VEE.TO vs. VMO

Last updated Jun 13, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) is Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while VMO (Invesco Municipal Opportunity Trust) is a stock. Over the past 10 years, VEE.TO returned 9.34%/yr vs 2.60%/yr for VMO. At a 0.10 correlation, their price movements are largely independent.

Performance

VEE.TO vs. VMO - 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 Invesco Municipal Opportunity Trust (VMO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VEE.TO is traded in CAD, while VMO is traded in USD. To make them comparable, the VMO 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 12.66% return, which is significantly higher than VMO's 7.44% return. Over the past 10 years, VEE.TO has outperformed VMO with an annualized return of 9.34%, while VMO has yielded a comparatively lower 2.60% annualized return.

VEE.TO

• 1D: 0.97%
• 1M: 1.13%
• YTD: 12.66%
• 6M: 13.92%
• 1Y: 29.56%
• 3Y*: 17.76%
• 5Y*: 7.31%
• 10Y*: 9.34%

VMO

• 1D: 0.29%
• 1M: 2.67%
• YTD: 7.44%
• 6M: 6.94%
• 1Y: 18.48%
• 3Y*: 9.87%
• 5Y*: 2.26%
• 10Y*: 2.60%

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

VEE.TO vs. VMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	12.66%	19.32%	19.06%	6.24%	-12.79%	0.06%	12.32%	14.32%	-7.93%	22.60%
VMO Invesco Municipal Opportunity Trust	7.32%	1.71%	16.85%	-0.87%	-19.49%	12.90%	6.31%	11.44%	3.48%	-3.92%

Correlation

The correlation between VEE.TO and VMO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011	0.10

The correlation between VEE.TO and VMO shifts across timeframes, from 0.10 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEE.TO vs. VMO — 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: 59
VEE.TO Sharpe Ratio Rank: 59
VEE.TO Sortino Ratio Rank: 59
VEE.TO Omega Ratio Rank: 62
VEE.TO Calmar Ratio Rank: 58
VEE.TO Martin Ratio Rank: 59

VMO

VMO Risk / Return Rank: 85
VMO Sharpe Ratio Rank: 87
VMO Sortino Ratio Rank: 87
VMO Omega Ratio Rank: 85
VMO Calmar Ratio Rank: 80
VMO Martin Ratio Rank: 87

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. VMO - 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 Invesco Municipal Opportunity Trust (VMO). 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.

	VEE.TO	VMO	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.87	-0.14
Sortino ratio: Return per unit of downside risk	2.41	2.80	-0.39
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	2.56	3.37	-0.81
Martin ratio: Return relative to average drawdown	9.14	10.79	-1.65

VEE.TO vs. VMO - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 1.72, which is comparable to the VMO Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of VEE.TO and VMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEE.TO vs. VMO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, smaller than the maximum VMO drawdown of -49.15%. Use the drawdown chart below to compare losses from any high point for VEE.TO and VMO.

Drawdown Indicators

	VEE.TO	VMO	Difference
Max Drawdown Largest peak-to-trough decline	-29.84%	-49.15%	+19.31%
Max Drawdown (1Y) Largest decline over 1 year	-10.74%	-5.51%	-5.23%
Max Drawdown (3Y) Largest decline over 3 years	-14.97%	-13.33%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.10%	-33.18%	+7.08%
Max Drawdown (10Y) Largest decline over 10 years	-29.84%	-33.18%	+3.34%
Current Drawdown Current decline from peak	-1.67%	0.00%	-1.67%
Average Drawdown Average peak-to-trough decline	-8.72%	-10.61%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	1.72%	+1.29%

Volatility

VEE.TO vs. VMO - Volatility Comparison

Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a higher volatility of 6.96% compared to Invesco Municipal Opportunity Trust (VMO) at 3.51%. This indicates that VEE.TO's price experiences larger fluctuations and is considered to be riskier than VMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEE.TO	VMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	3.51%	+3.45%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	7.55%	+6.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.97%	9.95%	+6.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.42%	13.07%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	14.08%	+2.93%

Dividends

VEE.TO vs. VMO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.93%, less than VMO's 7.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEE.TO Vanguard FTSE Emerging Markets All Cap Index ETF	1.93%	2.26%	2.45%	2.83%	3.35%	2.18%	1.62%	2.71%	2.24%	1.93%	2.01%	2.53%
VMO Invesco Municipal Opportunity Trust	7.69%	7.84%	6.44%	4.47%	5.69%	4.64%	4.66%	4.94%	5.95%	5.98%	6.73%	6.33%

Frequently Asked Questions

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

VEE.TO and VMO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.