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VCN.TO vs. ZUE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VCN.TO vs. ZUE.TO

Last updated Jun 4, 2026

VCN.TO (Vanguard FTSE Canada All Cap Index ETF) and ZUE.TO (BMO S&P 500 (CAD Hedged)) are both exchange-traded funds - VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index, while ZUE.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VCN.TO returned 12.42%/yr vs 13.77%/yr for ZUE.TO. A 0.65 correlation means they provide meaningful diversification when combined. VCN.TO charges 0.06%/yr vs 0.09%/yr for ZUE.TO.

Performance

VCN.TO vs. ZUE.TO - 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 BMO S&P 500 (CAD Hedged) (ZUE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VCN.TO achieves a 10.48% return, which is significantly higher than ZUE.TO's 9.67% return. Over the past 10 years, VCN.TO has underperformed ZUE.TO with an annualized return of 12.42%, while ZUE.TO has yielded a comparatively higher 13.77% annualized return.

VCN.TO

1D
-1.03%
1M
3.61%
YTD
10.48%
6M
12.01%
1Y
33.06%
3Y*
23.42%
5Y*
14.85%
10Y*
12.42%

ZUE.TO

1D
-0.65%
1M
5.07%
YTD
9.67%
6M
9.51%
1Y
25.18%
3Y*
20.25%
5Y*
12.15%
10Y*
13.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VCN.TO vs. ZUE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.48%30.20%22.14%12.26%-5.78%25.63%4.81%22.06%-9.11%8.44%
ZUE.TO
BMO S&P 500 (CAD Hedged)		9.67%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%

Correlation

The correlation between VCN.TO and ZUE.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

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

0.72

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2013

0.65

The correlation between VCN.TO and ZUE.TO has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

VCN.TO vs. ZUE.TO - Sectors Allocation Comparison

Sectors
VCN.TO
ZUE.TO

Financial Services

33.7%
12.3%

Energy

18.5%
3.8%

Basic Materials

17.6%
1.9%

Industrials

10.5%
8.6%

Technology

7.5%
33.7%

Consumer Cyclical

3.7%
10.0%

Consumer Defensive

2.8%
5.2%

Utilities

2.7%
2.5%

Real Estate

1.5%
2.0%

Communication Services

1.4%
10.6%

Healthcare

0.1%
9.5%

Financial Services

VCN.TO
33.7%
ZUE.TO
12.3%

Energy

VCN.TO
18.5%
ZUE.TO
3.8%

Basic Materials

VCN.TO
17.6%
ZUE.TO
1.9%

Industrials

VCN.TO
10.5%
ZUE.TO
8.6%

Technology

VCN.TO
7.5%
ZUE.TO
33.7%

Consumer Cyclical

VCN.TO
3.7%
ZUE.TO
10.0%

Consumer Defensive

VCN.TO
2.8%
ZUE.TO
5.2%

Utilities

VCN.TO
2.7%
ZUE.TO
2.5%

Real Estate

VCN.TO
1.5%
ZUE.TO
2.0%

Communication Services

VCN.TO
1.4%
ZUE.TO
10.6%

Healthcare

VCN.TO
0.1%
ZUE.TO
9.5%

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

BMO S&P 500 (CAD Hedged)

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 ZUE.TO:
ZUE.TO vs. ZSP.TOZUE.TO vs. VSP.TOZUE.TO vs. VFV.TOZUE.TO vs. XEQT.TOZUE.TO vs. TEC.TOZUE.TO vs. HXS.TOZUE.TO vs. VOO

Return for Risk

VCN.TO vs. ZUE.TO — 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: 7777
Overall Rank
VCN.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 7878
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8282
Martin Ratio Rank
ZUE.TO
ZUE.TO Risk / Return Rank: 6262
Overall Rank
ZUE.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 6262
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 6767
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. ZUE.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 BMO S&P 500 (CAD Hedged) (ZUE.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.

VCN.TOZUE.TODifference
Sharpe ratioReturn per unit of total volatility
2.64
2.12

+0.53

Sortino ratioReturn per unit of downside risk
3.43
2.91

+0.52

Omega ratioGain probability vs. loss probability

1.48

1.38

+0.09

Calmar ratioReturn relative to maximum drawdown

3.65

2.68

+0.97

Martin ratioReturn relative to average drawdown

17.03

12.32

+4.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCN.TO vs. ZUE.TO - Sharpe Ratio Comparison

The current VCN.TO Sharpe Ratio is 2.64, which is comparable to the ZUE.TO Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VCN.TO and ZUE.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.

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Sharpe Ratios by Period

VCN.TOZUE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.64

2.12

+0.53

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.15

0.72

+0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.76

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.82

-0.05

Drawdowns

VCN.TO vs. ZUE.TO - Drawdown Comparison

The maximum VCN.TO drawdown since its inception was -37.32%, roughly equal to the maximum ZUE.TO drawdown of -35.56%. Use the drawdown chart below to compare losses from any high point for VCN.TO and ZUE.TO.

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Drawdown Indicators

VCN.TOZUE.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.32%

-35.56%

-1.76%

Max Drawdown (1Y)

Largest decline over 1 year

-9.11%

-9.43%

+0.32%

Max Drawdown (3Y)

Largest decline over 3 years

-12.24%

-18.72%

+6.48%

Max Drawdown (5Y)

Largest decline over 5 years

-16.12%

-25.34%

+9.22%

Max Drawdown (10Y)

Largest decline over 10 years

-37.32%

-35.56%

-1.76%

Current Drawdown

Current decline from peak

-1.03%

-0.65%

-0.38%

Average Drawdown

Average peak-to-trough decline

-3.90%

-4.09%

+0.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

2.05%

-0.10%

Volatility

VCN.TO vs. ZUE.TO - Volatility Comparison

Vanguard FTSE Canada All Cap Index ETF (VCN.TO) and BMO S&P 500 (CAD Hedged) (ZUE.TO) have volatilities of 3.41% and 3.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VCN.TOZUE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.41%

3.43%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

10.27%

9.15%

+1.12%

Volatility (1Y)

Calculated over the trailing 1-year period

12.57%

11.96%

+0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.03%

16.88%

-3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.98%

18.14%

-3.16%

VCN.TO vs. ZUE.TO - Expense Ratio Comparison

VCN.TO has a 0.06% expense ratio, which is lower than ZUE.TO's 0.09% 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. ZUE.TO - Dividend Comparison

VCN.TO's dividend yield for the trailing twelve months is around 2.00%, more than ZUE.TO's 0.80% yield.

PositionTTM20252024202320222021202020192018201720162015
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		2.00%2.27%2.69%2.99%3.15%2.48%2.70%2.85%2.80%2.29%2.34%2.65%
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.80%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%

Frequently Asked Questions

VCN.TO and ZUE.TO have a correlation of 0.67, 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 0.09% for ZUE.TO.

VCN.TO is categorized as Canada Equities, while ZUE.TO is S&P 500. VCN.TO tracks FTSE Canada All Cap Domestic Index, while ZUE.TO tracks S&P 500 Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.06% for VCN.TO and 0.09% for ZUE.TO.

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