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HSH.TO vs. VSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HSH.TO vs. VSP.TO

Last updated Jul 16, 2026
Documentation

HSH.TO (Global X S&P 500 CAD Hedged Index Corporate Class ETF) and VSP.TO (Vanguard S&P 500 Index ETF (CAD-hedged)) are both S&P 500 funds. HSH.TO is actively managed, while VSP.TO is passively managed. Over the past 5 years, HSH.TO returned 11.71%/yr vs 11.66%/yr for VSP.TO. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

HSH.TO vs. VSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) and Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with HSH.TO having a 9.63% return and VSP.TO slightly higher at 9.65%.

HSH.TO

1D
0.10%
1M
0.05%
6M
8.63%
YTD
9.63%
1Y
19.57%
3Y*
18.33%
5Y*
11.71%
10Y*
—

VSP.TO

1D
0.27%
1M
0.09%
6M
8.40%
YTD
9.65%
1Y
19.88%
3Y*
18.33%
5Y*
11.66%
10Y*
13.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HSH.TO vs. VSP.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
HSH.TO
Global X S&P 500 CAD Hedged Index Corporate Class ETF		9.63%15.34%23.32%25.56%-19.90%28.94%16.14%17.33%
VSP.TO
Vanguard S&P 500 Index ETF (CAD-hedged)		9.65%15.49%23.68%24.16%-19.23%27.90%15.31%16.72%

Correlation

The correlation between HSH.TO and VSP.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.90

Correlation (3Y)
Calculated over the trailing 3-year period

0.83

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Feb 21, 2019

0.84

The correlation between HSH.TO and VSP.TO has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Global X S&P 500 CAD Hedged Index Corporate Class ETF

Vanguard S&P 500 Index ETF (CAD-hedged)

Often compared with VSP.TO:
VSP.TO vs. VFV.TOVSP.TO vs. XSP.TOVSP.TO vs. ZSP.TOVSP.TO vs. VOOVSP.TO vs. SPYVSP.TO vs. VTIVSP.TO vs. QQQ

Return for Risk

HSH.TO vs. VSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HSH.TO
HSH.TO Risk / Return Rank: 5555
Overall Rank
HSH.TO Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
HSH.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
HSH.TO Omega Ratio Rank: 5353
Omega Ratio Rank
HSH.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
HSH.TO Martin Ratio Rank: 6262
Martin Ratio Rank
VSP.TO
VSP.TO Risk / Return Rank: 5656
Overall Rank
VSP.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
VSP.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
VSP.TO Omega Ratio Rank: 5757
Omega Ratio Rank
VSP.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
VSP.TO Martin Ratio Rank: 6060
Martin Ratio Rank
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.

HSH.TO vs. VSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) and Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.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.

HSH.TOVSP.TODifference
Sharpe ratioReturn per unit of total volatility
1.54
1.54

0.00

Sortino ratioReturn per unit of downside risk
2.19
2.15

+0.04

Omega ratioGain probability vs. loss probability

1.27

1.28

-0.01

Calmar ratioReturn relative to maximum drawdown

2.06

2.12

-0.07

Martin ratioReturn relative to average drawdown

8.81

8.43

+0.38

HSH.TO vs. VSP.TO - Sharpe Ratio Comparison

The current HSH.TO Sharpe Ratio is 1.54, which is comparable to the VSP.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of HSH.TO and VSP.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.

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Drawdowns

HSH.TO vs. VSP.TO - Drawdown Comparison

The maximum HSH.TO drawdown since its inception was -34.19%, roughly equal to the maximum VSP.TO drawdown of -35.55%. Use the drawdown chart below to compare losses from any high point for HSH.TO and VSP.TO.

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Drawdown Indicators

HSH.TOVSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-34.19%

-35.55%

+1.36%

Max Drawdown (1Y)

Largest decline over 1 year

-9.56%

-9.40%

-0.16%

Max Drawdown (3Y)

Largest decline over 3 years

-20.04%

-18.85%

-1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-25.26%

-25.54%

+0.28%

Max Drawdown (10Y)

Largest decline over 10 years

—

-35.55%

—

Current Drawdown

Current decline from peak

-0.80%

-2.04%

+1.24%

Average Drawdown

Average peak-to-trough decline

-5.44%

-4.00%

-1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.23%

2.36%

-0.13%

Volatility

HSH.TO vs. VSP.TO - Volatility Comparison

Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) has a higher volatility of 3.77% compared to Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO) at 3.28%. This indicates that HSH.TO's price experiences larger fluctuations and is considered to be riskier than VSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HSH.TOVSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.77%

3.28%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

10.21%

10.68%

-0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

12.78%

13.00%

-0.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.78%

16.99%

+0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.11%

18.00%

+2.11%

Dividends

HSH.TO vs. VSP.TO - Dividend Comparison

HSH.TO has not paid dividends to shareholders, while VSP.TO's dividend yield for the trailing twelve months is around 0.86%.

PositionTTM20252024202320222021202020192018201720162015
HSH.TO
Global X S&P 500 CAD Hedged Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VSP.TO
Vanguard S&P 500 Index ETF (CAD-hedged)		0.86%0.92%1.07%1.17%1.37%1.08%1.27%1.53%1.76%1.46%1.72%1.76%

Frequently Asked Questions

With a correlation of 0.90, HSH.TO and VSP.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.

They also come from different issuers: Global X and Vanguard.

Portfolio Optimizer

Find the right allocation for HSH.TO and VSP.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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