EWM vs. VCE.TO

Last updated Jun 13, 2026

EWM (iShares MSCI Malaysia ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both exchange-traded funds - EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index, while VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, EWM returned 2.79%/yr vs 12.06%/yr for VCE.TO. At a 0.40 correlation, their price movements are largely independent. EWM charges 0.49%/yr vs 0.06%/yr for VCE.TO.

Performance

EWM vs. VCE.TO - Performance Comparison

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

Different Trading Currencies

EWM 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, EWM achieves a 2.89% return, which is significantly lower than VCE.TO's 8.60% return. Over the past 10 years, EWM has underperformed VCE.TO with an annualized return of 2.79%, while VCE.TO has yielded a comparatively higher 12.06% annualized return.

EWM

• 1D: 0.25%
• 1M: -6.82%
• YTD: 2.89%
• 6M: 6.00%
• 1Y: 20.41%
• 3Y*: 14.97%
• 5Y*: 4.69%
• 10Y*: 2.79%

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)

EWM vs. VCE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWM iShares MSCI Malaysia ETF	2.89%	15.74%	19.46%	-3.61%	-6.00%	-7.40%	3.12%	-1.41%	-6.28%	24.25%
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 EWM and VCE.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011	0.40

EWM vs. VCE.TO - Sectors Allocation Comparison

Sectors	EWM	VCE.TO
Financial Services	46.6%	37.4%
Industrials	11.1%	10.6%
Utilities	10.8%	1.9%
Basic Materials	8.9%	15.4%
Consumer Defensive	7.3%	2.9%
Communication Services	6.6%	1.5%
Energy	3.9%	18.4%
Healthcare	3.8%	-
Consumer Cyclical	1.1%	3.4%
Real Estate	-	0.2%
Technology	-	8.2%

Return for Risk

EWM vs. VCE.TO — Risk / Return Rank

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

EWM

EWM Risk / Return Rank: 44
EWM Sharpe Ratio Rank: 44
EWM Sortino Ratio Rank: 43
EWM Omega Ratio Rank: 41
EWM Calmar Ratio Rank: 48
EWM Martin Ratio Rank: 46

VCE.TO

VCE.TO Risk / Return Rank: 83
VCE.TO Sharpe Ratio Rank: 85
VCE.TO Sortino Ratio Rank: 81
VCE.TO Omega Ratio Rank: 82
VCE.TO Calmar Ratio Rank: 80
VCE.TO Martin Ratio Rank: 88

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.

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

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

	EWM	VCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.98	-0.63
Sortino ratio: Return per unit of downside risk	1.92	2.67	-0.75
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	2.09	3.12	-1.03
Martin ratio: Return relative to average drawdown	6.65	13.35	-6.70

EWM vs. VCE.TO - Sharpe Ratio Comparison

The current EWM Sharpe Ratio is 1.36, which is lower than the VCE.TO Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of EWM 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.

Drawdowns

EWM vs. VCE.TO - Drawdown Comparison

The maximum EWM drawdown since its inception was -89.19%, 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 EWM and VCE.TO.

Drawdown Indicators

	EWM	VCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-89.19%	-41.42%	-47.77%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-8.54%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-21.31%	-12.60%	-8.71%
Max Drawdown (5Y) Largest decline over 5 years	-22.76%	-23.74%	+0.98%
Max Drawdown (10Y) Largest decline over 10 years	-43.81%	-41.42%	-2.39%
Current Drawdown Current decline from peak	-9.08%	-1.21%	-7.87%
Average Drawdown Average peak-to-trough decline	-31.80%	-7.42%	-24.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.99%	+0.88%

Volatility

EWM vs. VCE.TO - Volatility Comparison

The current volatility for iShares MSCI Malaysia ETF (EWM) is 3.97%, while Vanguard FTSE Canada Index ETF (VCE.TO) has a volatility of 4.26%. This indicates that EWM experiences smaller price fluctuations and is considered to be less risky than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWM	VCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	4.26%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	10.76%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	13.45%	+0.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	14.51%	-0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	16.48%	-0.21%

EWM vs. VCE.TO - Expense Ratio Comparison

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

Dividends

EWM vs. VCE.TO - Dividend Comparison

EWM's dividend yield for the trailing twelve months is around 3.32%, more than VCE.TO's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWM iShares MSCI Malaysia ETF	3.32%	3.41%	3.32%	3.47%	3.00%	6.48%	1.89%	2.91%	3.84%	5.58%	5.97%	37.54%
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

Can I hold both EWM and VCE.TO in my portfolio?

EWM and VCE.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EWM or VCE.TO?

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.

Which ETF is cheaper, EWM or VCE.TO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.49% for EWM.

What is the main difference between EWM and VCE.TO?

EWM is categorized as Asia Pacific Equities, while VCE.TO is Canada Equities. EWM tracks MSCI Malaysia 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 EWM and 0.06% for VCE.TO.