HEQT.TO vs. VVL.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and VVL.TO (Vanguard Global Value Factor ETF CAD) are both Global Equities funds. Both are actively managed. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 15.00%/yr for VVL.TO. A 0.65 correlation means they provide meaningful diversification when combined. HEQT.TO charges 0.20%/yr vs 0.38%/yr for VVL.TO.
Performance
HEQT.TO vs. VVL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HEQT.TO achieves a 15.01% return, which is significantly lower than VVL.TO's 16.79% return.
HEQT.TO
- 1D
- 0.08%
- 1M
- 0.06%
- 6M
- 10.97%
- YTD
- 15.01%
- 1Y
- 28.87%
- 3Y*
- 21.12%
- 5Y*
- 12.70%
- 10Y*
- —
VVL.TO
- 1D
- 0.49%
- 1M
- 2.72%
- 6M
- 11.18%
- YTD
- 16.79%
- 1Y
- 30.97%
- 3Y*
- 20.45%
- 5Y*
- 15.00%
- 10Y*
- 12.28%
HEQT.TO vs. VVL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HEQT.TO Horizons All-Equity Asset Allocation ETF | 15.01% | 19.82% | 23.83% | 22.29% | -18.95% | 22.54% | 16.34% | 7.44% |
VVL.TO Vanguard Global Value Factor ETF CAD | 16.79% | 18.01% | 15.01% | 16.57% | 0.50% | 29.77% | -3.29% | 5.08% |
Correlation
The correlation between HEQT.TO and VVL.TO is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.65 |
The correlation between HEQT.TO and VVL.TO has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.
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Return for Risk
HEQT.TO vs. VVL.TO — Risk / Return Rank
HEQT.TO
VVL.TO
HEQT.TO vs. VVL.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 Global Value Factor ETF CAD (VVL.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 | VVL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.41 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 3.52 | -0.11 |
| Martin ratioReturn relative to average drawdown | 14.73 | 13.89 | +0.84 |
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Drawdowns
HEQT.TO vs. VVL.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, smaller than the maximum VVL.TO drawdown of -43.88%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and VVL.TO.
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Drawdown Indicators
| HEQT.TO | VVL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -43.88% | +12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -8.83% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -18.07% | +2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | -18.07% | -6.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.88% | — |
Current DrawdownCurrent decline from peak | -1.19% | -0.39% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -5.11% | -5.73% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 2.24% | -0.28% |
Volatility
HEQT.TO vs. VVL.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) has a higher volatility of 3.20% compared to Vanguard Global Value Factor ETF CAD (VVL.TO) at 2.98%. This indicates that HEQT.TO's price experiences larger fluctuations and is considered to be riskier than VVL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT.TO | VVL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.20% | 2.98% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 10.70% | 9.48% | +1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 13.87% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 16.08% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.84% | 18.77% | -1.93% |
HEQT.TO vs. VVL.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than VVL.TO's 0.38% expense ratio.
Dividends
HEQT.TO vs. VVL.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, which matches VVL.TO's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VVL.TO Vanguard Global Value Factor ETF CAD | 1.62% | 1.89% | 2.19% | 2.69% | 2.57% | 1.50% | 1.70% | 2.65% | 2.15% | 1.35% | 0.60% |
Frequently Asked Questions
HEQT.TO and VVL.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.38% for VVL.TO.
They also come from different issuers: Horizons and Vanguard. Their fees differ too: 0.20% for HEQT.TO and 0.38% for VVL.TO.
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