VCE.TO vs. ZIU.TO

Last updated Jun 4, 2026

VCE.TO (Vanguard FTSE Canada Index ETF) and ZIU.TO (BMO S&P/TSX 60 Index ETF) are both Canada Equities funds - VCE.TO tracks the FTSE Canada Domestic Index while ZIU.TO tracks the S&P/TSX 60 Index. Both are passively managed. Over the past year, VCE.TO returned 28.98% vs 31.32% for ZIU.TO. A 0.78 correlation means they provide meaningful diversification when combined. VCE.TO charges 0.06%/yr vs 0.15%/yr for ZIU.TO.

Performance

VCE.TO vs. ZIU.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 BMO S&P/TSX 60 Index ETF (ZIU.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VCE.TO having a 10.03% return and ZIU.TO slightly higher at 10.17%.

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%

ZIU.TO

• 1D: -0.14%
• 1M: 3.59%
• YTD: 10.17%
• 6M: 11.84%
• 1Y: 31.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
VCE.TO Vanguard FTSE Canada Index ETF	10.03%	26.39%	21.43%	11.23%
ZIU.TO BMO S&P/TSX 60 Index ETF	10.17%	28.37%	21.12%	10.25%

Correlation

The correlation between VCE.TO and ZIU.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.78

The correlation between VCE.TO and ZIU.TO shifts across timeframes, from 0.78 (all time) to 0.90 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VCE.TO vs. ZIU.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: 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

ZIU.TO

ZIU.TO Risk / Return Rank: 83
ZIU.TO Sharpe Ratio Rank: 84
ZIU.TO Sortino Ratio Rank: 84
ZIU.TO Omega Ratio Rank: 84
ZIU.TO Calmar Ratio Rank: 78
ZIU.TO Martin Ratio Rank: 87

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. ZIU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada Index ETF (VCE.TO) and BMO S&P/TSX 60 Index ETF (ZIU.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.TO	ZIU.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.80	-0.43
Sortino ratio: Return per unit of downside risk	3.16	3.80	-0.64
Omega ratio: Gain probability vs. loss probability	1.42	1.52	-0.09
Calmar ratio: Return relative to maximum drawdown	3.60	3.99	-0.39
Martin ratio: Return relative to average drawdown	16.77	19.04	-2.27
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. ZIU.TO - Sharpe Ratio Comparison

The current VCE.TO Sharpe Ratio is 2.37, which is comparable to the ZIU.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of VCE.TO and ZIU.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.

Sharpe Ratios by Period

	VCE.TO	ZIU.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.80	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	2.18	-1.41

Drawdowns

VCE.TO vs. ZIU.TO - Drawdown Comparison

The maximum VCE.TO drawdown since its inception was -35.92%, which is greater than ZIU.TO's maximum drawdown of -12.35%. Use the drawdown chart below to compare losses from any high point for VCE.TO and ZIU.TO.

Drawdown Indicators

	VCE.TO	ZIU.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.92%	-12.35%	-23.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.09%	-7.88%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-12.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.92%	—	—
Current Drawdown Current decline from peak	-0.96%	-0.14%	-0.82%
Average Drawdown Average peak-to-trough decline	-3.73%	-1.30%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.65%	+0.08%

Volatility

VCE.TO vs. ZIU.TO - Volatility Comparison

Vanguard FTSE Canada Index ETF (VCE.TO) has a higher volatility of 3.47% compared to BMO S&P/TSX 60 Index ETF (ZIU.TO) at 2.25%. This indicates that VCE.TO's price experiences larger fluctuations and is considered to be riskier than ZIU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCE.TO	ZIU.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	2.25%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	8.94%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	11.25%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	12.42%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	12.42%	+2.57%

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

VCE.TO has a 0.06% expense ratio, which is lower than ZIU.TO's 0.15% 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. ZIU.TO - Dividend Comparison

VCE.TO's dividend yield for the trailing twelve months is around 2.17%, more than ZIU.TO's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZIU.TO BMO S&P/TSX 60 Index ETF	2.10%	2.28%	2.70%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

VCE.TO and ZIU.TO have a correlation of 0.90, 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 ZIU.TO?

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 ZIU.TO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.15% for ZIU.TO.

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

VCE.TO tracks FTSE Canada Domestic Index, while ZIU.TO tracks S&P/TSX 60 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.06% for VCE.TO and 0.15% for ZIU.TO.