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

EIRL vs. VCE.TO

Last updated Jun 13, 2026

EIRL (iShares MSCI Ireland ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both exchange-traded funds - EIRL is a Europe Equities fund tracking the MSCI Ireland Investable Market 25/50 Index, while VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, EIRL returned 9.18%/yr vs 12.06%/yr for VCE.TO. At a 0.47 correlation, their price movements are largely independent. EIRL charges 0.49%/yr vs 0.06%/yr for VCE.TO.

Performance

EIRL vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Ireland ETF (EIRL) and Vanguard FTSE Canada Index ETF (VCE.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

EIRL is traded in USD, while VCE.TO is traded in CAD. To make them comparable, the VCE.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EIRL achieves a 6.90% return, which is significantly lower than VCE.TO's 8.60% return. Over the past 10 years, EIRL has underperformed VCE.TO with an annualized return of 9.18%, while VCE.TO has yielded a comparatively higher 12.06% annualized return.

EIRL

1D
0.50%
1M
6.93%
YTD
6.90%
6M
7.46%
1Y
20.32%
3Y*
13.90%
5Y*
7.25%
10Y*
9.18%

VCE.TO

1D
0.42%
1M
1.56%
YTD
8.60%
6M
8.05%
1Y
26.56%
3Y*
20.80%
5Y*
11.31%
10Y*
12.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EIRL vs. VCE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EIRL
iShares MSCI Ireland ETF		6.90%28.82%-1.64%35.13%-18.83%13.72%9.63%28.15%-21.92%29.82%
VCE.TO
Vanguard FTSE Canada Index ETF		8.71%32.50%12.02%15.07%-10.80%28.69%6.71%28.35%-14.97%16.75%

Correlation

The correlation between EIRL and VCE.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

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

0.53

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

0.56

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

0.51

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

0.47

The correlation between EIRL and VCE.TO has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

EIRL vs. VCE.TO - Sectors Allocation Comparison

Sectors
EIRL
VCE.TO

Financial Services

34.0%
37.4%

Industrials

24.8%
10.6%

Consumer Defensive

14.6%
2.9%

Healthcare

10.2%

-

Consumer Cyclical

8.8%
3.4%

Energy

4.8%
18.4%

Real Estate

2.1%
0.2%

Basic Materials

0.5%
15.4%

Technology

0.3%
8.2%

Communication Services

-

1.5%

Utilities

-

1.9%

Financial Services

EIRL
34.0%
VCE.TO
37.4%

Industrials

EIRL
24.8%
VCE.TO
10.6%

Consumer Defensive

EIRL
14.6%
VCE.TO
2.9%

Healthcare

EIRL
10.2%
VCE.TO

-

Consumer Cyclical

EIRL
8.8%
VCE.TO
3.4%

Energy

EIRL
4.8%
VCE.TO
18.4%

Real Estate

EIRL
2.1%
VCE.TO
0.2%

Basic Materials

EIRL
0.5%
VCE.TO
15.4%

Technology

EIRL
0.3%
VCE.TO
8.2%

Communication Services

EIRL

-

VCE.TO
1.5%

Utilities

EIRL

-

VCE.TO
1.9%

Compare stocks, funds, or ETFs

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

iShares MSCI Ireland ETF

Vanguard FTSE Canada Index ETF

Often compared with EIRL:
EIRL vs. EPOLEIRL vs. EWQEIRL vs. EUFNEIRL vs. EWIEIRL vs. EWPEIRL vs. ENZLEIRL vs. EWZS
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

EIRL vs. VCE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EIRL
EIRL Risk / Return Rank: 3232
Overall Rank
EIRL Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
EIRL Sortino Ratio Rank: 3232
Sortino Ratio Rank
EIRL Omega Ratio Rank: 3232
Omega Ratio Rank
EIRL Calmar Ratio Rank: 2929
Calmar Ratio Rank
EIRL Martin Ratio Rank: 3232
Martin Ratio Rank
VCE.TO
VCE.TO Risk / Return Rank: 8383
Overall Rank
VCE.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VCE.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
VCE.TO Omega Ratio Rank: 8282
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Ireland ETF (EIRL) 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.

EIRLVCE.TODifference
Sharpe ratioReturn per unit of total volatility
1.01
1.98

-0.97

Sortino ratioReturn per unit of downside risk
1.56
2.67

-1.11

Omega ratioGain probability vs. loss probability

1.19

1.35

-0.16

Calmar ratioReturn relative to maximum drawdown

1.29

3.12

-1.83

Martin ratioReturn relative to average drawdown

4.25

13.35

-9.10

EIRL vs. VCE.TO - Sharpe Ratio Comparison

The current EIRL Sharpe Ratio is 1.01, which is lower than the VCE.TO Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EIRL 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

EIRL vs. VCE.TO - Drawdown Comparison

The maximum EIRL drawdown since its inception was -46.48%, which is greater than VCE.TO's maximum drawdown of -41.42%. Use the drawdown chart below to compare losses from any high point for EIRL and VCE.TO.

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Drawdown Indicators

EIRLVCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-46.48%

-41.42%

-5.06%

Max Drawdown (1Y)

Largest decline over 1 year

-14.28%

-8.54%

-5.74%

Max Drawdown (3Y)

Largest decline over 3 years

-23.04%

-12.60%

-10.44%

Max Drawdown (5Y)

Largest decline over 5 years

-40.14%

-23.74%

-16.40%

Max Drawdown (10Y)

Largest decline over 10 years

-46.48%

-41.42%

-5.06%

Current Drawdown

Current decline from peak

0.00%

-1.21%

+1.21%

Average Drawdown

Average peak-to-trough decline

-9.09%

-7.42%

-1.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.35%

1.99%

+2.36%

Volatility

EIRL vs. VCE.TO - Volatility Comparison

iShares MSCI Ireland ETF (EIRL) has a higher volatility of 4.78% compared to Vanguard FTSE Canada Index ETF (VCE.TO) at 4.26%. This indicates that EIRL's price experiences larger fluctuations and is considered to be riskier 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

EIRLVCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.78%

4.26%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

15.05%

10.76%

+4.29%

Volatility (1Y)

Calculated over the trailing 1-year period

18.21%

13.45%

+4.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.19%

14.51%

+6.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.74%

16.48%

+5.26%

EIRL vs. VCE.TO - Expense Ratio Comparison

EIRL has a 0.49% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

EIRL vs. VCE.TO - Dividend Comparison

EIRL's dividend yield for the trailing twelve months is around 2.53%, more than VCE.TO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
EIRL
iShares MSCI Ireland ETF		2.53%2.71%2.56%1.00%1.13%0.82%0.50%2.11%1.52%1.44%1.34%1.70%
VCE.TO
Vanguard FTSE Canada Index ETF		2.17%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

EIRL and VCE.TO have a correlation of 0.47, 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 0.49% for EIRL.

EIRL is categorized as Europe Equities, while VCE.TO is Canada Equities. EIRL tracks MSCI Ireland Investable Market 25/50 Index, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.49% for EIRL and 0.06% for VCE.TO.

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