HEQT.TO vs. VXC.TO
HEQT.TO (Horizons All-Equity Asset Allocation ETF) and VXC.TO (Vanguard FTSE Global All Cap ex Canada Index ETF) are both Global Equities funds. HEQT.TO is actively managed, while VXC.TO is passively managed. Over the past 5 years, HEQT.TO returned 12.70%/yr vs 13.33%/yr for VXC.TO. Their correlation of 0.83 suggests significant overlap in exposure. HEQT.TO charges 0.20%/yr vs 0.22%/yr for VXC.TO.
Performance
HEQT.TO vs. VXC.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HEQT.TO having a 13.37% return and VXC.TO slightly lower at 13.02%.
HEQT.TO
- 1D
- 0.59%
- 1M
- 2.47%
- YTD
- 13.37%
- 6M
- 13.85%
- 1Y
- 32.15%
- 3Y*
- 21.39%
- 5Y*
- 12.70%
- 10Y*
- —
VXC.TO
- 1D
- 0.70%
- 1M
- 1.97%
- YTD
- 13.02%
- 6M
- 13.39%
- 1Y
- 30.74%
- 3Y*
- 21.19%
- 5Y*
- 13.33%
- 10Y*
- 13.41%
HEQT.TO vs. VXC.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% |
VXC.TO Vanguard FTSE Global All Cap ex Canada Index ETF | 13.02% | 16.12% | 26.06% | 19.20% | -13.02% | 17.21% | 14.14% | 5.68% |
Correlation
The correlation between HEQT.TO and VXC.TO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019 | 0.83 |
The correlation between HEQT.TO and VXC.TO shifts across timeframes, from 0.83 (all time) to 0.95 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HEQT.TO vs. VXC.TO — Risk / Return Rank
HEQT.TO
VXC.TO
HEQT.TO vs. VXC.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 Global All Cap ex Canada Index ETF (VXC.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 | VXC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.43 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 3.52 | +0.08 |
| Martin ratioReturn relative to average drawdown | 15.68 | 14.04 | +1.64 |
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Drawdowns
HEQT.TO vs. VXC.TO - Drawdown Comparison
The maximum HEQT.TO drawdown since its inception was -31.82%, which is greater than VXC.TO's maximum drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for HEQT.TO and VXC.TO.
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Drawdown Indicators
| HEQT.TO | VXC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.82% | -27.28% | -4.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.49% | -8.24% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -16.76% | +1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.89% | -21.61% | -3.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -27.28% | — |
Current DrawdownCurrent decline from peak | -0.75% | -0.88% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -3.89% | -1.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.07% | -0.12% |
Volatility
HEQT.TO vs. VXC.TO - Volatility Comparison
Horizons All-Equity Asset Allocation ETF (HEQT.TO) and Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) have volatilities of 4.92% and 4.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEQT.TO | VXC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 4.98% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 10.45% | 10.61% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 12.82% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 13.79% | +1.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 15.32% | +1.58% |
HEQT.TO vs. VXC.TO - Expense Ratio Comparison
HEQT.TO has a 0.20% expense ratio, which is lower than VXC.TO's 0.22% expense ratio. Despite the difference, 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. VXC.TO - Dividend Comparison
HEQT.TO's dividend yield for the trailing twelve months is around 1.62%, more than VXC.TO's 1.23% 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% |
VXC.TO Vanguard FTSE Global All Cap ex Canada Index ETF | 1.23% | 1.39% | 1.45% | 1.69% | 1.82% | 1.49% | 1.46% | 1.81% | 1.95% | 1.68% | 1.86% | 1.83% |
Frequently Asked Questions
With a correlation of 0.95, HEQT.TO and VXC.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.22% for VXC.TO.
They also come from different issuers: Horizons and Vanguard. Their fees differ too: 0.20% for HEQT.TO and 0.22% for VXC.TO.
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