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THE.TO vs. VEE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THE.TO vs. VEE.TO

Last updated Jun 4, 2026

THE.TO (TD International Equity CAD Hedged Index ETF) and VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) are both exchange-traded funds - THE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index. Both are passively managed. Over the past 10 years, THE.TO returned 11.27%/yr vs 9.01%/yr for VEE.TO. At a 0.34 correlation, their price movements are largely independent.

Performance

THE.TO vs. VEE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity CAD Hedged Index ETF (THE.TO) and Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, THE.TO achieves a 8.99% return, which is significantly lower than VEE.TO's 13.54% return. Over the past 10 years, THE.TO has outperformed VEE.TO with an annualized return of 11.27%, while VEE.TO has yielded a comparatively lower 9.01% annualized return.

THE.TO

1D
-0.49%
1M
4.35%
YTD
8.99%
6M
10.94%
1Y
22.48%
3Y*
16.22%
5Y*
12.13%
10Y*
11.27%

VEE.TO

1D
-0.90%
1M
4.93%
YTD
13.54%
6M
12.96%
1Y
31.71%
3Y*
18.62%
5Y*
7.50%
10Y*
9.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THE.TO vs. VEE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THE.TO
TD International Equity CAD Hedged Index ETF		8.99%21.73%12.21%18.48%-6.72%21.04%1.71%20.59%-7.76%15.46%
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		13.54%19.32%19.06%6.24%-12.78%0.05%12.32%14.33%-7.95%22.55%

Correlation

The correlation between THE.TO and VEE.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.67

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

0.59

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

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.34

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2016

0.34

Over the past year, THE.TO and VEE.TO have become more correlated (0.67) than their long-term average of 0.34, meaning their price movements have been converging.

THE.TO vs. VEE.TO - Sectors Allocation Comparison

Sectors
THE.TO
VEE.TO

Financial Services

23.7%
20.5%

Industrials

19.4%
7.9%

Healthcare

11.1%
4.1%

Technology

9.3%
26.3%

Consumer Cyclical

8.1%
11.2%

Consumer Defensive

7.0%
3.9%

Basic Materials

6.1%
8.4%

Communication Services

4.6%
7.8%

Energy

4.5%
4.7%

Utilities

4.0%
3.0%

Real Estate

2.2%
2.3%

Financial Services

THE.TO
23.7%
VEE.TO
20.5%

Industrials

THE.TO
19.4%
VEE.TO
7.9%

Healthcare

THE.TO
11.1%
VEE.TO
4.1%

Technology

THE.TO
9.3%
VEE.TO
26.3%

Consumer Cyclical

THE.TO
8.1%
VEE.TO
11.2%

Consumer Defensive

THE.TO
7.0%
VEE.TO
3.9%

Basic Materials

THE.TO
6.1%
VEE.TO
8.4%

Communication Services

THE.TO
4.6%
VEE.TO
7.8%

Energy

THE.TO
4.5%
VEE.TO
4.7%

Utilities

THE.TO
4.0%
VEE.TO
3.0%

Real Estate

THE.TO
2.2%
VEE.TO
2.3%

Compare stocks, funds, or ETFs

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TD International Equity CAD Hedged Index ETF

Vanguard FTSE Emerging Markets All Cap Index ETF

Often compared with THE.TO:
THE.TO vs. QDXH.TOTHE.TO vs. TCSH.TOTHE.TO vs. KNGX.TOTHE.TO vs. TEQT.TOTHE.TO vs. VXM.TOTHE.TO vs. FLVI.NEOTHE.TO vs. ZLB.TO
Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS

Return for Risk

THE.TO vs. VEE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THE.TO
THE.TO Risk / Return Rank: 5353
Overall Rank
THE.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
THE.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
THE.TO Omega Ratio Rank: 5656
Omega Ratio Rank
THE.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
THE.TO Martin Ratio Rank: 5454
Martin Ratio Rank
VEE.TO
VEE.TO Risk / Return Rank: 6060
Overall Rank
VEE.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 6363
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
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.

THE.TO vs. VEE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity CAD Hedged Index ETF (THE.TO) and Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.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.

THE.TOVEE.TODifference
Sharpe ratioReturn per unit of total volatility
1.83
2.08

-0.25

Sortino ratioReturn per unit of downside risk
2.64
2.90

-0.27

Omega ratioGain probability vs. loss probability

1.34

1.39

-0.05

Calmar ratioReturn relative to maximum drawdown

2.38

2.97

-0.58

Martin ratioReturn relative to average drawdown

9.23

10.74

-1.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THE.TO vs. VEE.TO - Sharpe Ratio Comparison

The current THE.TO Sharpe Ratio is 1.83, which is comparable to the VEE.TO Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of THE.TO and VEE.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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Sharpe Ratios by Period

THE.TOVEE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

2.08

-0.25

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.49

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

0.53

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.73

0.44

+0.28

Drawdowns

THE.TO vs. VEE.TO - Drawdown Comparison

The maximum THE.TO drawdown since its inception was -32.08%, which is greater than VEE.TO's maximum drawdown of -29.84%. Use the drawdown chart below to compare losses from any high point for THE.TO and VEE.TO.

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Drawdown Indicators

THE.TOVEE.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.08%

-29.84%

-2.24%

Max Drawdown (1Y)

Largest decline over 1 year

-9.47%

-10.74%

+1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-14.69%

-14.97%

+0.28%

Max Drawdown (5Y)

Largest decline over 5 years

-15.55%

-26.10%

+10.55%

Max Drawdown (10Y)

Largest decline over 10 years

-32.08%

-29.84%

-2.24%

Current Drawdown

Current decline from peak

-0.49%

-0.90%

+0.41%

Average Drawdown

Average peak-to-trough decline

-3.59%

-8.73%

+5.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

2.96%

-0.52%

Volatility

THE.TO vs. VEE.TO - Volatility Comparison

The current volatility for TD International Equity CAD Hedged Index ETF (THE.TO) is 3.99%, while Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a volatility of 6.04%. This indicates that THE.TO experiences smaller price fluctuations and is considered to be less risky than VEE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

THE.TOVEE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.99%

6.04%

-2.05%

Volatility (6M)

Calculated over the trailing 6-month period

10.00%

12.86%

-2.86%

Volatility (1Y)

Calculated over the trailing 1-year period

12.35%

15.31%

-2.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.15%

15.29%

-1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.08%

16.97%

-1.89%

Dividends

THE.TO vs. VEE.TO - Dividend Comparison

THE.TO's dividend yield for the trailing twelve months is around 2.39%, more than VEE.TO's 1.91% yield.

PositionTTM20252024202320222021202020192018201720162015
THE.TO
TD International Equity CAD Hedged Index ETF		2.39%2.57%2.73%2.64%3.46%5.61%2.47%2.53%3.48%2.27%2.10%0.00%
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		1.91%2.26%2.45%2.83%3.35%2.18%1.61%2.71%2.21%1.89%1.99%2.53%

Frequently Asked Questions

THE.TO and VEE.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

THE.TO is categorized as International Equity, while VEE.TO is Emerging Markets Equities. THE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index. They also come from different issuers: TD and Vanguard.

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