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

VCE.TO vs. EIRL

Last updated Jun 13, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and EIRL (iShares MSCI Ireland ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while EIRL is a Europe Equities fund tracking the MSCI Ireland Investable Market 25/50 Index. Both are passively managed. Over the past 10 years, VCE.TO returned 13.03%/yr vs 10.12%/yr for EIRL. At a 0.49 correlation, their price movements are largely independent. VCE.TO charges 0.06%/yr vs 0.49%/yr for EIRL.

Performance

VCE.TO vs. EIRL - 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 MSCI Ireland ETF (EIRL). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, VCE.TO achieves a 10.92% return, which is significantly higher than EIRL's 9.07% return. Over the past 10 years, VCE.TO has outperformed EIRL with an annualized return of 13.03%, while EIRL has yielded a comparatively lower 10.12% annualized return.

VCE.TO

1D
0.71%
1M
2.81%
YTD
10.92%
6M
9.70%
1Y
30.04%
3Y*
22.66%
5Y*
14.59%
10Y*
13.03%

EIRL

1D
0.69%
1M
9.02%
YTD
9.07%
6M
9.00%
1Y
23.64%
3Y*
15.60%
5Y*
10.39%
10Y*
10.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCE.TO vs. EIRL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCE.TO
Vanguard FTSE Canada Index ETF		10.92%26.45%21.50%12.34%-5.14%28.63%4.18%23.06%-7.82%8.84%
EIRL
iShares MSCI Ireland ETF		9.07%22.94%6.69%31.91%-13.69%13.67%7.03%22.87%-15.36%21.03%

Correlation

The correlation between VCE.TO and EIRL is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.48

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

0.54

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

0.57

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

0.53

Correlation (All Time)
Calculated using the full available price history since Dec 6, 2011

0.49

The correlation between VCE.TO and EIRL has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

VCE.TO vs. EIRL - Sectors Allocation Comparison

Sectors
VCE.TO
EIRL

Financial Services

37.4%
34.0%

Energy

18.4%
4.8%

Basic Materials

15.4%
0.5%

Industrials

10.6%
24.8%

Technology

8.2%
0.3%

Consumer Cyclical

3.4%
8.8%

Consumer Defensive

2.9%
14.6%

Utilities

1.9%

-

Communication Services

1.5%

-

Real Estate

0.2%
2.1%

Healthcare

-

10.2%

Financial Services

VCE.TO
37.4%
EIRL
34.0%

Energy

VCE.TO
18.4%
EIRL
4.8%

Basic Materials

VCE.TO
15.4%
EIRL
0.5%

Industrials

VCE.TO
10.6%
EIRL
24.8%

Technology

VCE.TO
8.2%
EIRL
0.3%

Consumer Cyclical

VCE.TO
3.4%
EIRL
8.8%

Consumer Defensive

VCE.TO
2.9%
EIRL
14.6%

Utilities

VCE.TO
1.9%
EIRL

-

Communication Services

VCE.TO
1.5%
EIRL

-

Real Estate

VCE.TO
0.2%
EIRL
2.1%

Healthcare

VCE.TO

-

EIRL
10.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Canada Index ETF

iShares MSCI Ireland ETF

Often compared with VCE.TO:
VCE.TO vs. VCN.TOVCE.TO vs. VDY.TOVCE.TO vs. XIC.TOVCE.TO vs. VFV.TOVCE.TO vs. VEQT.TOVCE.TO vs. ZCN.TOVCE.TO vs. VXC.TO
Often compared with EIRL:
EIRL vs. EPOLEIRL vs. EWQEIRL vs. EUFNEIRL vs. EWIEIRL vs. EWPEIRL vs. ENZLEIRL vs. EWZS

Return for Risk

VCE.TO vs. EIRL — 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: 8383
Overall Rank
VCE.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
VCE.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
VCE.TO Omega Ratio Rank: 8282
Omega Ratio Rank
VCE.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
VCE.TO Martin Ratio Rank: 8888
Martin Ratio Rank
EIRL
EIRL Risk / Return Rank: 3232
Overall Rank
EIRL Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
EIRL Sortino Ratio Rank: 3232
Sortino Ratio Rank
EIRL Omega Ratio Rank: 3232
Omega Ratio Rank
EIRL Calmar Ratio Rank: 2929
Calmar Ratio Rank
EIRL Martin Ratio Rank: 3232
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. EIRL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and iShares MSCI Ireland ETF (EIRL). 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.

VCE.TOEIRLDifference
Sharpe ratioReturn per unit of total volatility
2.35
1.15

+1.20

Sortino ratioReturn per unit of downside risk
3.12
1.73

+1.39

Omega ratioGain probability vs. loss probability

1.42

1.21

+0.21

Calmar ratioReturn relative to maximum drawdown

3.67

1.54

+2.12

Martin ratioReturn relative to average drawdown

16.88

5.18

+11.70

VCE.TO vs. EIRL - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.35, which is higher than the EIRL Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of VCE.TO and EIRL, 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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Drawdowns

VCE.TO vs. EIRL - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.93%, smaller than the maximum EIRL drawdown of -40.91%. Use the drawdown chart below to compare losses from any high point for VCE.TO and EIRL.

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Drawdown Indicators

VCE.TOEIRLDifference

Max Drawdown

Largest peak-to-trough decline

-35.93%

-40.91%

+4.98%

Max Drawdown (1Y)

Largest decline over 1 year

-8.09%

-13.68%

+5.59%

Max Drawdown (3Y)

Largest decline over 3 years

-12.15%

-19.95%

+7.80%

Max Drawdown (5Y)

Largest decline over 5 years

-15.86%

-36.05%

+20.19%

Max Drawdown (10Y)

Largest decline over 10 years

-35.93%

-40.91%

+4.98%

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-3.70%

-8.54%

+4.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.75%

4.09%

-2.34%

Volatility

VCE.TO vs. EIRL - Volatility Comparison

The current volatility for Vanguard FTSE Canada Index ETF (VCE.TO) is 4.30%, while iShares MSCI Ireland ETF (EIRL) has a volatility of 5.02%. This indicates that VCE.TO experiences smaller price fluctuations and is considered to be less risky than EIRL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCE.TOEIRLDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.30%

5.02%

-0.72%

Volatility (6M)

Calculated over the trailing 6-month period

10.31%

15.23%

-4.92%

Volatility (1Y)

Calculated over the trailing 1-year period

12.61%

18.35%

-5.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.84%

21.78%

-8.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.01%

22.36%

-7.35%

VCE.TO vs. EIRL - Expense Ratio Comparison

VCE.TO has a 0.06% expense ratio, which is lower than EIRL's 0.49% expense ratio.

Dividends

VCE.TO vs. EIRL - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.17%, less than EIRL's 2.53% yield.

PositionTTM20252024202320222021202020192018201720162015
EIRL
iShares MSCI Ireland ETF		2.53%2.71%2.56%1.00%1.13%0.82%0.50%2.11%1.52%1.44%1.34%1.70%
VCE.TO
Vanguard FTSE Canada Index ETF		2.17%2.46%2.89%3.22%3.27%2.66%2.99%3.06%3.27%2.62%2.69%3.04%

Frequently Asked Questions

VCE.TO and EIRL have a correlation of 0.48, 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 0.49% for EIRL.

VCE.TO is categorized as Canada Equities, while EIRL is Europe Equities. VCE.TO tracks FTSE Canada Domestic Index, while EIRL tracks MSCI Ireland Investable Market 25/50 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCE.TO and 0.49% for EIRL.

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