PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VCN.TO vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCN.TO vs. VWO

Last updated Jun 13, 2026

VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index, while VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index. Both are passively managed. Over the past 10 years, VCN.TO returned 12.80%/yr vs 9.93%/yr for VWO. A 0.50 correlation means they provide meaningful diversification when combined. VCN.TO charges 0.06%/yr vs 0.08%/yr for VWO.

Performance

VCN.TO vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

VCN.TO is traded in CAD, while VWO is traded in USD. To make them comparable, the VWO 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 VWO's 13.02% return. Over the past 10 years, VCN.TO has outperformed VWO with an annualized return of 12.80%, while VWO has yielded a comparatively lower 9.93% annualized 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%

VWO

1D
0.95%
1M
1.26%
YTD
13.02%
6M
14.18%
1Y
30.02%
3Y*
18.35%
5Y*
8.11%
10Y*
9.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCN.TO vs. VWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.85%31.00%22.16%12.29%-5.76%25.65%4.83%22.09%-9.09%8.44%
VWO
Vanguard FTSE Emerging Markets ETF		13.02%19.87%19.96%6.65%-12.78%1.21%12.44%15.77%-7.60%22.58%

Correlation

The correlation between VCN.TO and VWO 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 (5Y)
Calculated over the trailing 5-year period

0.54

Correlation (10Y)
Calculated over the trailing 10-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.50

The correlation between VCN.TO and VWO has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

VCN.TO vs. VWO - Sectors Allocation Comparison

Sectors
VCN.TO
VWO

Financial Services

33.7%
19.5%

Energy

18.5%
4.6%

Basic Materials

17.6%
8.0%

Industrials

10.5%
8.0%

Technology

7.5%
29.6%

Consumer Cyclical

3.7%
10.7%

Consumer Defensive

2.8%
3.7%

Utilities

2.7%
2.9%

Real Estate

1.5%
2.2%

Communication Services

1.4%
7.1%

Healthcare

0.1%
3.9%

Financial Services

VCN.TO
33.7%
VWO
19.5%

Energy

VCN.TO
18.5%
VWO
4.6%

Basic Materials

VCN.TO
17.6%
VWO
8.0%

Industrials

VCN.TO
10.5%
VWO
8.0%

Technology

VCN.TO
7.5%
VWO
29.6%

Consumer Cyclical

VCN.TO
3.7%
VWO
10.7%

Consumer Defensive

VCN.TO
2.8%
VWO
3.7%

Utilities

VCN.TO
2.7%
VWO
2.9%

Real Estate

VCN.TO
1.5%
VWO
2.2%

Communication Services

VCN.TO
1.4%
VWO
7.1%

Healthcare

VCN.TO
0.1%
VWO
3.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Canada All Cap Index ETF

Vanguard FTSE Emerging Markets ETF

Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

VCN.TO vs. VWO — 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: 8686
Overall Rank
VCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
VWO
VWO Risk / Return Rank: 5050
Overall Rank
VWO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4747
Sortino Ratio Rank
VWO Omega Ratio Rank: 5151
Omega Ratio Rank
VWO Calmar Ratio Rank: 5050
Calmar Ratio Rank
VWO Martin Ratio Rank: 5252
Martin Ratio Rank
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. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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.TOVWODifference
Sharpe ratioReturn per unit of total volatility
2.59
1.64

+0.95

Sortino ratioReturn per unit of downside risk
3.35
2.30

+1.05

Omega ratioGain probability vs. loss probability

1.47

1.30

+0.16

Calmar ratioReturn relative to maximum drawdown

3.68

2.57

+1.11

Martin ratioReturn relative to average drawdown

16.98

8.98

+8.00

VCN.TO vs. VWO - Sharpe Ratio Comparison

The current VCN.TO Sharpe Ratio is 2.59, which is higher than the VWO Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of VCN.TO and VWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VCN.TO vs. VWO - Drawdown Comparison

The maximum VCN.TO drawdown since its inception was -37.32%, smaller than the maximum VWO drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for VCN.TO and VWO.

Loading charts...

Drawdown Indicators

VCN.TOVWODifference

Max Drawdown

Largest peak-to-trough decline

-37.32%

-56.70%

+19.38%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-10.70%

+1.59%

Max Drawdown (3Y)

Largest decline over 3 years

-12.24%

-15.30%

+3.06%

Max Drawdown (5Y)

Largest decline over 5 years

-16.12%

-25.37%

+9.25%

Max Drawdown (10Y)

Largest decline over 10 years

-37.32%

-29.47%

-7.85%

Current Drawdown

Current decline from peak

-0.85%

-1.74%

+0.89%

Average Drawdown

Average peak-to-trough decline

-3.89%

-11.28%

+7.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

3.07%

-1.10%

Volatility

VCN.TO vs. VWO - Volatility Comparison

The current volatility for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) is 4.44%, while Vanguard FTSE Emerging Markets ETF (VWO) has a volatility of 6.78%. This indicates that VCN.TO experiences smaller price fluctuations and is considered to be less risky than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VCN.TOVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.44%

6.78%

-2.34%

Volatility (6M)

Calculated over the trailing 6-month period

10.63%

14.35%

-3.72%

Volatility (1Y)

Calculated over the trailing 1-year period

12.94%

16.78%

-3.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.10%

18.53%

-5.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.99%

20.36%

-5.37%

VCN.TO vs. VWO - Expense Ratio Comparison

VCN.TO has a 0.06% expense ratio, which is lower than VWO's 0.08% 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

VCN.TO vs. VWO - Dividend Comparison

VCN.TO's dividend yield for the trailing twelve months is around 2.00%, less than VWO's 2.44% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWO
Vanguard FTSE Emerging Markets ETF		2.44%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

VCN.TO and VWO 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.

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.

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.08% for VWO.

VCN.TO is categorized as Canada Equities, while VWO is Emerging Markets Equities. VCN.TO tracks FTSE Canada All Cap Domestic Index, while VWO tracks FTSE Emerging Index. Their fees differ too: 0.06% for VCN.TO and 0.08% for VWO.

Portfolio Optimizer

Find the right allocation for VCN.TO and VWO

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