VCB.TO vs. DXO.TO
VCB.TO (Vanguard Canadian Corporate Bond Index ETF) and DXO.TO (Dynamic Active Crossover Bond ETF) are both Corporate Bonds funds. VCB.TO is passively managed, while DXO.TO is actively managed. Over the past 5 years, VCB.TO returned 2.12%/yr vs 2.78%/yr for DXO.TO. At a 0.20 correlation, their price movements are largely independent.
Performance
VCB.TO vs. DXO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VCB.TO achieves a 1.27% return, which is significantly lower than DXO.TO's 1.86% return.
VCB.TO
- 1D
- 0.12%
- 1M
- -0.39%
- 6M
- 0.73%
- YTD
- 1.27%
- 1Y
- 4.47%
- 3Y*
- 6.01%
- 5Y*
- 2.12%
- 10Y*
- —
DXO.TO
- 1D
- 0.21%
- 1M
- 0.21%
- 6M
- 1.45%
- YTD
- 1.86%
- 1Y
- 5.69%
- 3Y*
- 7.29%
- 5Y*
- 2.78%
- 10Y*
- —
VCB.TO vs. DXO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VCB.TO Vanguard Canadian Corporate Bond Index ETF | 1.27% | 4.46% | 6.63% | 7.98% | -8.96% | -1.55% | 8.33% | 4.76% | 0.29% | 3.19% |
DXO.TO Dynamic Active Crossover Bond ETF | 1.86% | 6.82% | 6.51% | 11.28% | -12.16% | 5.03% | 10.15% | 12.26% | -1.94% | 3.75% |
Correlation
The correlation between VCB.TO and DXO.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.20 |
Over the past year, VCB.TO and DXO.TO have become more correlated (0.44) than their long-term average of 0.20, meaning their price movements have been converging.
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Return for Risk
VCB.TO vs. DXO.TO — Risk / Return Rank
VCB.TO
DXO.TO
VCB.TO vs. DXO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Corporate Bond Index ETF (VCB.TO) and Dynamic Active Crossover Bond ETF (DXO.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.
| VCB.TO | DXO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.37 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.37 | -0.54 |
| Martin ratioReturn relative to average drawdown | 5.89 | 10.24 | -4.36 |
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Drawdowns
VCB.TO vs. DXO.TO - Drawdown Comparison
The maximum VCB.TO drawdown since its inception was -14.00%, smaller than the maximum DXO.TO drawdown of -17.61%. Use the drawdown chart below to compare losses from any high point for VCB.TO and DXO.TO.
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Drawdown Indicators
| VCB.TO | DXO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.00% | -17.61% | +3.61% |
Max Drawdown (1Y)Largest decline over 1 year | -2.45% | -2.41% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -3.21% | -3.78% | +0.57% |
Max Drawdown (5Y)Largest decline over 5 years | -13.17% | -15.91% | +2.74% |
Current DrawdownCurrent decline from peak | -0.67% | -0.51% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -2.94% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.56% | +0.20% |
Volatility
VCB.TO vs. DXO.TO - Volatility Comparison
Vanguard Canadian Corporate Bond Index ETF (VCB.TO) has a higher volatility of 1.19% compared to Dynamic Active Crossover Bond ETF (DXO.TO) at 0.97%. This indicates that VCB.TO's price experiences larger fluctuations and is considered to be riskier than DXO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCB.TO | DXO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 0.97% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.79% | 2.65% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.52% | 3.34% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 5.63% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.61% | 7.74% | +1.87% |
Dividends
VCB.TO vs. DXO.TO - Dividend Comparison
VCB.TO's dividend yield for the trailing twelve months is around 3.91%, less than DXO.TO's 5.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXO.TO Dynamic Active Crossover Bond ETF | 5.31% | 5.55% | 5.61% | 5.65% | 5.29% | 4.15% | 4.20% | 3.96% | 4.31% | 2.15% |
VCB.TO Vanguard Canadian Corporate Bond Index ETF | 3.91% | 3.88% | 3.74% | 3.41% | 3.21% | 2.69% | 2.75% | 2.86% | 2.86% | 2.51% |
Frequently Asked Questions
VCB.TO and DXO.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Vanguard and Dynamic.
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