VCE.TO vs. DGRO

Last updated Jun 4, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past 10 years, VCE.TO returned 12.58%/yr vs 14.12%/yr for DGRO. A 0.54 correlation means they provide meaningful diversification when combined. VCE.TO charges 0.06%/yr vs 0.08%/yr for DGRO.

Performance

VCE.TO vs. DGRO - 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 Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VCE.TO is traded in CAD, while DGRO is traded in USD. To make them comparable, the DGRO values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with VCE.TO having a 10.03% return and DGRO slightly higher at 10.15%. Over the past 10 years, VCE.TO has underperformed DGRO with an annualized return of 12.58%, while DGRO has yielded a comparatively higher 14.12% 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%

DGRO

• 1D: 0.13%
• 1M: 5.20%
• YTD: 10.15%
• 6M: 8.33%
• 1Y: 24.12%
• 3Y*: 18.35%
• 5Y*: 13.70%
• 10Y*: 14.12%

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

VCE.TO vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DGRO iShares Core Dividend Growth ETF	10.15%	10.39%	26.64%	8.03%	-1.35%	25.50%	7.65%	23.48%	5.90%	15.17%

Correlation

The correlation between VCE.TO and DGRO is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.54

The correlation between VCE.TO and DGRO has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

VCE.TO vs. DGRO - Sectors Allocation Comparison

Sectors	VCE.TO	DGRO
Financial Services	37.4%	21.2%
Energy	18.4%	5.6%
Basic Materials	15.4%	2.5%
Industrials	10.6%	10.8%
Technology	8.2%	19.4%
Consumer Cyclical	3.4%	5.7%
Consumer Defensive	2.9%	11.5%
Utilities	1.9%	6.9%
Communication Services	1.5%	0.1%
Real Estate	0.2%	-
Healthcare	-	16.4%

Return for Risk

VCE.TO vs. DGRO — 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: 72
VCE.TO Sharpe Ratio Rank: 70
VCE.TO Sortino Ratio Rank: 67
VCE.TO Omega Ratio Rank: 69
VCE.TO Calmar Ratio Rank: 71
VCE.TO Martin Ratio Rank: 82

DGRO

DGRO Risk / Return Rank: 71
DGRO Sharpe Ratio Rank: 71
DGRO Sortino Ratio Rank: 76
DGRO Omega Ratio Rank: 70
DGRO Calmar Ratio Rank: 69
DGRO Martin Ratio Rank: 71

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. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and iShares Core Dividend Growth ETF (DGRO). 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.TO	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.50	-0.14
Sortino ratio: Return per unit of downside risk	3.16	3.59	-0.43
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	3.60	4.04	-0.44
Martin ratio: Return relative to average drawdown	16.77	16.09	+0.67
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. DGRO - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.37, which is comparable to the DGRO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of VCE.TO and DGRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCE.TO	DGRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.50	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	1.14	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.94	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	1.00	-0.23

Drawdowns

VCE.TO vs. DGRO - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.92%, which is greater than DGRO's maximum drawdown of -29.01%. Use the drawdown chart below to compare losses from any high point for VCE.TO and DGRO.

Drawdown Indicators

	VCE.TO	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-35.92%	-29.01%	-6.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-5.99%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	-14.61%	+2.45%
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	-15.75%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-35.92%	-29.01%	-6.91%
Current Drawdown Current decline from peak	-0.96%	0.00%	-0.96%
Average Drawdown Average peak-to-trough decline	-3.73%	-2.82%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.50%	+0.23%

Volatility

VCE.TO vs. DGRO - Volatility Comparison

Vanguard FTSE Canada Index ETF (VCE.TO) has a higher volatility of 3.47% compared to iShares Core Dividend Growth ETF (DGRO) at 2.29%. This indicates that VCE.TO's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCE.TO	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	2.29%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	7.34%	+2.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	9.70%	+2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	12.03%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	15.04%	-0.05%

VCE.TO vs. DGRO - Expense Ratio Comparison

VCE.TO has a 0.06% expense ratio, which is lower than DGRO's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VCE.TO vs. DGRO - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.17%, more than DGRO's 1.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.96%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
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

Can I hold both VCE.TO and DGRO in my portfolio?

VCE.TO and DGRO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VCE.TO or DGRO?

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.

Which ETF is cheaper, VCE.TO or DGRO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.08% for DGRO.

What is the main difference between VCE.TO and DGRO?

VCE.TO is categorized as Canada Equities, while DGRO is Large Cap Growth Equities. VCE.TO tracks FTSE Canada Domestic Index, while DGRO tracks Morningstar US Dividend Growth Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCE.TO and 0.08% for DGRO.