VCE.TO vs. EWM

Last updated Jun 13, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and EWM (iShares MSCI Malaysia ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while EWM is a Asia Pacific Equities fund tracking the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, VCE.TO returned 13.03%/yr vs 3.67%/yr for EWM. At a 0.40 correlation, their price movements are largely independent. VCE.TO charges 0.06%/yr vs 0.49%/yr for EWM.

Performance

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

Different Trading Currencies

VCE.TO is traded in CAD, while EWM is traded in USD. To make them comparable, the EWM 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 EWM's 4.97% return. Over the past 10 years, VCE.TO has outperformed EWM with an annualized return of 13.03%, while EWM has yielded a comparatively lower 3.67% 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%

EWM

• 1D: 0.43%
• 1M: -5.00%
• YTD: 4.97%
• 6M: 7.51%
• 1Y: 23.74%
• 3Y*: 16.69%
• 5Y*: 7.76%
• 10Y*: 3.67%

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

VCE.TO vs. EWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
EWM iShares MSCI Malaysia ETF	4.97%	10.46%	29.57%	-5.91%	-0.05%	-7.45%	0.68%	-5.47%	1.60%	15.84%

Correlation

The correlation between VCE.TO and EWM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011	0.40

VCE.TO vs. EWM - Sectors Allocation Comparison

Sectors	VCE.TO	EWM
Financial Services	37.4%	46.6%
Energy	18.4%	3.9%
Basic Materials	15.4%	8.9%
Industrials	10.6%	11.1%
Technology	8.2%	-
Consumer Cyclical	3.4%	1.1%
Consumer Defensive	2.9%	7.3%
Utilities	1.9%	10.8%
Communication Services	1.5%	6.6%
Real Estate	0.2%	-
Healthcare	-	3.8%

Return for Risk

VCE.TO vs. EWM — 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: 83
VCE.TO Sharpe Ratio Rank: 85
VCE.TO Sortino Ratio Rank: 81
VCE.TO Omega Ratio Rank: 82
VCE.TO Calmar Ratio Rank: 80
VCE.TO Martin Ratio Rank: 88

EWM

EWM Risk / Return Rank: 44
EWM Sharpe Ratio Rank: 44
EWM Sortino Ratio Rank: 43
EWM Omega Ratio Rank: 41
EWM Calmar Ratio Rank: 48
EWM Martin Ratio Rank: 46

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. EWM - 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 Malaysia ETF (EWM). 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.TO	EWM	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.51	+0.84
Sortino ratio: Return per unit of downside risk	3.12	2.10	+1.02
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	3.67	3.10	+0.57
Martin ratio: Return relative to average drawdown	16.88	8.47	+8.41

VCE.TO vs. EWM - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.35, which is higher than the EWM Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of VCE.TO and EWM, 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

VCE.TO vs. EWM - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.93%, smaller than the maximum EWM drawdown of -41.18%. Use the drawdown chart below to compare losses from any high point for VCE.TO and EWM.

Drawdown Indicators

	VCE.TO	EWM	Difference
Max Drawdown Largest peak-to-trough decline	-35.93%	-41.18%	+5.25%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-7.03%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	-16.90%	+4.75%
Max Drawdown (5Y) Largest decline over 5 years	-15.86%	-16.90%	+1.04%
Max Drawdown (10Y) Largest decline over 10 years	-35.93%	-36.63%	+0.70%
Current Drawdown Current decline from peak	-0.50%	-5.19%	+4.69%
Average Drawdown Average peak-to-trough decline	-3.70%	-12.21%	+8.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	2.58%	-0.83%

Volatility

VCE.TO vs. EWM - Volatility Comparison

Vanguard FTSE Canada Index ETF (VCE.TO) and iShares MSCI Malaysia ETF (EWM) have volatilities of 4.30% and 4.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCE.TO	EWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	4.10%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	11.06%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	14.43%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	14.50%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.01%	17.20%	-2.19%

VCE.TO vs. EWM - Expense Ratio Comparison

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

Dividends

VCE.TO vs. EWM - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.17%, less than EWM's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWM iShares MSCI Malaysia ETF	3.32%	3.41%	3.32%	3.47%	3.00%	6.48%	1.89%	2.91%	3.84%	5.58%	5.97%	37.54%
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

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

VCE.TO and EWM have a correlation of 0.40, 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 EWM?

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 EWM?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.49% for EWM.

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

VCE.TO is categorized as Canada Equities, while EWM is Asia Pacific Equities. VCE.TO tracks FTSE Canada Domestic Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCE.TO and 0.49% for EWM.