VCN.TO vs. XEF-U.TO
VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index, while XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 10 years, VCN.TO returned 12.80%/yr vs 7.69%/yr for XEF-U.TO. At a 0.32 correlation, their price movements are largely independent. VCN.TO charges 0.06%/yr vs 0.21%/yr for XEF-U.TO.
Performance
VCN.TO vs. XEF-U.TO - Performance Comparison
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Different Trading Currencies
VCN.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO 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 XEF-U.TO's 12.07% return. Over the past 10 years, VCN.TO has outperformed XEF-U.TO with an annualized return of 12.80%, while XEF-U.TO has yielded a comparatively lower 7.69% 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%
XEF-U.TO
- 1D
- 0.92%
- 1M
- 3.41%
- YTD
- 12.07%
- 6M
- 12.78%
- 1Y
- 26.15%
- 3Y*
- 18.50%
- 5Y*
- 11.30%
- 10Y*
- 7.69%
VCN.TO vs. XEF-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 12.07% | 25.69% | 11.75% | 13.94% | -9.57% | 11.30% | 7.69% | -15.98% | 0.56% | 9.18% |
Correlation
The correlation between VCN.TO and XEF-U.TO is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 13, 2013 | 0.32 |
Over the past year, VCN.TO and XEF-U.TO have become more correlated (0.62) than their long-term average of 0.32, meaning their price movements have been converging.
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Return for Risk
VCN.TO vs. XEF-U.TO — Risk / Return Rank
VCN.TO
XEF-U.TO
VCN.TO vs. XEF-U.TO - 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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.
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 | XEF-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.28 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 3.68 | 2.13 | +1.56 |
| Martin ratioReturn relative to average drawdown | 16.98 | 8.26 | +8.72 |
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Drawdowns
VCN.TO vs. XEF-U.TO - Drawdown Comparison
The maximum VCN.TO drawdown since its inception was -37.32%, smaller than the maximum XEF-U.TO drawdown of -42.21%. Use the drawdown chart below to compare losses from any high point for VCN.TO and XEF-U.TO.
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Drawdown Indicators
| VCN.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.32% | -42.21% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.11% | -11.34% | +2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -12.24% | -14.64% | +2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -16.12% | -25.28% | +9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -37.32% | -42.21% | +4.89% |
Current DrawdownCurrent decline from peak | -0.85% | 0.00% | -0.85% |
Average DrawdownAverage peak-to-trough decline | -3.89% | -9.03% | +5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.92% | -0.95% |
Volatility
VCN.TO vs. XEF-U.TO - Volatility Comparison
The current volatility for Vanguard FTSE Canada All Cap Index ETF (VCN.TO) is 4.44%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 5.42%. This indicates that VCN.TO experiences smaller price fluctuations and is considered to be less risky than XEF-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCN.TO | XEF-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 5.42% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 10.63% | 13.07% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.94% | 15.55% | -2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.10% | 17.59% | -4.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.99% | 18.25% | -3.26% |
VCN.TO vs. XEF-U.TO - Expense Ratio Comparison
VCN.TO has a 0.06% expense ratio, which is lower than XEF-U.TO's 0.21% 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. XEF-U.TO - Dividend Comparison
VCN.TO's dividend yield for the trailing twelve months is around 2.00%, less than XEF-U.TO's 2.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF | 2.22% | 2.44% | 2.85% | 2.76% | 2.98% | 2.43% | 1.86% | 2.72% | 2.07% | 1.62% | 1.84% | 1.86% |
Frequently Asked Questions
VCN.TO and XEF-U.TO have a correlation of 0.62, 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 0.21% for XEF-U.TO.
VCN.TO is categorized as Canada Equities, while XEF-U.TO is Global Equities. VCN.TO tracks FTSE Canada All Cap Domestic Index, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VCN.TO and 0.21% for XEF-U.TO.
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