ICAE.TO vs. FLVC.NEO

Last updated Aug 4, 2026

ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and FLVC.NEO (Franklin Canadian Low Volatility High Dividend Index ETF) are both exchange-traded funds - ICAE.TO is a Dividend fund tracking the S&P/TSX Canadian Dividend Aristocrats ESG Index, while FLVC.NEO is a Canada Equities fund tracking the Franklin Canadian Low Volatility High Dividend Index. Both are passively managed. Over the past year, ICAE.TO returned 18.52% vs 36.38% for FLVC.NEO. Their 0.25 correlation means their historical movements had little consistent relationship. ICAE.TO charges 0.23%/yr vs 0.15%/yr for FLVC.NEO.

Performance

ICAE.TO vs. FLVC.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAE.TO achieves a 18.85% return, which is significantly lower than FLVC.NEO's 21.78% return.

ICAE.TO

• 1D: 0.25%
• 1M: 2.32%
• 6M: 17.35%
• YTD: 18.85%
• 1Y: 18.52%
• 3Y*: 15.95%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.49%

FLVC.NEO

• 1D: 0.33%
• 1M: 3.35%
• 6M: 21.86%
• YTD: 21.78%
• 1Y: 36.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	CA$134.83K	CA$145.15K	CA$488.47K
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	CA$1.16K	CA$2.33K	CA$4.66K

ICAE.TO vs. FLVC.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	18.85%	10.02%	11.82%
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	21.78%	21.15%	13.79%

Correlation

The correlation between ICAE.TO and FLVC.NEO is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.25

ICAE.TO vs. FLVC.NEO - Sectors Allocation Comparison

Sectors	ICAE.TO	FLVC.NEO
Financial Services	45.5%	43.0%
Energy	16.3%	8.8%
Industrials	10.3%	13.7%
Basic Materials	9.9%	0.4%
Consumer Defensive	6.4%	6.9%
Consumer Cyclical	4.5%	7.0%
Utilities	4.4%	10.8%
Communication Services	1.3%	7.5%
Technology	0.4%	2.0%
Real Estate	0.4%	-
Healthcare	-	-

Return for Risk

ICAE.TO vs. FLVC.NEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICAE.TO

ICAE.TO Risk / Return Rank: 36
ICAE.TO Sharpe Ratio Rank: 34
ICAE.TO Sortino Ratio Rank: 30
ICAE.TO Omega Ratio Rank: 59
ICAE.TO Calmar Ratio Rank: 31
ICAE.TO Martin Ratio Rank: 26

FLVC.NEO

FLVC.NEO Risk / Return Rank: 98
FLVC.NEO Sharpe Ratio Rank: 99
FLVC.NEO Sortino Ratio Rank: 98
FLVC.NEO Omega Ratio Rank: 98
FLVC.NEO Calmar Ratio Rank: 98
FLVC.NEO Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICAE.TO vs. FLVC.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO). 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.

	ICAE.TO	FLVC.NEO	Difference
Sharpe ratio: Return per unit of total volatility	0.92	5.06	-4.14
Sortino ratio: Return per unit of downside risk	1.19	7.66	-6.47
Omega ratio: Gain probability vs. loss probability	1.29	2.02	-0.73
Calmar ratio: Return relative to maximum drawdown	1.11	12.45	-11.35
Martin ratio: Return relative to average drawdown	2.21	55.03	-52.82

ICAE.TO vs. FLVC.NEO - Sharpe Ratio Comparison

The current ICAE.TO Sharpe Ratio is 0.92, which is lower than the FLVC.NEO Sharpe Ratio of 5.06. The chart below compares the historical Sharpe Ratios of ICAE.TO and FLVC.NEO, 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

ICAE.TO vs. FLVC.NEO - Drawdown Comparison

The maximum ICAE.TO drawdown since its inception was -16.49%, which is greater than FLVC.NEO's maximum drawdown of -7.89%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and FLVC.NEO.

Drawdown Indicators

	ICAE.TO	FLVC.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-16.49%	-7.89%	-8.60%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	-3.21%	-13.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.49%	—	—
Current Drawdown Current decline from peak	-1.02%	-0.50%	-0.52%
Average Drawdown Average peak-to-trough decline	-3.48%	-0.80%	-2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.23%	0.71%	+7.52%

Volatility

ICAE.TO vs. FLVC.NEO - Volatility Comparison

Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO) have volatilities of 2.78% and 2.84%, 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.

Volatility by Period

	ICAE.TO	FLVC.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.84%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	5.74%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	19.82%	7.91%	+11.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	11.38%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	11.38%	+4.52%

ICAE.TO vs. FLVC.NEO - Expense Ratio Comparison

ICAE.TO has a 0.23% expense ratio, which is higher than FLVC.NEO's 0.15% 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

ICAE.TO vs. FLVC.NEO - Dividend Comparison

ICAE.TO's dividend yield for the trailing twelve months is around 2.71%, less than FLVC.NEO's 4.70% yield.

Position	TTM	2025	2024	2023
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	4.70%	4.96%	0.95%	0.00%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.71%	3.29%	3.33%	2.87%

Frequently Asked Questions

Can I hold both ICAE.TO and FLVC.NEO in my portfolio?

ICAE.TO and FLVC.NEO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICAE.TO or FLVC.NEO?

On fees, FLVC.NEO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICAE.TO or FLVC.NEO?

FLVC.NEO is cheaper with a 0.15% expense ratio, compared with 0.23% for ICAE.TO.

What is the main difference between ICAE.TO and FLVC.NEO?

ICAE.TO is categorized as Dividend, while FLVC.NEO is Canada Equities. ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index, while FLVC.NEO tracks Franklin Canadian Low Volatility High Dividend Index. They also come from different issuers: Invesco and Franklin Templeton. Their fees differ too: 0.23% for ICAE.TO and 0.15% for FLVC.NEO.