NSCE.TO vs. DRFC.TO

Last updated Jul 16, 2026

NSCE.TO (NBI Sustainable Canadian Equity ETF) and DRFC.TO (Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF) are both exchange-traded funds - NSCE.TO is a Sustainable fund actively managed by National Bank Investments, while DRFC.TO is a Canada Equities fund actively managed by Desjardins. Both are actively managed. Over the past 5 years, NSCE.TO returned 11.12%/yr vs 18.32%/yr for DRFC.TO. At a 0.33 correlation, their price movements are largely independent.

Performance

NSCE.TO vs. DRFC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NBI Sustainable Canadian Equity ETF (NSCE.TO) and Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSCE.TO achieves a 9.91% return, which is significantly lower than DRFC.TO's 11.16% return.

NSCE.TO

• 1D: 0.46%
• 1M: 3.11%
• 6M: 10.32%
• YTD: 9.91%
• 1Y: 4.34%
• 3Y*: 13.96%
• 5Y*: 11.12%
• 10Y*: —

DRFC.TO

• 1D: 0.57%
• 1M: -0.03%
• 6M: 6.78%
• YTD: 11.16%
• 1Y: 29.61%
• 3Y*: 25.13%
• 5Y*: 18.32%
• 10Y*: —

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

NSCE.TO vs. DRFC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NSCE.TO NBI Sustainable Canadian Equity ETF	9.91%	7.84%	20.43%	12.78%	-0.27%	20.35%	10.51%
DRFC.TO Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF	11.16%	30.94%	25.27%	16.28%	-0.80%	29.17%	2.95%

Correlation

The correlation between NSCE.TO and DRFC.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (All Time) Calculated using the full available price history since Mar 4, 2020	0.33

The correlation between NSCE.TO and DRFC.TO shifts across timeframes, from 0.33 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NSCE.TO vs. DRFC.TO — Risk / Return Rank

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

NSCE.TO

NSCE.TO Risk / Return Rank: 15
NSCE.TO Sharpe Ratio Rank: 16
NSCE.TO Sortino Ratio Rank: 15
NSCE.TO Omega Ratio Rank: 15
NSCE.TO Calmar Ratio Rank: 15
NSCE.TO Martin Ratio Rank: 15

DRFC.TO

DRFC.TO Risk / Return Rank: 81
DRFC.TO Sharpe Ratio Rank: 84
DRFC.TO Sortino Ratio Rank: 80
DRFC.TO Omega Ratio Rank: 82
DRFC.TO Calmar Ratio Rank: 75
DRFC.TO Martin Ratio Rank: 83

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.

NSCE.TO vs. DRFC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NBI Sustainable Canadian Equity ETF (NSCE.TO) and Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.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.

	NSCE.TO	DRFC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.40	2.18	-1.78
Sortino ratio: Return per unit of downside risk	0.62	2.88	-2.26
Omega ratio: Gain probability vs. loss probability	1.08	1.39	-0.31
Calmar ratio: Return relative to maximum drawdown	0.46	3.08	-2.62
Martin ratio: Return relative to average drawdown	1.01	13.21	-12.20

NSCE.TO vs. DRFC.TO - Sharpe Ratio Comparison

The current NSCE.TO Sharpe Ratio is 0.40, which is lower than the DRFC.TO Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of NSCE.TO and DRFC.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

NSCE.TO vs. DRFC.TO - Drawdown Comparison

The maximum NSCE.TO drawdown since its inception was -19.18%, smaller than the maximum DRFC.TO drawdown of -39.87%. Use the drawdown chart below to compare losses from any high point for NSCE.TO and DRFC.TO.

Drawdown Indicators

	NSCE.TO	DRFC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.18%	-39.87%	+20.69%
Max Drawdown (1Y) Largest decline over 1 year	-9.52%	-9.65%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-9.52%	-10.87%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-12.02%	-14.04%	+2.02%
Current Drawdown Current decline from peak	-0.02%	-0.31%	+0.29%
Average Drawdown Average peak-to-trough decline	-2.52%	-3.92%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.25%	+2.05%

Volatility

NSCE.TO vs. DRFC.TO - Volatility Comparison

The current volatility for NBI Sustainable Canadian Equity ETF (NSCE.TO) is 2.02%, while Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFC.TO) has a volatility of 2.66%. This indicates that NSCE.TO experiences smaller price fluctuations and is considered to be less risky than DRFC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSCE.TO	DRFC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.02%	2.66%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	8.17%	11.32%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	10.99%	13.67%	-2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.90%	13.77%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.87%	16.74%	-1.87%

Dividends

NSCE.TO vs. DRFC.TO - Dividend Comparison

NSCE.TO's dividend yield for the trailing twelve months is around 0.93%, less than DRFC.TO's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DRFC.TO Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF	1.46%	1.58%	1.94%	2.34%	2.23%	2.33%	2.94%	4.77%	0.70%
NSCE.TO NBI Sustainable Canadian Equity ETF	0.93%	0.89%	1.00%	1.14%	0.90%	1.06%	0.69%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NSCE.TO and DRFC.TO in my portfolio?

NSCE.TO and DRFC.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between NSCE.TO and DRFC.TO?

NSCE.TO is categorized as Sustainable, while DRFC.TO is Canada Equities. They also come from different issuers: National Bank Investments and Desjardins.