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VCE.TO vs. CDZ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCE.TO vs. CDZ.TO

Last updated Jun 4, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) are both Canada Equities funds - VCE.TO tracks the FTSE Canada Domestic Index while CDZ.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, VCE.TO returned 12.58%/yr vs 9.44%/yr for CDZ.TO. Their correlation of 0.83 suggests significant overlap in exposure. VCE.TO charges 0.06%/yr vs 0.66%/yr for CDZ.TO.

Performance

VCE.TO vs. CDZ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canada Index ETF (VCE.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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, VCE.TO achieves a 10.03% return, which is significantly lower than CDZ.TO's 13.46% return. Over the past 10 years, VCE.TO has outperformed CDZ.TO with an annualized return of 12.58%, while CDZ.TO has yielded a comparatively lower 9.44% annualized return.

VCE.TO

1D
-0.96%
1M
3.36%
YTD
10.03%
6M
10.19%
1Y
28.98%
3Y*
22.22%
5Y*
14.43%
10Y*
12.58%

CDZ.TO

1D
0.00%
1M
3.31%
YTD
13.46%
6M
10.74%
1Y
22.32%
3Y*
16.81%
5Y*
10.31%
10Y*
9.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCE.TO vs. CDZ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCE.TO
Vanguard FTSE Canada Index ETF		10.03%26.39%21.43%12.26%-5.20%28.59%4.09%22.99%-7.86%8.79%
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		13.46%13.45%17.86%8.98%-4.43%22.80%-3.27%25.68%-8.84%4.92%

Correlation

The correlation between VCE.TO and CDZ.TO is 0.68, 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

0.68

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

0.80

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

0.83

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

0.84

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2011

0.83

The correlation between VCE.TO and CDZ.TO shifts across timeframes, from 0.68 (1 year) to 0.84 (10 years), reflecting how their relationship changes across market environments.

VCE.TO vs. CDZ.TO - Sectors Allocation Comparison

Sectors
VCE.TO
CDZ.TO

Financial Services

37.4%
17.1%

Energy

18.4%
22.7%

Basic Materials

15.4%
3.3%

Industrials

10.6%
14.5%

Technology

8.2%
2.7%

Consumer Cyclical

3.4%
7.6%

Consumer Defensive

2.9%
6.7%

Utilities

1.9%
9.0%

Communication Services

1.5%
7.5%

Real Estate

0.2%
8.9%

Healthcare

-

-

Financial Services

VCE.TO
37.4%
CDZ.TO
17.1%

Energy

VCE.TO
18.4%
CDZ.TO
22.7%

Basic Materials

VCE.TO
15.4%
CDZ.TO
3.3%

Industrials

VCE.TO
10.6%
CDZ.TO
14.5%

Technology

VCE.TO
8.2%
CDZ.TO
2.7%

Consumer Cyclical

VCE.TO
3.4%
CDZ.TO
7.6%

Consumer Defensive

VCE.TO
2.9%
CDZ.TO
6.7%

Utilities

VCE.TO
1.9%
CDZ.TO
9.0%

Communication Services

VCE.TO
1.5%
CDZ.TO
7.5%

Real Estate

VCE.TO
0.2%
CDZ.TO
8.9%

Healthcare

VCE.TO

-

CDZ.TO

-

Compare stocks, funds, or ETFs

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Vanguard FTSE Canada Index ETF

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

Often compared with VCE.TO:
VCE.TO vs. VDY.TOVCE.TO vs. VCN.TOVCE.TO vs. XIC.TOVCE.TO vs. VFV.TOVCE.TO vs. VEQT.TOVCE.TO vs. ZCN.TOVCE.TO vs. VXC.TO
Often compared with CDZ.TO:
CDZ.TO vs. VDY.TOCDZ.TO vs. XDIV.TOCDZ.TO vs. XEI.TOCDZ.TO vs. XDV.TOCDZ.TO vs. XEQT.TOCDZ.TO vs. CUD.TOCDZ.TO vs. VEQT.TO

