HEQT.TO vs. VCN.TO

Last updated Jun 13, 2026

HEQT.TO (Horizons All-Equity Asset Allocation ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - HEQT.TO is a Global Equities fund actively managed by Horizons, while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. HEQT.TO is actively managed, while VCN.TO is passively managed. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 14.96%/yr for VCN.TO. A 0.75 correlation means they provide meaningful diversification when combined. HEQT.TO charges 0.20%/yr vs 0.06%/yr for VCN.TO.

Performance

HEQT.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons All-Equity Asset Allocation ETF (HEQT.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQT.TO achieves a 13.37% return, which is significantly higher than VCN.TO's 10.85% return.

HEQT.TO

• 1D: 0.59%
• 1M: 2.47%
• YTD: 13.37%
• 6M: 13.85%
• 1Y: 32.15%
• 3Y*: 21.39%
• 5Y*: 12.70%
• 10Y*: —

VCN.TO

• 1D: 0.72%
• 1M: 2.14%
• YTD: 10.85%
• 6M: 11.65%
• 1Y: 33.96%
• 3Y*: 23.86%
• 5Y*: 14.96%
• 10Y*: 12.80%

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

HEQT.TO vs. VCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HEQT.TO Horizons All-Equity Asset Allocation ETF	13.37%	19.82%	23.83%	22.29%	-18.95%	22.54%	16.34%	7.44%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.85%	31.00%	22.16%	12.29%	-5.76%	25.65%	4.83%	2.27%

Correlation

The correlation between HEQT.TO and VCN.TO is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019	0.75

The correlation between HEQT.TO and VCN.TO has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

HEQT.TO vs. VCN.TO — Risk / Return Rank

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

HEQT.TO

HEQT.TO Risk / Return Rank: 84
HEQT.TO Sharpe Ratio Rank: 86
HEQT.TO Sortino Ratio Rank: 85
HEQT.TO Omega Ratio Rank: 86
HEQT.TO Calmar Ratio Rank: 79
HEQT.TO Martin Ratio Rank: 86

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.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.

HEQT.TO vs. VCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons All-Equity Asset Allocation ETF (HEQT.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.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.

	HEQT.TO	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.59	-0.16
Sortino ratio: Return per unit of downside risk	3.34	3.35	0.00
Omega ratio: Gain probability vs. loss probability	1.45	1.47	-0.01
Calmar ratio: Return relative to maximum drawdown	3.60	3.68	-0.08
Martin ratio: Return relative to average drawdown	15.68	16.98	-1.30

HEQT.TO vs. VCN.TO - Sharpe Ratio Comparison

The current HEQT.TO Sharpe Ratio is 2.43, which is comparable to the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of HEQT.TO and VCN.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

HEQT.TO vs. VCN.TO - Drawdown Comparison

The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and VCN.TO.

Drawdown Indicators

	HEQT.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.82%	-37.32%	+5.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.49%	-9.11%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-12.24%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.89%	-16.12%	-8.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-0.75%	-0.85%	+0.10%
Average Drawdown Average peak-to-trough decline	-5.17%	-3.89%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.97%	-0.02%

Volatility

HEQT.TO vs. VCN.TO - Volatility Comparison

Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 4.92% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.44%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQT.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	4.44%	+0.48%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	10.63%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	12.94%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	13.10%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	14.99%	+1.91%

HEQT.TO vs. VCN.TO - Expense Ratio Comparison

HEQT.TO has a 0.20% expense ratio, which is higher than VCN.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HEQT.TO vs. VCN.TO - Dividend Comparison

HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, less than VCN.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEQT.TO Horizons All-Equity Asset Allocation ETF	1.62%	1.70%	1.67%	0.84%	0.03%	0.02%	1.40%	0.22%	0.00%	0.00%	0.00%	0.00%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%

Frequently Asked Questions

Can I hold both HEQT.TO and VCN.TO in my portfolio?

HEQT.TO and VCN.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEQT.TO or VCN.TO?

On fees, VCN.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, HEQT.TO or VCN.TO?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.20% for HEQT.TO.

What is the main difference between HEQT.TO and VCN.TO?

HEQT.TO is categorized as Global Equities, while VCN.TO is Canada Equities. They also come from different issuers: Horizons and Vanguard. Their fees differ too: 0.20% for HEQT.TO and 0.06% for VCN.TO.