FIE.TO vs. VRIF.TO
FIE.TO (iShares Canadian Financial Monthly Income ETF) and VRIF.TO (Vanguard Retirement Income ETF Portfolio) are both exchange-traded funds - FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD, while VRIF.TO is a Diversified Portfolio fund actively managed by Vanguard. FIE.TO is passively managed, while VRIF.TO is actively managed. Over the past 5 years, FIE.TO returned 12.62%/yr vs 4.60%/yr for VRIF.TO. A 0.60 correlation means they provide meaningful diversification when combined. FIE.TO charges 0.85%/yr vs 0.29%/yr for VRIF.TO.
Performance
FIE.TO vs. VRIF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FIE.TO achieves a 12.21% return, which is significantly higher than VRIF.TO's 4.98% return.
FIE.TO
- 1D
- 0.64%
- 1M
- 5.26%
- YTD
- 12.21%
- 6M
- 10.27%
- 1Y
- 31.71%
- 3Y*
- 24.56%
- 5Y*
- 12.62%
- 10Y*
- 11.99%
VRIF.TO
- 1D
- 0.37%
- 1M
- 2.46%
- YTD
- 4.98%
- 6M
- 5.47%
- 1Y
- 12.45%
- 3Y*
- 9.77%
- 5Y*
- 4.60%
- 10Y*
- —
FIE.TO vs. VRIF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 12.21% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 11.06% |
VRIF.TO Vanguard Retirement Income ETF Portfolio | 4.98% | 10.60% | 8.42% | 8.96% | -11.50% | 7.44% | 5.09% |
Correlation
The correlation between FIE.TO and VRIF.TO is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2020 | 0.60 |
The correlation between FIE.TO and VRIF.TO has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.
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Return for Risk
FIE.TO vs. VRIF.TO — Risk / Return Rank
FIE.TO
VRIF.TO
FIE.TO vs. VRIF.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 Retirement Income ETF Portfolio (VRIF.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.
| FIE.TO | VRIF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.41 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 2.60 | +1.72 |
| Martin ratioReturn relative to average drawdown | 14.05 | 10.71 | +3.34 |
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Drawdowns
FIE.TO vs. VRIF.TO - Drawdown Comparison
The maximum FIE.TO drawdown since its inception was -42.24%, which is greater than VRIF.TO's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for FIE.TO and VRIF.TO.
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Drawdown Indicators
| FIE.TO | VRIF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.24% | -16.19% | -26.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -4.57% | -2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -10.70% | -5.01% | -5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -16.19% | -6.74% |
Max Drawdown (10Y)Largest decline over 10 years | -42.24% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.15% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -3.86% | -1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.11% | +1.10% |
Volatility
FIE.TO vs. VRIF.TO - Volatility Comparison
iShares Canadian Financial Monthly Income ETF (FIE.TO) has a higher volatility of 2.93% compared to Vanguard Retirement Income ETF Portfolio (VRIF.TO) at 2.42%. This indicates that FIE.TO's price experiences larger fluctuations and is considered to be riskier than VRIF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIE.TO | VRIF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.93% | 2.42% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 4.82% | +3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.04% | 5.59% | +3.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 6.26% | +4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 6.27% | +7.81% |
FIE.TO vs. VRIF.TO - Expense Ratio Comparison
FIE.TO has a 0.85% expense ratio, which is higher than VRIF.TO's 0.29% expense ratio.
Dividends
FIE.TO vs. VRIF.TO - Dividend Comparison
FIE.TO's dividend yield for the trailing twelve months is around 4.44%, more than VRIF.TO's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.44% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
VRIF.TO Vanguard Retirement Income ETF Portfolio | 3.73% | 3.77% | 3.94% | 4.32% | 4.72% | 3.86% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIE.TO and VRIF.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VRIF.TO is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VRIF.TO is cheaper with a 0.29% expense ratio, compared with 0.85% for FIE.TO.
FIE.TO is categorized as Canada Equities, while VRIF.TO is Diversified Portfolio. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.85% for FIE.TO and 0.29% for VRIF.TO.
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