Return for Risk

VCE.TO vs. CDZ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VCE.TO
VCE.TO Risk / Return Rank: 7272
Overall Rank
VCE.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
VCE.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
VCE.TO Omega Ratio Rank: 6969
Omega Ratio Rank
VCE.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
VCE.TO Martin Ratio Rank: 8282
Martin Ratio Rank
CDZ.TO
CDZ.TO Risk / Return Rank: 8484
Overall Rank
CDZ.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
CDZ.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
CDZ.TO Omega Ratio Rank: 8888
Omega Ratio Rank
CDZ.TO Calmar Ratio Rank: 8989
Calmar Ratio Rank
CDZ.TO Martin Ratio Rank: 8686
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.

VCE.TO vs. CDZ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.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.

VCE.TOCDZ.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
2.72

-0.35

Sortino ratioReturn per unit of downside risk
3.16
3.53

-0.37

Omega ratioGain probability vs. loss probability

1.42

1.56

-0.14

Calmar ratioReturn relative to maximum drawdown

3.60

5.46

-1.86

Martin ratioReturn relative to average drawdown

16.77

18.49

-1.73

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

VCE.TO vs. CDZ.TO - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.37, which is comparable to the CDZ.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of VCE.TO and CDZ.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

VCE.TOCDZ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

2.72

-0.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.14

0.95

+0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.65

+0.19

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.52

+0.25

Drawdowns

VCE.TO vs. CDZ.TO - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.92%, smaller than the maximum CDZ.TO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for VCE.TO and CDZ.TO.

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Drawdown Indicators

VCE.TOCDZ.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.92%

-49.33%

+13.41%

Max Drawdown (1Y)

Largest decline over 1 year

-8.09%

-4.11%

-3.98%

Max Drawdown (3Y)

Largest decline over 3 years

-12.16%

-12.99%

+0.83%

Max Drawdown (5Y)

Largest decline over 5 years

-15.90%

-17.15%

+1.25%

Max Drawdown (10Y)

Largest decline over 10 years

-35.92%

-45.70%

+9.78%

Current Drawdown

Current decline from peak

-0.96%

-0.09%

-0.87%

Average Drawdown

Average peak-to-trough decline

-3.73%

-6.14%

+2.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.73%

1.21%

+0.52%

Volatility

VCE.TO vs. CDZ.TO - Volatility Comparison

Vanguard FTSE Canada Index ETF (VCE.TO) has a higher volatility of 3.47% compared to iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) at 1.88%. This indicates that VCE.TO's price experiences larger fluctuations and is considered to be riskier than CDZ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCE.TOCDZ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

1.88%

+1.59%

Volatility (6M)

Calculated over the trailing 6-month period

10.00%

6.91%

+3.09%

Volatility (1Y)

Calculated over the trailing 1-year period

12.30%

8.26%

+4.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.78%

10.86%

+1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.99%

14.63%

+0.36%

VCE.TO vs. CDZ.TO - Expense Ratio Comparison

VCE.TO has a 0.06% expense ratio, which is lower than CDZ.TO's 0.66% expense ratio.

Dividends

VCE.TO vs. CDZ.TO - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.17%, less than CDZ.TO's 3.07% yield.

PositionTTM20252024202320222021202020192018201720162015
CDZ.TO
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF		3.07%3.46%3.56%3.71%3.67%2.95%3.70%3.68%4.37%3.43%3.51%3.72%
VCE.TO
Vanguard FTSE Canada Index ETF		2.17%2.42%2.84%3.16%3.21%2.61%2.93%3.01%3.21%2.57%2.64%2.98%

Frequently Asked Questions

VCE.TO and CDZ.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.66% for CDZ.TO.

VCE.TO tracks FTSE Canada Domestic Index, while CDZ.TO tracks Morningstar Canada GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCE.TO and 0.66% for CDZ.TO.

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