MNS.TO vs. VCN.TO

Last updated Jun 24, 2026

MNS.TO (Royal Canadian Mint - Canadian Silver Reserves) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - MNS.TO is a Silver fund tracking the N/A (Physical Bullion), while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past 5 years, MNS.TO returned 19.99%/yr vs 14.89%/yr for VCN.TO. At a 0.20 correlation, their price movements are largely independent. MNS.TO charges 0.45%/yr vs 0.06%/yr for VCN.TO.

Performance

MNS.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Canadian Mint - Canadian Silver Reserves (MNS.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, MNS.TO achieves a -23.86% return, which is significantly lower than VCN.TO's 10.99% return.

MNS.TO

• 1D: -5.73%
• 1M: -20.12%
• YTD: -23.86%
• 6M: -23.85%
• 1Y: 62.59%
• 3Y*: 42.48%
• 5Y*: 19.99%
• 10Y*: —

VCN.TO

• 1D: -0.23%
• 1M: 1.59%
• YTD: 10.99%
• 6M: 9.95%
• 1Y: 33.47%
• 3Y*: 25.05%
• 5Y*: 14.89%
• 10Y*: 12.80%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	-23.86%	161.12%	41.73%	-5.85%	5.27%	-15.46%	45.70%	9.85%	-1.65%	-1.63%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.99%	31.00%	22.16%	12.29%	-5.76%	25.65%	4.83%	22.09%	-9.09%	8.44%

Correlation

The correlation between MNS.TO and VCN.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Sep 27, 2016	0.20

Over the past year, MNS.TO and VCN.TO have become more correlated (0.41) than their long-term average of 0.20, meaning their price movements have been converging.

Return for Risk

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

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

MNS.TO

MNS.TO Risk / Return Rank: 31
MNS.TO Sharpe Ratio Rank: 33
MNS.TO Sortino Ratio Rank: 29
MNS.TO Omega Ratio Rank: 38
MNS.TO Calmar Ratio Rank: 30
MNS.TO Martin Ratio Rank: 26

VCN.TO

VCN.TO Risk / Return Rank: 81
VCN.TO Sharpe Ratio Rank: 84
VCN.TO Sortino Ratio Rank: 79
VCN.TO Omega Ratio Rank: 81
VCN.TO Calmar Ratio Rank: 75
VCN.TO Martin Ratio Rank: 85

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.

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

This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Silver Reserves (MNS.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.

	MNS.TO	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.59	-1.45
Sortino ratio: Return per unit of downside risk	1.50	3.34	-1.84
Omega ratio: Gain probability vs. loss probability	1.24	1.46	-0.22
Calmar ratio: Return relative to maximum drawdown	1.45	3.69	-2.24
Martin ratio: Return relative to average drawdown	3.25	16.97	-13.72

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

The current MNS.TO Sharpe Ratio is 1.14, which is lower than the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of MNS.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

MNS.TO vs. VCN.TO - Drawdown Comparison

The maximum MNS.TO drawdown since its inception was -43.46%, which is greater than VCN.TO's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for MNS.TO and VCN.TO.

Drawdown Indicators

	MNS.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.46%	-37.32%	-6.14%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-9.11%	-34.35%
Max Drawdown (3Y) Largest decline over 3 years	-43.46%	-12.24%	-31.22%
Max Drawdown (5Y) Largest decline over 5 years	-43.46%	-16.12%	-27.34%
Max Drawdown (10Y) Largest decline over 10 years	—	-37.32%	—
Current Drawdown Current decline from peak	-43.46%	-1.27%	-42.19%
Average Drawdown Average peak-to-trough decline	-17.73%	-3.89%	-13.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.34%	1.98%	+17.36%

Volatility

MNS.TO vs. VCN.TO - Volatility Comparison

Royal Canadian Mint - Canadian Silver Reserves (MNS.TO) has a higher volatility of 12.07% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.14%. This indicates that MNS.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

	MNS.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.07%	4.14%	+7.93%
Volatility (6M) Calculated over the trailing 6-month period	52.64%	10.64%	+42.00%
Volatility (1Y) Calculated over the trailing 1-year period	55.40%	13.00%	+42.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.39%	13.11%	+21.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.15%	14.99%	+16.16%

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

MNS.TO has a 0.45% expense ratio, which is higher than VCN.TO's 0.06% expense ratio.

Dividends

MNS.TO vs. VCN.TO - Dividend Comparison

MNS.TO has not paid dividends to shareholders, while VCN.TO's dividend yield for the trailing twelve months is around 2.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNS.TO Royal Canadian Mint - Canadian Silver Reserves	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.05%	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 MNS.TO and VCN.TO in my portfolio?

MNS.TO and VCN.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.45% for MNS.TO.

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

MNS.TO is categorized as Silver, while VCN.TO is Canada Equities. MNS.TO tracks N/A (Physical Bullion), while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: Royal Canadian Mint and Vanguard. Their fees differ too: 0.45% for MNS.TO and 0.06% for VCN.TO.