UDA.TO vs. VDY.TO

Last updated Aug 4, 2026

UDA.TO (Caldwell U.S. Dividend Advantage Fund) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both Dividend funds. UDA.TO is actively managed, while VDY.TO is passively managed. Over the past 5 years, UDA.TO returned 8.55%/yr vs 19.25%/yr for VDY.TO. Their 0.10 correlation means their historical movements had little consistent relationship. UDA.TO charges 0.73%/yr vs 0.22%/yr for VDY.TO.

Performance

UDA.TO vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Caldwell U.S. Dividend Advantage Fund (UDA.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UDA.TO achieves a 12.32% return, which is significantly lower than VDY.TO's 28.99% return.

UDA.TO

• 1D: -0.19%
• 1M: -3.99%
• 6M: 10.41%
• YTD: 12.32%
• 1Y: 18.58%
• 3Y*: 11.85%
• 5Y*: 8.55%
• 10Y*: —
• ALL TIME*: 12.57%

VDY.TO

• 1D: -0.14%
• 1M: 3.60%
• 6M: 25.35%
• YTD: 28.99%
• 1Y: 52.46%
• 3Y*: 28.21%
• 5Y*: 19.25%
• 10Y*: 14.82%
• ALL TIME*: 13.17%

*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)
UDA.TO Caldwell U.S. Dividend Advantage Fund	CA$1.94K	CA$933.66	CA$5.97K
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	CA$16.58M	CA$18.51M	CA$18.79M

UDA.TO vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UDA.TO Caldwell U.S. Dividend Advantage Fund	12.32%	-3.43%	31.01%	1.33%	-3.90%	21.59%	26.33%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	28.99%	29.21%	21.44%	8.41%	-0.23%	36.60%	33.49%

Correlation

The correlation between UDA.TO and VDY.TO is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (All Time) Calculated using the full available price history since Mar 18, 2020	0.10

UDA.TO vs. VDY.TO - Sectors Allocation Comparison

Sectors	UDA.TO	VDY.TO
Industrials	44.2%	0.2%
Technology	17.3%	0.4%
Financial Services	10.6%	60.7%
Consumer Cyclical	10.5%	2.8%
Healthcare	5.8%	0.1%
Basic Materials	4.4%	1.8%
Consumer Defensive	4.4%	0.3%
Real Estate	2.8%	-
Communication Services	-	2.6%
Energy	-	27.3%
Utilities	-	3.9%

Return for Risk

UDA.TO vs. VDY.TO — Risk / Return Rank

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

UDA.TO

UDA.TO Risk / Return Rank: 44
UDA.TO Sharpe Ratio Rank: 38
UDA.TO Sortino Ratio Rank: 37
UDA.TO Omega Ratio Rank: 37
UDA.TO Calmar Ratio Rank: 54
UDA.TO Martin Ratio Rank: 52

VDY.TO

VDY.TO Risk / Return Rank: 99
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 99
VDY.TO Martin Ratio Rank: 99

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.

UDA.TO vs. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caldwell U.S. Dividend Advantage Fund (UDA.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

	UDA.TO	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.04	5.85	-4.81
Sortino ratio: Return per unit of downside risk	1.50	8.07	-6.57
Omega ratio: Gain probability vs. loss probability	1.19	2.13	-0.93
Calmar ratio: Return relative to maximum drawdown	2.12	16.61	-14.49
Martin ratio: Return relative to average drawdown	6.62	66.25	-59.63

UDA.TO vs. VDY.TO - Sharpe Ratio Comparison

The current UDA.TO Sharpe Ratio is 1.04, which is lower than the VDY.TO Sharpe Ratio of 5.85. The chart below compares the historical Sharpe Ratios of UDA.TO and VDY.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

UDA.TO vs. VDY.TO - Drawdown Comparison

The maximum UDA.TO drawdown since its inception was -24.77%, smaller than the maximum VDY.TO drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for UDA.TO and VDY.TO.

Drawdown Indicators

	UDA.TO	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-39.21%	+14.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-3.12%	-5.49%
Max Drawdown (3Y) Largest decline over 3 years	-24.77%	-10.38%	-14.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.77%	-16.17%	-8.60%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.21%	—
Current Drawdown Current decline from peak	-8.61%	-0.47%	-8.14%
Average Drawdown Average peak-to-trough decline	-6.70%	-4.43%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.75%	0.78%	+1.97%

Volatility

UDA.TO vs. VDY.TO - Volatility Comparison

Caldwell U.S. Dividend Advantage Fund (UDA.TO) has a higher volatility of 6.17% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.18%. This indicates that UDA.TO's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UDA.TO	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	3.18%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	7.08%	+6.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	8.86%	+8.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	11.57%	+4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	15.92%	-0.17%

UDA.TO vs. VDY.TO - Expense Ratio Comparison

UDA.TO has a 0.73% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

UDA.TO vs. VDY.TO - Dividend Comparison

UDA.TO's dividend yield for the trailing twelve months is around 4.13%, more than VDY.TO's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDA.TO Caldwell U.S. Dividend Advantage Fund	4.13%	4.57%	7.06%	3.33%	4.17%	9.14%	2.50%	0.00%	0.00%	0.00%	0.00%	0.00%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.79%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%

Frequently Asked Questions

Can I hold both UDA.TO and VDY.TO in my portfolio?

UDA.TO and VDY.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UDA.TO or VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UDA.TO or VDY.TO?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.73% for UDA.TO.

What is the main difference between UDA.TO and VDY.TO?

They also come from different issuers: Caldwell and Vanguard. Their fees differ too: 0.73% for UDA.TO and 0.22% for VDY.TO.