. VDY.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 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.

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.TOVDY.TODifference
Sharpe ratioReturn per unit of total volatility
4.40
5.98

-1.59

Sortino ratioReturn per unit of downside risk
5.26
8.59

-3.33

Omega ratioGain probability vs. loss probability

1.75

2.21

-0.46

Calmar ratioReturn relative to maximum drawdown

8.50

15.94

-7.45

Martin ratioReturn relative to average drawdown

31.13

64.95

-33.82

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

The current CM.TO Sharpe Ratio is 4.40, which is comparable to the VDY.TO Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of CM.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.

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Drawdowns

CM.TO vs. VDY.TO - Drawdown Comparison

The maximum CM.TO drawdown since its inception was -58.49%, 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 CM.TO and VDY.TO.

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Drawdown Indicators

CM.TOVDY.TODifference

Max Drawdown

Largest peak-to-trough decline

-58.49%

-39.21%

-19.28%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-3.12%

-5.99%

Max Drawdown (3Y)

Largest decline over 3 years

-16.57%

-10.38%

-6.19%

Max Drawdown (5Y)

Largest decline over 5 years

-35.43%

-16.17%

-19.26%

Max Drawdown (10Y)

Largest decline over 10 years

-40.02%

-39.21%

-0.81%

Current Drawdown

Current decline from peak

-1.28%

0.00%

-1.28%

Average Drawdown

Average peak-to-trough decline

-9.29%

-4.47%

-4.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.48%

0.76%

+1.72%

Volatility

CM.TO vs. VDY.TO - Volatility Comparison

Canadian Imperial Bank of Commerce (CM.TO) has a higher volatility of 7.93% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.27%. This indicates that CM.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.

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Volatility by Period

CM.TOVDY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.93%

3.27%

+4.66%

Volatility (6M)

Calculated over the trailing 6-month period

14.93%

6.96%

+7.97%

Volatility (1Y)

Calculated over the trailing 1-year period

17.59%

8.32%

+9.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

11.58%

+6.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.92%

15.95%

+3.97%

Dividends

CM.TO vs. VDY.TO - Dividend Comparison

CM.TO's dividend yield for the trailing twelve months is around 2.57%, less than VDY.TO's 2.83% 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%
VDY.TO
Vanguard FTSE Canadian High Dividend Yield Index ETF		2.83%3.59%4.37%4.64%4.42%3.46%4.59%4.25%4.44%3.42%3.25%4.11%

Frequently Asked Questions

CM.TO and VDY.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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