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

EWA vs. VCE.TO

Last updated Jun 13, 2026

EWA (iShares MSCI-Australia ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both exchange-traded funds - EWA is a Asia Pacific Equities fund tracking the MSCI Australia Index, while VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, EWA returned 8.75%/yr vs 12.06%/yr for VCE.TO. A 0.52 correlation means they provide meaningful diversification when combined. EWA charges 0.50%/yr vs 0.06%/yr for VCE.TO.

Performance

EWA vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI-Australia ETF (EWA) 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

EWA 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, EWA achieves a 11.57% return, which is significantly higher than VCE.TO's 8.60% return. Over the past 10 years, EWA has underperformed VCE.TO with an annualized return of 8.75%, while VCE.TO has yielded a comparatively higher 12.06% annualized return.

EWA

1D
0.90%
1M
-0.20%
YTD
11.57%
6M
12.06%
1Y
14.64%
3Y*
11.97%
5Y*
5.57%
10Y*
8.75%

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)

EWA vs. VCE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWA
iShares MSCI-Australia ETF		11.57%13.35%1.60%13.81%-5.92%8.93%8.29%22.45%-12.04%19.88%
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 EWA and VCE.TO is 0.57, 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

0.57

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

0.59

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

0.61

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

0.55

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

0.52

The correlation between EWA and VCE.TO has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

EWA vs. VCE.TO - Sectors Allocation Comparison

Sectors
EWA
VCE.TO

Financial Services

43.6%
37.4%

Basic Materials

23.0%
15.4%

Consumer Cyclical

6.1%
3.4%

Real Estate

5.0%
0.2%

Healthcare

4.9%

-

Energy

4.5%
18.4%

Industrials

4.5%
10.6%

Consumer Defensive

3.6%
2.9%

Communication Services

2.0%
1.5%

Utilities

1.7%
1.9%

Technology

1.1%
8.2%

Financial Services

EWA
43.6%
VCE.TO
37.4%

Basic Materials

EWA
23.0%
VCE.TO
15.4%

Consumer Cyclical

EWA
6.1%
VCE.TO
3.4%

Real Estate

EWA
5.0%
VCE.TO
0.2%

Healthcare

EWA
4.9%
VCE.TO

-

Energy

EWA
4.5%
VCE.TO
18.4%

Industrials

EWA
4.5%
VCE.TO
10.6%

Consumer Defensive

EWA
3.6%
VCE.TO
2.9%

Communication Services

EWA
2.0%
VCE.TO
1.5%

Utilities

EWA
1.7%
VCE.TO
1.9%

Technology

EWA
1.1%
VCE.TO
8.2%

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-Australia ETF

Vanguard FTSE Canada Index ETF

Often compared with EWA:
EWA vs. EWCEWA vs. FLAUEWA vs. EWJEWA vs. EWOEWA vs. ^N225EWA vs. VOOEWA vs. SPY
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

EWA vs. VCE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EWA
EWA Risk / Return Rank: 2626
Overall Rank
EWA Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
EWA Sortino Ratio Rank: 2424
Sortino Ratio Rank
EWA Omega Ratio Rank: 2323
Omega Ratio Rank
EWA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EWA Martin Ratio Rank: 2929
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.

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

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

EWAVCE.TODifference
Sharpe ratioReturn per unit of total volatility
0.77
1.98

-1.22

Sortino ratioReturn per unit of downside risk
1.15
2.67

-1.52

Omega ratioGain probability vs. loss probability

1.14

1.35

-0.21

Calmar ratioReturn relative to maximum drawdown

1.33

3.12

-1.79

Martin ratioReturn relative to average drawdown

3.68

13.35

-9.67

EWA vs. VCE.TO - Sharpe Ratio Comparison

The current EWA Sharpe Ratio is 0.77, which is lower than the VCE.TO Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EWA 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

EWA vs. VCE.TO - Drawdown Comparison

The maximum EWA drawdown since its inception was -66.98%, 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 EWA and VCE.TO.

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Drawdown Indicators

EWAVCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-66.98%

-41.42%

-25.56%

Max Drawdown (1Y)

Largest decline over 1 year

-10.01%

-8.54%

-1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-21.91%

-12.60%

-9.31%

Max Drawdown (5Y)

Largest decline over 5 years

-24.87%

-23.74%

-1.13%

Max Drawdown (10Y)

Largest decline over 10 years

-45.54%

-41.42%

-4.12%

Current Drawdown

Current decline from peak

-3.44%

-1.21%

-2.23%

Average Drawdown

Average peak-to-trough decline

-11.32%

-7.42%

-3.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.62%

1.99%

+1.63%

Volatility

EWA vs. VCE.TO - Volatility Comparison

iShares MSCI-Australia ETF (EWA) has a higher volatility of 5.80% compared to Vanguard FTSE Canada Index ETF (VCE.TO) at 4.26%. This indicates that EWA'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

EWAVCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.80%

4.26%

+1.54%

Volatility (6M)

Calculated over the trailing 6-month period

14.62%

10.76%

+3.86%

Volatility (1Y)

Calculated over the trailing 1-year period

17.40%

13.45%

+3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.80%

14.51%

+5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.62%

16.48%

+6.14%

EWA vs. VCE.TO - Expense Ratio Comparison

EWA has a 0.50% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

EWA vs. VCE.TO - Dividend Comparison

EWA's dividend yield for the trailing twelve months is around 2.88%, more than VCE.TO's 2.17% yield.

PositionTTM20252024202320222021202020192018201720162015
EWA
iShares MSCI-Australia ETF		2.88%3.21%3.71%3.72%5.28%5.08%2.02%3.97%6.11%4.44%4.03%5.48%
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

EWA and VCE.TO have a correlation of 0.57, 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 0.50% for EWA.

EWA is categorized as Asia Pacific Equities, while VCE.TO is Canada Equities. EWA tracks MSCI Australia Index, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.50% for EWA and 0.06% for VCE.TO.

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