FIE.TO vs. VCE.TO

Last updated Jun 4, 2026

FIE.TO (iShares Canadian Financial Monthly Income ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds - FIE.TO tracks the Morningstar Can Equity Tgt Alloc NR CAD while VCE.TO tracks the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, FIE.TO returned 11.90%/yr vs 12.58%/yr for VCE.TO. A 0.78 correlation means they provide meaningful diversification when combined. FIE.TO charges 0.85%/yr vs 0.06%/yr for VCE.TO.

Performance

FIE.TO vs. VCE.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, FIE.TO achieves a 8.54% return, which is significantly lower than VCE.TO's 10.03% return. Over the past 10 years, FIE.TO has underperformed VCE.TO with an annualized return of 11.90%, while VCE.TO has yielded a comparatively higher 12.58% annualized return.

FIE.TO

• 1D: -0.37%
• 1M: 2.99%
• YTD: 8.54%
• 6M: 12.57%
• 1Y: 31.11%
• 3Y*: 24.63%
• 5Y*: 12.71%
• 10Y*: 11.90%

VCE.TO

• 1D: -0.96%
• 1M: 3.36%
• YTD: 10.03%
• 6M: 10.19%
• 1Y: 28.98%
• 3Y*: 22.22%
• 5Y*: 14.43%
• 10Y*: 12.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIE.TO vs. VCE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIE.TO iShares Canadian Financial Monthly Income ETF	8.54%	28.28%	27.54%	12.58%	-14.35%	29.02%	1.33%	18.97%	-9.12%	12.01%
VCE.TO Vanguard FTSE Canada Index ETF	10.03%	26.39%	21.43%	12.26%	-5.20%	28.59%	4.09%	22.99%	-7.86%	8.79%

Correlation

The correlation between FIE.TO and VCE.TO is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011	0.78

The correlation between FIE.TO and VCE.TO has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

FIE.TO vs. VCE.TO - Sectors Allocation Comparison

Sectors	FIE.TO	VCE.TO
Financial Services	94.1%	37.4%
Real Estate	5.9%	0.2%
Basic Materials	-	15.4%
Communication Services	-	1.5%
Consumer Cyclical	-	3.4%
Consumer Defensive	-	2.9%
Energy	-	18.4%
Healthcare	-	-
Industrials	-	10.6%
Technology	-	8.2%
Utilities	-	1.9%

Return for Risk

FIE.TO vs. VCE.TO — Risk / Return Rank

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

FIE.TO

FIE.TO Risk / Return Rank: 93
FIE.TO Sharpe Ratio Rank: 94
FIE.TO Sortino Ratio Rank: 96
FIE.TO Omega Ratio Rank: 94
FIE.TO Calmar Ratio Rank: 89
FIE.TO Martin Ratio Rank: 91

VCE.TO

VCE.TO Risk / Return Rank: 72
VCE.TO Sharpe Ratio Rank: 70
VCE.TO Sortino Ratio Rank: 67
VCE.TO Omega Ratio Rank: 69
VCE.TO Calmar Ratio Rank: 71
VCE.TO Martin Ratio Rank: 82

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Financial Monthly Income ETF (FIE.TO) 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.

	FIE.TO	VCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.73	2.37	+1.37
Sortino ratio: Return per unit of downside risk	5.46	3.16	+2.30
Omega ratio: Gain probability vs. loss probability	1.71	1.42	+0.28
Calmar ratio: Return relative to maximum drawdown	5.48	3.60	+1.88
Martin ratio: Return relative to average drawdown	22.60	16.77	+5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIE.TO vs. VCE.TO - Sharpe Ratio Comparison

The current FIE.TO Sharpe Ratio is 3.73, which is higher than the VCE.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of FIE.TO 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.

Sharpe Ratios by Period

	FIE.TO	VCE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.73	2.37	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	1.14	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.84	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.77	-0.02

Drawdowns

FIE.TO vs. VCE.TO - Drawdown Comparison

The maximum FIE.TO drawdown since its inception was -42.24%, which is greater than VCE.TO's maximum drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for FIE.TO and VCE.TO.

Drawdown Indicators

	FIE.TO	VCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-42.24%	-35.92%	-6.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-8.09%	+2.39%
Max Drawdown (3Y) Largest decline over 3 years	-10.70%	-12.16%	+1.46%
Max Drawdown (5Y) Largest decline over 5 years	-22.93%	-15.90%	-7.03%
Max Drawdown (10Y) Largest decline over 10 years	-42.24%	-35.92%	-6.32%
Current Drawdown Current decline from peak	-1.30%	-0.96%	-0.34%
Average Drawdown Average peak-to-trough decline	-4.87%	-3.73%	-1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.73%	-0.35%

Volatility

FIE.TO vs. VCE.TO - Volatility Comparison

The current volatility for iShares Canadian Financial Monthly Income ETF (FIE.TO) is 2.87%, while Vanguard FTSE Canada Index ETF (VCE.TO) has a volatility of 3.47%. This indicates that FIE.TO 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

	FIE.TO	VCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.47%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	7.16%	10.00%	-2.84%
Volatility (1Y) Calculated over the trailing 1-year period	8.37%	12.30%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	12.78%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	14.99%	-0.95%

FIE.TO vs. VCE.TO - Expense Ratio Comparison

FIE.TO has a 0.85% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

FIE.TO vs. VCE.TO - Dividend Comparison

FIE.TO's dividend yield for the trailing twelve months is around 4.52%, more than VCE.TO's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIE.TO iShares Canadian Financial Monthly Income ETF	4.52%	4.81%	5.84%	6.98%	7.31%	5.85%	7.10%	6.65%	7.38%	6.28%	6.59%	7.43%
VCE.TO Vanguard FTSE Canada Index ETF	2.17%	2.42%	2.84%	3.16%	3.21%	2.61%	2.93%	3.01%	3.21%	2.57%	2.64%	2.98%

Frequently Asked Questions

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

FIE.TO and VCE.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FIE.TO 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, FIE.TO or VCE.TO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.85% for FIE.TO.

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

FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.85% for FIE.TO and 0.06% for VCE.TO.