VCN.TO vs. AVES

Last updated Jun 13, 2026

VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index, while AVES is a Emerging Markets Equities fund actively managed by Avantis. VCN.TO is passively managed, while AVES is actively managed. Over the past 3 years, VCN.TO returned 23.86%/yr vs 20.98%/yr for AVES. A 0.57 correlation means they provide meaningful diversification when combined. VCN.TO charges 0.06%/yr vs 0.36%/yr for AVES.

Performance

VCN.TO vs. AVES - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and Avantis Emerging Markets Value ETF (AVES). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VCN.TO achieves a 10.85% return, which is significantly lower than AVES's 17.85% return.

VCN.TO

• 1D: 0.72%
• 1M: 2.14%
• YTD: 10.85%
• 6M: 11.65%
• 1Y: 33.96%
• 3Y*: 23.86%
• 5Y*: 14.96%
• 10Y*: 12.80%

AVES

• 1D: 0.50%
• 1M: 2.08%
• YTD: 17.85%
• 6M: 19.89%
• 1Y: 35.15%
• 3Y*: 20.98%
• 5Y*: —
• 10Y*: —

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

VCN.TO vs. AVES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VCN.TO Vanguard FTSE Canada All Cap Index ETF	10.85%	31.00%	22.16%	12.29%	-5.76%	6.09%
AVES Avantis Emerging Markets Value ETF	17.85%	24.54%	13.35%	14.01%	-10.72%	0.88%

Correlation

The correlation between VCN.TO and AVES is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.57

The correlation between VCN.TO and AVES has been stable across timeframes, ranging from 0.54 to 0.57 - a consistent structural relationship.

VCN.TO vs. AVES - Sectors Allocation Comparison

Sectors	VCN.TO	AVES
Financial Services	33.7%	25.3%
Energy	18.5%	4.0%
Basic Materials	17.6%	9.8%
Industrials	10.5%	13.3%
Technology	7.5%	21.4%
Consumer Cyclical	3.7%	9.6%
Consumer Defensive	2.8%	3.2%
Utilities	2.7%	1.7%
Real Estate	1.5%	2.4%
Communication Services	1.4%	5.3%
Healthcare	0.1%	2.1%

Return for Risk

VCN.TO vs. AVES — Risk / Return Rank

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

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.TO Martin Ratio Rank: 88

AVES

AVES Risk / Return Rank: 54
AVES Sharpe Ratio Rank: 55
AVES Sortino Ratio Rank: 52
AVES Omega Ratio Rank: 58
AVES Calmar Ratio Rank: 53
AVES Martin Ratio Rank: 55

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.

VCN.TO vs. AVES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and Avantis Emerging Markets Value ETF (AVES). 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.

	VCN.TO	AVES	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.77	+0.82
Sortino ratio: Return per unit of downside risk	3.35	2.41	+0.94
Omega ratio: Gain probability vs. loss probability	1.47	1.33	+0.13
Calmar ratio: Return relative to maximum drawdown	3.68	2.80	+0.88
Martin ratio: Return relative to average drawdown	16.98	9.56	+7.42

VCN.TO vs. AVES - Sharpe Ratio Comparison

The current VCN.TO Sharpe Ratio is 2.59, which is higher than the AVES Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VCN.TO and AVES, 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

VCN.TO vs. AVES - Drawdown Comparison

The maximum VCN.TO drawdown since its inception was -37.32%, which is greater than AVES's maximum drawdown of -21.75%. Use the drawdown chart below to compare losses from any high point for VCN.TO and AVES.

Drawdown Indicators

	VCN.TO	AVES	Difference
Max Drawdown Largest peak-to-trough decline	-37.32%	-21.75%	-15.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-11.74%	+2.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-14.55%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-16.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.32%	—	—
Current Drawdown Current decline from peak	-0.85%	-1.37%	+0.52%
Average Drawdown Average peak-to-trough decline	-3.89%	-5.28%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.44%	-1.47%

Volatility

VCN.TO vs. AVES - Volatility Comparison

The current volatility for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) is 4.44%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 8.95%. This indicates that VCN.TO experiences smaller price fluctuations and is considered to be less risky than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCN.TO	AVES	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	8.95%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	16.12%	-5.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.94%	18.56%	-5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.10%	18.17%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	18.17%	-3.18%

VCN.TO vs. AVES - Expense Ratio Comparison

VCN.TO has a 0.06% expense ratio, which is lower than AVES's 0.36% expense ratio.

Dividends

VCN.TO vs. AVES - Dividend Comparison

VCN.TO's dividend yield for the trailing twelve months is around 2.00%, less than AVES's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVES Avantis Emerging Markets Value ETF	3.53%	3.17%	4.09%	3.96%	3.70%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%

Frequently Asked Questions

Can I hold both VCN.TO and AVES in my portfolio?

VCN.TO and AVES have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VCN.TO or AVES?

On fees, VCN.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, VCN.TO or AVES?

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.36% for AVES.

What is the main difference between VCN.TO and AVES?

VCN.TO is categorized as Canada Equities, while AVES is Emerging Markets Equities. They also come from different issuers: Vanguard and Avantis. Their fees differ too: 0.06% for VCN.TO and 0.36% for AVES.