VEE.TO vs. DFAE

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and DFAE (Dimensional Emerging Core Equity Market ETF) are both Emerging Markets Equities funds. VEE.TO is passively managed, while DFAE is actively managed. Over the past 5 years, VEE.TO returned 7.50%/yr vs 12.07%/yr for DFAE. Their correlation of 0.92 suggests significant overlap in exposure. VEE.TO charges 0.25%/yr vs 0.35%/yr for DFAE.

Performance

VEE.TO vs. DFAE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and Dimensional Emerging Core Equity Market ETF (DFAE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VEE.TO is traded in CAD, while DFAE is traded in USD. To make them comparable, the DFAE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VEE.TO achieves a 13.54% return, which is significantly lower than DFAE's 27.93% return.

VEE.TO

• 1D: -0.90%
• 1M: 4.93%
• YTD: 13.54%
• 6M: 12.96%
• 1Y: 31.71%
• 3Y*: 18.62%
• 5Y*: 7.50%
• 10Y*: 9.01%

DFAE

• 1D: -0.84%
• 1M: 10.00%
• YTD: 27.93%
• 6M: 28.42%
• 1Y: 54.70%
• 3Y*: 25.22%
• 5Y*: 12.07%
• 10Y*: —

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

VEE.TO vs. DFAE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	13.54%	19.32%	19.06%	6.24%	-12.78%	0.05%	2.31%
DFAE Dimensional Emerging Core Equity Market ETF	27.93%	25.45%	16.93%	10.15%	-11.64%	2.59%	3.55%

Correlation

The correlation between VEE.TO and DFAE is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.92

The correlation between VEE.TO and DFAE has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

VEE.TO vs. DFAE - Sectors Allocation Comparison

Sectors	VEE.TO	DFAE
Technology	26.3%	34.8%
Financial Services	20.5%	17.1%
Consumer Cyclical	11.2%	9.1%
Basic Materials	8.4%	7.7%
Industrials	7.9%	10.2%
Communication Services	7.8%	6.1%
Energy	4.7%	4.2%
Healthcare	4.1%	3.5%
Consumer Defensive	3.9%	3.3%
Utilities	3.0%	2.4%
Real Estate	2.3%	1.5%

Return for Risk

VEE.TO vs. DFAE — Risk / Return Rank

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

VEE.TO

VEE.TO Risk / Return Rank: 60
VEE.TO Sharpe Ratio Rank: 60
VEE.TO Sortino Ratio Rank: 60
VEE.TO Omega Ratio Rank: 63
VEE.TO Calmar Ratio Rank: 59
VEE.TO Martin Ratio Rank: 59

DFAE

DFAE Risk / Return Rank: 81
DFAE Sharpe Ratio Rank: 84
DFAE Sortino Ratio Rank: 79
DFAE Omega Ratio Rank: 83
DFAE Calmar Ratio Rank: 80
DFAE Martin Ratio Rank: 80

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.

VEE.TO vs. DFAE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) and Dimensional Emerging Core Equity Market ETF (DFAE). 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.

	VEE.TO	DFAE	Difference
Sharpe ratio: Return per unit of total volatility	2.08	3.02	-0.94
Sortino ratio: Return per unit of downside risk	2.90	3.94	-1.04
Omega ratio: Gain probability vs. loss probability	1.39	1.57	-0.18
Calmar ratio: Return relative to maximum drawdown	2.97	4.89	-1.93
Martin ratio: Return relative to average drawdown	10.74	17.48	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VEE.TO vs. DFAE - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 2.08, which is lower than the DFAE Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of VEE.TO and DFAE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VEE.TO	DFAE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	3.02	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.79	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.83	-0.39

Drawdowns

VEE.TO vs. DFAE - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, which is greater than DFAE's maximum drawdown of -26.26%. Use the drawdown chart below to compare losses from any high point for VEE.TO and DFAE.

Drawdown Indicators

	VEE.TO	DFAE	Difference
Max Drawdown Largest peak-to-trough decline	-29.84%	-26.26%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-11.23%	+0.49%
Max Drawdown (3Y) Largest decline over 3 years	-14.97%	-14.84%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	-26.10%	-24.56%	-1.54%
Max Drawdown (10Y) Largest decline over 10 years	-29.84%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.84%	-0.06%
Average Drawdown Average peak-to-trough decline	-8.73%	-7.76%	-0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.14%	-0.18%

Volatility

VEE.TO vs. DFAE - Volatility Comparison

The current volatility for Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) is 6.04%, while Dimensional Emerging Core Equity Market ETF (DFAE) has a volatility of 7.98%. This indicates that VEE.TO experiences smaller price fluctuations and is considered to be less risky than DFAE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEE.TO	DFAE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	7.98%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	12.86%	15.84%	-2.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.31%	18.18%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.29%	15.39%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	15.47%	+1.50%

VEE.TO vs. DFAE - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than DFAE's 0.35% expense ratio.

Dividends

VEE.TO vs. DFAE - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, more than DFAE's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAE Dimensional Emerging Core Equity Market ETF	1.74%	2.20%	2.35%	2.43%	2.85%	1.63%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	1.91%	2.26%	2.45%	2.83%	3.35%	2.18%	1.61%	2.71%	2.21%	1.89%	1.99%	2.53%

Frequently Asked Questions

Can I hold both VEE.TO and DFAE in my portfolio?

VEE.TO and DFAE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEE.TO or DFAE?

On fees, VEE.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEE.TO or DFAE?

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.35% for DFAE.

What is the main difference between VEE.TO and DFAE?

They also come from different issuers: Vanguard and Dimensional. Their fees differ too: 0.25% for VEE.TO and 0.35% for DFAE.