VCIP.TO vs. GBAL.TO

Last updated Jun 4, 2026

VCIP.TO (Vanguard Conservative Income ETF Portfolio) and GBAL.TO (iShares ESG Balanced ETF Portfolio) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, VCIP.TO returned 2.56%/yr vs 9.01%/yr for GBAL.TO. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

VCIP.TO vs. GBAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Conservative Income ETF Portfolio (VCIP.TO) and iShares ESG Balanced ETF Portfolio (GBAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCIP.TO achieves a 3.28% return, which is significantly lower than GBAL.TO's 9.21% return.

VCIP.TO

• 1D: -0.24%
• 1M: 2.22%
• YTD: 3.28%
• 6M: 2.14%
• 1Y: 7.45%
• 3Y*: 6.78%
• 5Y*: 2.56%
• 10Y*: —

GBAL.TO

• 1D: -0.24%
• 1M: 5.86%
• YTD: 9.21%
• 6M: 7.46%
• 1Y: 17.91%
• 3Y*: 15.59%
• 5Y*: 9.01%
• 10Y*: —

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

VCIP.TO vs. GBAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VCIP.TO Vanguard Conservative Income ETF Portfolio	3.28%	5.36%	6.89%	8.31%	-12.19%	1.41%	2.58%
GBAL.TO iShares ESG Balanced ETF Portfolio	9.21%	11.77%	17.38%	14.48%	-11.94%	11.32%	6.10%

Correlation

The correlation between VCIP.TO and GBAL.TO is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Sep 14, 2020	0.47

Over the past year, VCIP.TO and GBAL.TO have become more correlated (0.69) than their long-term average of 0.47, meaning their price movements have been converging.

VCIP.TO vs. GBAL.TO - Sectors Allocation Comparison

Sectors	VCIP.TO	GBAL.TO
Financial Services	20.6%	18.1%
Technology	20.5%	22.2%
Industrials	11.6%	5.4%
Energy	8.6%	0.0%
Basic Materials	8.5%	4.5%
Consumer Cyclical	7.9%	3.1%
Healthcare	6.7%	2.9%
Communication Services	6.1%	1.8%
Consumer Defensive	4.6%	1.7%
Utilities	2.8%	0.6%
Real Estate	2.3%	1.9%

Return for Risk

VCIP.TO vs. GBAL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCIP.TO

VCIP.TO Risk / Return Rank: 44
VCIP.TO Sharpe Ratio Rank: 45
VCIP.TO Sortino Ratio Rank: 45
VCIP.TO Omega Ratio Rank: 48
VCIP.TO Calmar Ratio Rank: 39
VCIP.TO Martin Ratio Rank: 42

GBAL.TO

GBAL.TO Risk / Return Rank: 58
GBAL.TO Sharpe Ratio Rank: 56
GBAL.TO Sortino Ratio Rank: 58
GBAL.TO Omega Ratio Rank: 59
GBAL.TO Calmar Ratio Rank: 57
GBAL.TO Martin Ratio Rank: 62

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.

VCIP.TO vs. GBAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Conservative Income ETF Portfolio (VCIP.TO) and iShares ESG Balanced ETF Portfolio (GBAL.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.

	VCIP.TO	GBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.91	-0.32
Sortino ratio: Return per unit of downside risk	2.26	2.78	-0.52
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	1.97	2.81	-0.84
Martin ratio: Return relative to average drawdown	6.71	11.18	-4.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCIP.TO vs. GBAL.TO - Sharpe Ratio Comparison

The current VCIP.TO Sharpe Ratio is 1.59, which is comparable to the GBAL.TO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of VCIP.TO and GBAL.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

	VCIP.TO	GBAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.91	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.93	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.03	-0.44

Drawdowns

VCIP.TO vs. GBAL.TO - Drawdown Comparison

The maximum VCIP.TO drawdown since its inception was -15.88%, smaller than the maximum GBAL.TO drawdown of -18.92%. Use the drawdown chart below to compare losses from any high point for VCIP.TO and GBAL.TO.

Drawdown Indicators

	VCIP.TO	GBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.88%	-18.92%	+3.04%
Max Drawdown (1Y) Largest decline over 1 year	-3.80%	-6.40%	+2.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.64%	-10.24%	+5.60%
Max Drawdown (5Y) Largest decline over 5 years	-15.88%	-18.92%	+3.04%
Current Drawdown Current decline from peak	-0.24%	-0.24%	0.00%
Average Drawdown Average peak-to-trough decline	-3.61%	-4.30%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	1.61%	-0.50%

Volatility

VCIP.TO vs. GBAL.TO - Volatility Comparison

The current volatility for Vanguard Conservative Income ETF Portfolio (VCIP.TO) is 1.86%, while iShares ESG Balanced ETF Portfolio (GBAL.TO) has a volatility of 3.20%. This indicates that VCIP.TO experiences smaller price fluctuations and is considered to be less risky than GBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIP.TO	GBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	3.20%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	7.87%	-3.93%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	9.42%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.72%	9.70%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.25%	9.54%	-3.29%

VCIP.TO vs. GBAL.TO - Expense Ratio Comparison

Both VCIP.TO and GBAL.TO have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VCIP.TO vs. GBAL.TO - Dividend Comparison

VCIP.TO's dividend yield for the trailing twelve months is around 2.87%, more than GBAL.TO's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GBAL.TO iShares ESG Balanced ETF Portfolio	1.71%	1.83%	1.84%	2.40%	1.87%	1.43%	0.96%	0.00%
VCIP.TO Vanguard Conservative Income ETF Portfolio	2.87%	2.93%	2.89%	2.75%	2.28%	2.22%	1.85%	2.07%

Frequently Asked Questions

Can I hold both VCIP.TO and GBAL.TO in my portfolio?

VCIP.TO and GBAL.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VCIP.TO or GBAL.TO?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VCIP.TO or GBAL.TO?

VCIP.TO and GBAL.TO have the same expense ratio: 0.25% per year.

What is the main difference between VCIP.TO and GBAL.TO?

They also come from different issuers: Vanguard and iShares.