VDY.TO vs. XCV.TO
VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) and XCV.TO (iShares Canadian Value Index ETF) are both exchange-traded funds - VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index, while XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, VDY.TO returned 14.58%/yr vs 13.88%/yr for XCV.TO. Their correlation of 0.80 suggests significant overlap in exposure. VDY.TO charges 0.22%/yr vs 0.55%/yr for XCV.TO.
Performance
VDY.TO vs. XCV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VDY.TO achieves a 23.81% return, which is significantly higher than XCV.TO's 22.37% return. Both investments have delivered pretty close results over the past 10 years, with VDY.TO having a 14.58% annualized return and XCV.TO not far behind at 13.88%.
VDY.TO
- 1D
- 0.65%
- 1M
- 5.11%
- YTD
- 23.81%
- 6M
- 23.43%
- 1Y
- 49.57%
- 3Y*
- 27.42%
- 5Y*
- 17.91%
- 10Y*
- 14.58%
XCV.TO
- 1D
- 0.64%
- 1M
- 5.49%
- YTD
- 22.37%
- 6M
- 20.31%
- 1Y
- 47.19%
- 3Y*
- 28.48%
- 5Y*
- 18.73%
- 10Y*
- 13.88%
VDY.TO vs. XCV.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 | 23.81% | 29.21% | 21.44% | 8.41% | -0.23% | 36.60% | -1.37% | 21.42% | -10.09% | 8.32% |
XCV.TO iShares Canadian Value Index ETF | 22.37% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
Correlation
The correlation between VDY.TO and XCV.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012 | 0.80 |
The correlation between VDY.TO and XCV.TO shifts across timeframes, from 0.80 (all time) to 0.92 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VDY.TO vs. XCV.TO — Risk / Return Rank
VDY.TO
XCV.TO
VDY.TO vs. XCV.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 iShares Canadian Value Index ETF (XCV.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.
| VDY.TO | XCV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.60 | ||
| Omega ratioGain probability vs. loss probability | 2.21 | 2.08 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 15.94 | 12.42 | +3.52 |
| Martin ratioReturn relative to average drawdown | 64.95 | 46.72 | +18.23 |
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Drawdowns
VDY.TO vs. XCV.TO - Drawdown Comparison
The maximum VDY.TO drawdown since its inception was -39.21%, smaller than the maximum XCV.TO drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for VDY.TO and XCV.TO.
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Drawdown Indicators
| VDY.TO | XCV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.21% | -52.45% | +13.24% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -3.84% | +0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.38% | -9.71% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -16.17% | -18.06% | +1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -39.21% | -41.18% | +1.97% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -4.47% | -6.61% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 1.02% | -0.26% |
Volatility
VDY.TO vs. XCV.TO - Volatility Comparison
Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) and iShares Canadian Value Index ETF (XCV.TO) have volatilities of 3.27% and 3.23%, 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
| VDY.TO | XCV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.23% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 6.96% | 7.72% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.32% | 9.08% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.58% | 12.84% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.95% | 15.53% | +0.42% |
VDY.TO vs. XCV.TO - Expense Ratio Comparison
VDY.TO has a 0.22% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.
Dividends
VDY.TO vs. XCV.TO - Dividend Comparison
VDY.TO's dividend yield for the trailing twelve months is around 2.83%, more than XCV.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 2.83% | 3.59% | 4.37% | 4.64% | 4.42% | 3.46% | 4.59% | 4.25% | 4.44% | 3.42% | 3.25% | 4.11% |
XCV.TO iShares Canadian Value Index ETF | 2.27% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
Frequently Asked Questions
With a correlation of 0.92, VDY.TO and XCV.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for XCV.TO.
VDY.TO is categorized as Dividend, while XCV.TO is Canada Equities. VDY.TO tracks FTSE Canada High Dividend Yield Index, while XCV.TO tracks Morningstar Canada GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.22% for VDY.TO and 0.55% for XCV.TO.
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