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VEE.TO vs. VWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEE.TO vs. VWO

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and VWO (Vanguard FTSE Emerging Markets ETF) are both Emerging Markets Equities funds from Vanguard - VEE.TO tracks the FTSE Emerging Markets All Cap China A Inclusion Index while VWO tracks the FTSE Emerging Index. Both are passively managed. Over the past 10 years, VEE.TO returned 9.01%/yr vs 9.64%/yr for VWO. Their correlation of 0.95 suggests significant overlap in exposure. VEE.TO charges 0.25%/yr vs 0.08%/yr for VWO.

Performance

VEE.TO vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with VEE.TO having a 13.54% return and VWO slightly higher at 13.65%. Over the past 10 years, VEE.TO has underperformed VWO with an annualized return of 9.01%, while VWO has yielded a comparatively higher 9.64% annualized 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%

VWO

1D
-1.00%
1M
4.78%
YTD
13.65%
6M
13.35%
1Y
32.40%
3Y*
19.40%
5Y*
8.18%
10Y*
9.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEE.TO vs. VWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VEE.TO
Vanguard FTSE Emerging Markets All Cap Index ETF		13.54%19.32%19.06%6.24%-12.78%0.05%12.32%14.33%-7.95%22.55%
VWO
Vanguard FTSE Emerging Markets ETF		13.65%19.84%20.09%6.85%-12.13%0.34%13.23%14.81%-7.53%23.11%

Correlation

The correlation between VEE.TO and VWO 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

0.94

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

0.95

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

0.95

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2011

0.95

The correlation between VEE.TO and VWO has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

VEE.TO vs. VWO - Sectors Allocation Comparison

Sectors
VEE.TO
VWO

Technology

26.3%
29.6%

Financial Services

20.5%
19.5%

Consumer Cyclical

11.2%
10.7%

Basic Materials

8.4%
8.0%

Industrials

7.9%
8.0%

Communication Services

7.8%
7.1%

Energy

4.7%
4.6%

Healthcare

4.1%
3.9%

Consumer Defensive

3.9%
3.7%

Utilities

3.0%
2.9%

Real Estate

2.3%
2.2%

Technology

VEE.TO
26.3%
VWO
29.6%

Financial Services

VEE.TO
20.5%
VWO
19.5%

Consumer Cyclical

VEE.TO
11.2%
VWO
10.7%

Basic Materials

VEE.TO
8.4%
VWO
8.0%

Industrials

VEE.TO
7.9%
VWO
8.0%

Communication Services

VEE.TO
7.8%
VWO
7.1%

Energy

VEE.TO
4.7%
VWO
4.6%

Healthcare

VEE.TO
4.1%
VWO
3.9%

Consumer Defensive

VEE.TO
3.9%
VWO
3.7%

Utilities

VEE.TO
3.0%
VWO
2.9%

Real Estate

VEE.TO
2.3%
VWO
2.2%

Compare stocks, funds, or ETFs

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Vanguard FTSE Emerging Markets All Cap Index ETF

Vanguard FTSE Emerging Markets ETF

Often compared with VEE.TO:
VEE.TO vs. XEC.TOVEE.TO vs. ZEM.TOVEE.TO vs. VFV.TOVEE.TO vs. XEQT.TOVEE.TO vs. VIDY.TOVEE.TO vs. VOOVEE.TO vs. VXUS
Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX

Return for Risk

VEE.TO vs. VWO — 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: 6060
Overall Rank
VEE.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VEE.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
VEE.TO Omega Ratio Rank: 6363
Omega Ratio Rank
VEE.TO Calmar Ratio Rank: 5959
Calmar Ratio Rank
VEE.TO Martin Ratio Rank: 5959
Martin Ratio Rank
VWO
VWO Risk / Return Rank: 5656
Overall Rank
VWO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 5555
Sortino Ratio Rank
VWO Omega Ratio Rank: 5757
Omega Ratio Rank
VWO Calmar Ratio Rank: 5454
Calmar Ratio Rank
VWO Martin Ratio Rank: 5656
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.

VEE.TO vs. VWO - 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 Vanguard FTSE Emerging Markets ETF (VWO). 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.TOVWODifference
Sharpe ratioReturn per unit of total volatility
2.08
2.15

-0.07

Sortino ratioReturn per unit of downside risk
2.90
3.01

-0.11

Omega ratioGain probability vs. loss probability

1.39

1.40

-0.01

Calmar ratioReturn relative to maximum drawdown

2.97

3.06

-0.09

Martin ratioReturn relative to average drawdown

10.74

11.12

-0.38

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. VWO - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 2.08, which is comparable to the VWO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VEE.TO and VWO, 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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Sharpe Ratios by Period

VEE.TOVWODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.15

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.55

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.58

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.48

-0.03

Drawdowns

VEE.TO vs. VWO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, roughly equal to the maximum VWO drawdown of -29.27%. Use the drawdown chart below to compare losses from any high point for VEE.TO and VWO.

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Drawdown Indicators

VEE.TOVWODifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-29.27%

-0.57%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-10.63%

-0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-14.79%

-0.18%

Max Drawdown (5Y)

Largest decline over 5 years

-26.10%

-25.62%

-0.48%

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

-29.27%

-0.57%

Current Drawdown

Current decline from peak

-0.90%

-1.00%

+0.10%

Average Drawdown

Average peak-to-trough decline

-8.73%

-8.50%

-0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

2.92%

+0.04%

Volatility

VEE.TO vs. VWO - Volatility Comparison

Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a higher volatility of 6.04% compared to Vanguard FTSE Emerging Markets ETF (VWO) at 5.48%. This indicates that VEE.TO's price experiences larger fluctuations and is considered to be riskier than VWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VEE.TOVWODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

5.48%

+0.56%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

12.59%

+0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

15.17%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.29%

15.03%

+0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

16.73%

+0.24%

VEE.TO vs. VWO - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is higher than VWO's 0.08% 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%.

Dividends

VEE.TO vs. VWO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, less than VWO's 2.40% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VWO
Vanguard FTSE Emerging Markets ETF		2.40%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

With a correlation of 0.92, VEE.TO and VWO 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, VWO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VWO is cheaper with a 0.08% expense ratio, compared with 0.25% for VEE.TO.

VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while VWO tracks FTSE Emerging Index. Their fees differ too: 0.25% for VEE.TO and 0.08% for VWO.

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