VDY.TO vs. VCN.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO).

VDY.TO and VCN.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VDY.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada High Dividend Yield Index. It was launched on Nov 2, 2012. VCN.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada All Cap Domestic Index. It was launched on Aug 2, 2013. Both VDY.TO and VCN.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

VDY.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	9.07%	29.20%	20.71%	8.40%	-0.23%	36.78%	-1.37%	21.43%	-10.09%	8.75%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	3.62%	30.20%	22.14%	12.26%	-5.78%	25.63%	4.81%	22.06%	-9.11%	8.44%

Returns By Period

In the year-to-date period, VDY.TO achieves a 9.07% return, which is significantly higher than VCN.TO's 3.62% return. Over the past 10 years, VDY.TO has outperformed VCN.TO with an annualized return of 13.53%, while VCN.TO has yielded a comparatively lower 12.41% annualized return.

VDY.TO

• 1D: 1.12%
• 1M: 0.19%
• YTD: 9.07%
• 6M: 16.25%
• 1Y: 39.26%
• 3Y*: 22.01%
• 5Y*: 16.73%
• 10Y*: 13.53%

VCN.TO

• 1D: 2.61%
• 1M: -4.18%
• YTD: 3.62%
• 6M: 9.16%
• 1Y: 32.69%
• 3Y*: 20.88%
• 5Y*: 14.71%
• 10Y*: 12.41%

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

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

VDY.TO has a 0.22% expense ratio, which is higher than VCN.TO's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VDY.TO

Vanguard FTSE Canadian High Dividend Yield Index ETF

VCN.TO

Vanguard FTSE Canada All Cap Index ETF

Return for Risk

VDY.TO vs. VCN.TO — Risk / Return Rank

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

VDY.TO

VDY.TO Risk / Return Rank: 97
VDY.TO Sharpe Ratio Rank: 98
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 95
VDY.TO Martin Ratio Rank: 98

VCN.TO

VCN.TO Risk / Return Rank: 93
VCN.TO Sharpe Ratio Rank: 94
VCN.TO Sortino Ratio Rank: 93
VCN.TO Omega Ratio Rank: 94
VCN.TO Calmar Ratio Rank: 91
VCN.TO Martin Ratio Rank: 94

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.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.

	VDY.TO	VCN.TO	Difference
Sharpe ratio Return per unit of total volatility	3.58	2.15	+1.43
Sortino ratio Return per unit of downside risk	4.31	2.74	+1.57
Omega ratio Gain probability vs. loss probability	1.77	1.43	+0.34
Calmar ratio Return relative to maximum drawdown	4.00	3.06	+0.94
Martin ratio Return relative to average drawdown	22.92	13.93	+8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VDY.TO Sharpe Ratio is 3.58, which is higher than the VCN.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VDY.TO and VCN.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VDY.TO	VCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	2.15	+1.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.47	1.14	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.85	0.83	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.74	+0.05

Correlation

The correlation between VDY.TO and VCN.TO is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VDY.TO vs. VCN.TO - Dividend Comparison

VDY.TO's dividend yield for the trailing twelve months is around 3.51%, more than VCN.TO's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	3.51%	3.59%	4.40%	4.64%	4.42%	3.58%	4.59%	4.25%	4.43%	3.82%	3.25%	4.11%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.14%	2.27%	2.69%	2.99%	3.15%	2.48%	2.70%	2.85%	2.80%	2.29%	2.34%	2.65%

Drawdowns

VDY.TO vs. VCN.TO - Drawdown Comparison

The maximum VDY.TO drawdown since its inception was -39.21%, which is greater than VCN.TO's maximum drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for VDY.TO and VCN.TO.

Drawdown Indicators

	VDY.TO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.21%	-37.32%	-1.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-11.02%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-16.12%	-0.06%
Max Drawdown (10Y) Largest decline over 10 years	-39.21%	-37.32%	-1.89%
Current Drawdown Current decline from peak	-0.55%	-4.72%	+4.17%
Average Drawdown Average peak-to-trough decline	-4.67%	-3.94%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	2.42%	-0.66%

Volatility

VDY.TO vs. VCN.TO - Volatility Comparison

The current volatility for Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) is 3.37%, while Vanguard FTSE Canada All Cap Index ETF (VCN.TO) has a volatility of 5.93%. This indicates that VDY.TO experiences smaller price fluctuations and is considered to be less risky than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VDY.TO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	5.93%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	10.76%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.03%	15.26%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	12.96%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	14.96%	+1.00%