VCE.TO vs. SPY
VCE.TO (Vanguard FTSE Canada Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VCE.TO returned 12.58%/yr vs 16.36%/yr for SPY. A 0.57 correlation means they provide meaningful diversification when combined. VCE.TO charges 0.06%/yr vs 0.09%/yr for SPY.
Performance
VCE.TO vs. SPY - Performance Comparison
Loading charts...
Different Trading Currencies
VCE.TO is traded in CAD, while SPY is traded in USD. To make them comparable, the SPY 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 10.03% return, which is significantly lower than SPY's 12.65% return. Over the past 10 years, VCE.TO has underperformed SPY with an annualized return of 12.58%, while SPY has yielded a comparatively higher 16.36% 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%
SPY
- 1D
- 0.00%
- 1M
- 7.46%
- YTD
- 12.65%
- 6M
- 10.82%
- 1Y
- 30.02%
- 3Y*
- 23.90%
- 5Y*
- 17.15%
- 10Y*
- 16.36%
VCE.TO vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 12.32% | 12.32% | 35.62% | 23.40% | -12.34% | 27.57% | 16.33% | 24.77% | 3.52% | 13.96% |
Correlation
The correlation between VCE.TO and SPY is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | 0.57 |
The correlation between VCE.TO and SPY has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
VCE.TO vs. SPY - Sectors Allocation Comparison
Sectors
VCE.TO
SPY
Financial Services
Energy
Basic Materials
Industrials
Technology
Consumer Cyclical
Consumer Defensive
Utilities
Communication Services
Real Estate
Healthcare
-
Financial Services
VCE.TO
SPY
Energy
VCE.TO
SPY
Basic Materials
VCE.TO
SPY
Industrials
VCE.TO
SPY
Technology
VCE.TO
SPY
Consumer Cyclical
VCE.TO
SPY
Consumer Defensive
VCE.TO
SPY
Utilities
VCE.TO
SPY
Communication Services
VCE.TO
SPY
Real Estate
VCE.TO
SPY
Healthcare
VCE.TO
-
SPY
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VCE.TO vs. SPY — Risk / Return Rank
VCE.TO
SPY
VCE.TO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.49 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.60 | 3.50 | +0.10 |
| Martin ratioReturn relative to average drawdown | 16.77 | 13.31 | +3.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VCE.TO | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.59 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 1.14 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.84 | 1.01 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 1.13 | -0.36 |
Drawdowns
VCE.TO vs. SPY - Drawdown Comparison
The maximum VCE.TO drawdown since its inception was -35.92%, which is greater than SPY's maximum drawdown of -27.34%. Use the drawdown chart below to compare losses from any high point for VCE.TO and SPY.
Loading charts...
Drawdown Indicators
| VCE.TO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.92% | -27.34% | -8.58% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -8.62% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -12.16% | -19.00% | +6.84% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -22.08% | +6.18% |
Max Drawdown (10Y)Largest decline over 10 years | -35.92% | -27.34% | -8.58% |
Current DrawdownCurrent decline from peak | -0.96% | 0.00% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -3.73% | -3.21% | -0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 2.26% | -0.53% |
Volatility
VCE.TO vs. SPY - Volatility Comparison
Vanguard FTSE Canada Index ETF (VCE.TO) has a higher volatility of 3.47% compared to State Street SPDR S&P 500 ETF (SPY) at 2.61%. This indicates that VCE.TO's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VCE.TO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 2.61% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 10.00% | 8.79% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.30% | 11.66% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.78% | 15.15% | -2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 16.19% | -1.20% |
VCE.TO vs. SPY - Expense Ratio Comparison
VCE.TO has a 0.06% expense ratio, which is lower than SPY's 0.09% 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. SPY - Dividend Comparison
VCE.TO's dividend yield for the trailing twelve months is around 2.17%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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 SPY have a correlation of 0.55, 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 0.09% for SPY.
VCE.TO is categorized as Canada Equities, while SPY is S&P 500. VCE.TO tracks FTSE Canada Domestic Index, while SPY tracks S&P 500 Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.06% for VCE.TO and 0.09% for SPY.
Find the right allocation for VCE.TO and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer