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VDE vs. EWC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VDE vs. EWC

Last updated Jun 13, 2026

VDE (Vanguard Energy ETF) and EWC (iShares MSCI Canada ETF) are both exchange-traded funds - VDE is a Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index, while EWC is a Canada Equities fund tracking the MSCI Canada Index. Both are passively managed. Over the past 10 years, VDE returned 9.39%/yr vs 11.42%/yr for EWC. A 0.71 correlation means they provide meaningful diversification when combined. VDE charges 0.09%/yr vs 0.49%/yr for EWC.

Performance

VDE vs. EWC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Energy ETF (VDE) and iShares MSCI Canada ETF (EWC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VDE achieves a 29.66% return, which is significantly higher than EWC's 8.96% return. Over the past 10 years, VDE has underperformed EWC with an annualized return of 9.39%, while EWC has yielded a comparatively higher 11.42% annualized return.

VDE

1D
0.77%
1M
-0.78%
YTD
29.66%
6M
28.33%
1Y
37.57%
3Y*
16.71%
5Y*
20.05%
10Y*
9.39%

EWC

1D
0.46%
1M
1.77%
YTD
8.96%
6M
10.01%
1Y
29.74%
3Y*
21.64%
5Y*
11.33%
10Y*
11.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VDE vs. EWC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VDE
Vanguard Energy ETF		29.66%7.11%6.75%0.03%62.89%56.31%-33.02%9.28%-19.95%-2.50%
EWC
iShares MSCI Canada ETF		8.96%35.92%12.38%14.73%-12.95%26.98%5.52%27.58%-17.16%15.73%

Correlation

The correlation between VDE and EWC is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.04

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

0.36

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

0.52

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

0.60

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2004

0.71

Over the past year, the correlation between VDE and EWC has dropped to 0.04 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

VDE vs. EWC - Sectors Allocation Comparison

Sectors
VDE
EWC

Energy

99.5%
19.1%

Basic Materials

0.4%
14.8%

Industrials

0.1%
9.4%

Communication Services

-

0.7%

Consumer Cyclical

-

3.8%

Consumer Defensive

-

3.3%

Financial Services

-

38.1%

Healthcare

-

-

Real Estate

-

0.2%

Technology

-

8.4%

Utilities

-

2.3%

Energy

VDE
99.5%
EWC
19.1%

Basic Materials

VDE
0.4%
EWC
14.8%

Industrials

VDE
0.1%
EWC
9.4%

Communication Services

VDE

-

EWC
0.7%

Consumer Cyclical

VDE

-

EWC
3.8%

Consumer Defensive

VDE

-

EWC
3.3%

Financial Services

VDE

-

EWC
38.1%

Healthcare

VDE

-

EWC

-

Real Estate

VDE

-

EWC
0.2%

Technology

VDE

-

EWC
8.4%

Utilities

VDE

-

EWC
2.3%

Compare stocks, funds, or ETFs

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

Vanguard Energy ETF

iShares MSCI Canada ETF

Often compared with VDE:
VDE vs. XLEVDE vs. IXCVDE vs. FENYVDE vs. VOOVDE vs. VGENXVDE vs. XOPVDE vs. VGT
Often compared with EWC:
EWC vs. EWAEWC vs. XIU.TOEWC vs. FLCAEWC vs. BBCAEWC vs. SPYEWC vs. VOOEWC vs. EWD

Return for Risk

VDE vs. EWC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VDE
VDE Risk / Return Rank: 6262
Overall Rank
VDE Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
VDE Sortino Ratio Rank: 5959
Sortino Ratio Rank
VDE Omega Ratio Rank: 5555
Omega Ratio Rank
VDE Calmar Ratio Rank: 7373
Calmar Ratio Rank
VDE Martin Ratio Rank: 5858
Martin Ratio Rank
EWC
EWC Risk / Return Rank: 7575
Overall Rank
EWC Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
EWC Sortino Ratio Rank: 7070
Sortino Ratio Rank
EWC Omega Ratio Rank: 7070
Omega Ratio Rank
EWC Calmar Ratio Rank: 7878
Calmar Ratio Rank
EWC Martin Ratio Rank: 8282
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.

VDE vs. EWC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Energy ETF (VDE) and iShares MSCI Canada ETF (EWC). 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.

VDEEWCDifference
Sharpe ratioReturn per unit of total volatility
1.85
2.08

-0.24

Sortino ratioReturn per unit of downside risk
2.43
2.75

-0.32

Omega ratioGain probability vs. loss probability

1.30

1.36

-0.06

Calmar ratioReturn relative to maximum drawdown

3.20

3.51

-0.31

Martin ratioReturn relative to average drawdown

8.95

14.27

-5.32

VDE vs. EWC - Sharpe Ratio Comparison

The current VDE Sharpe Ratio is 1.85, which is comparable to the EWC Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of VDE and EWC, 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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Drawdowns

VDE vs. EWC - Drawdown Comparison

The maximum VDE drawdown since its inception was -74.20%, which is greater than EWC's maximum drawdown of -60.75%. Use the drawdown chart below to compare losses from any high point for VDE and EWC.

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Drawdown Indicators

VDEEWCDifference

Max Drawdown

Largest peak-to-trough decline

-74.20%

-60.75%

-13.45%

Max Drawdown (1Y)

Largest decline over 1 year

-11.80%

-8.51%

-3.29%

Max Drawdown (3Y)

Largest decline over 3 years

-21.41%

-12.97%

-8.44%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-24.81%

-1.77%

Max Drawdown (10Y)

Largest decline over 10 years

-69.29%

-42.66%

-26.63%

Current Drawdown

Current decline from peak

-8.26%

-1.18%

-7.08%

Average Drawdown

Average peak-to-trough decline

-19.95%

-13.13%

-6.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.21%

2.09%

+2.12%

Volatility

VDE vs. EWC - Volatility Comparison

Vanguard Energy ETF (VDE) has a higher volatility of 7.15% compared to iShares MSCI Canada ETF (EWC) at 4.42%. This indicates that VDE's price experiences larger fluctuations and is considered to be riskier than EWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VDEEWCDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.15%

4.42%

+2.73%

Volatility (6M)

Calculated over the trailing 6-month period

16.59%

11.32%

+5.27%

Volatility (1Y)

Calculated over the trailing 1-year period

20.46%

14.37%

+6.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.45%

17.29%

+9.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.93%

18.74%

+11.19%

VDE vs. EWC - Expense Ratio Comparison

VDE has a 0.09% expense ratio, which is lower than EWC's 0.49% expense ratio.

Dividends

VDE vs. EWC - Dividend Comparison

VDE's dividend yield for the trailing twelve months is around 2.42%, more than EWC's 1.33% yield.

PositionTTM20252024202320222021202020192018201720162015
EWC
iShares MSCI Canada ETF		1.33%1.45%2.23%2.27%2.34%1.85%2.09%2.16%2.65%1.97%1.75%2.34%
VDE
Vanguard Energy ETF		2.42%3.11%3.23%3.34%3.65%4.13%4.76%3.42%3.35%2.90%2.31%3.17%

Frequently Asked Questions

VDE and EWC have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VDE has higher volatility (7.15%) compared to EWC (4.42%). In terms of maximum drawdown, VDE dropped -74.20% vs EWC's -60.75%.

On 10-year performance, EWC leads with 11.42% vs 9.39% for VDE. On fees, VDE is cheaper at 0.09% per year. On volatility, EWC has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EWC has performed better with a 11.42% return vs 9.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VDE is cheaper with a 0.09% expense ratio, compared with 0.49% for EWC.

VDE has the higher dividend yield at 2.42%, compared with 1.33% for EWC.

VDE is categorized as Energy Equities, while EWC is Canada Equities. VDE tracks MSCI US Investable Market Energy 25/50 Index, while EWC tracks MSCI Canada Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VDE and 0.49% for EWC.

EWC currently has the higher Sharpe Ratio (2.08 vs 1.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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