PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VEE.TO vs. XCS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VEE.TO vs. XCS.TO

Last updated Jun 4, 2026

VEE.TO (Vanguard FTSE Emerging Markets All Cap Index ETF) and XCS.TO (iShares S&P/TSX SmallCap Index ETF) are both exchange-traded funds - VEE.TO is a Emerging Markets Equities fund tracking the FTSE Emerging Markets All Cap China A Inclusion Index, while XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD. Both are passively managed. Over the past 10 years, VEE.TO returned 9.01%/yr vs 9.94%/yr for XCS.TO. At a 0.44 correlation, their price movements are largely independent. VEE.TO charges 0.25%/yr vs 0.60%/yr for XCS.TO.

Performance

VEE.TO vs. XCS.TO - 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 iShares S&P/TSX SmallCap Index ETF (XCS.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VEE.TO achieves a 13.54% return, which is significantly lower than XCS.TO's 23.53% return. Over the past 10 years, VEE.TO has underperformed XCS.TO with an annualized return of 9.01%, while XCS.TO has yielded a comparatively higher 9.94% 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%

XCS.TO

1D
-1.30%
1M
4.71%
YTD
23.53%
6M
21.57%
1Y
62.19%
3Y*
29.24%
5Y*
12.30%
10Y*
9.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VEE.TO vs. XCS.TO - 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%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		23.53%43.37%18.11%4.17%-8.95%7.46%13.10%17.62%-19.51%2.27%

Correlation

The correlation between VEE.TO and XCS.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

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

0.46

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

0.43

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

0.44

VEE.TO vs. XCS.TO - Sectors Allocation Comparison

Sectors
VEE.TO
XCS.TO

Technology

26.3%
4.3%

Financial Services

20.5%
5.0%

Consumer Cyclical

11.2%
3.7%

Basic Materials

8.4%
30.3%

Industrials

7.9%
12.3%

Communication Services

7.8%
1.0%

Energy

4.7%
24.5%

Healthcare

4.1%
4.8%

Consumer Defensive

3.9%
2.7%

Utilities

3.0%
1.7%

Real Estate

2.3%
9.7%

Technology

VEE.TO
26.3%
XCS.TO
4.3%

Financial Services

VEE.TO
20.5%
XCS.TO
5.0%

Consumer Cyclical

VEE.TO
11.2%
XCS.TO
3.7%

Basic Materials

VEE.TO
8.4%
XCS.TO
30.3%

Industrials

VEE.TO
7.9%
XCS.TO
12.3%

Communication Services

VEE.TO
7.8%
XCS.TO
1.0%

Energy

VEE.TO
4.7%
XCS.TO
24.5%

Healthcare

VEE.TO
4.1%
XCS.TO
4.8%

Consumer Defensive

VEE.TO
3.9%
XCS.TO
2.7%

Utilities

VEE.TO
3.0%
XCS.TO
1.7%

Real Estate

VEE.TO
2.3%
XCS.TO
9.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Emerging Markets All Cap Index ETF

iShares S&P/TSX SmallCap Index 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 XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XMD.TOXCS.TO vs. XCSR.TOXCS.TO vs. XEI.TOXCS.TO vs. VBRXCS.TO vs. XUS.TOXCS.TO vs. VEQT.TO

Return for Risk

VEE.TO vs. XCS.TO — 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
XCS.TO
XCS.TO Risk / Return Rank: 7979
Overall Rank
XCS.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 7676
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. XCS.TO - 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 iShares S&P/TSX SmallCap Index ETF (XCS.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.

VEE.TOXCS.TODifference
Sharpe ratioReturn per unit of total volatility
2.08
2.89

-0.81

Sortino ratioReturn per unit of downside risk
2.90
3.30

-0.39

Omega ratioGain probability vs. loss probability

1.39

1.50

-0.11

Calmar ratioReturn relative to maximum drawdown

2.97

4.29

-1.32

Martin ratioReturn relative to average drawdown

10.74

14.67

-3.93

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. XCS.TO - Sharpe Ratio Comparison

The current VEE.TO Sharpe Ratio is 2.08, which is comparable to the XCS.TO Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of VEE.TO and XCS.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

VEE.TOXCS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

2.89

-0.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.49

0.61

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.49

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.24

+0.20

Drawdowns

VEE.TO vs. XCS.TO - Drawdown Comparison

The maximum VEE.TO drawdown since its inception was -29.84%, smaller than the maximum XCS.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for VEE.TO and XCS.TO.

Loading charts...

Drawdown Indicators

VEE.TOXCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.84%

-61.18%

+31.34%

Max Drawdown (1Y)

Largest decline over 1 year

-10.74%

-14.58%

+3.84%

Max Drawdown (3Y)

Largest decline over 3 years

-14.97%

-15.54%

+0.57%

Max Drawdown (5Y)

Largest decline over 5 years

-26.10%

-34.63%

+8.53%

Max Drawdown (10Y)

Largest decline over 10 years

-29.84%

-50.44%

+20.60%

Current Drawdown

Current decline from peak

-0.90%

-1.30%

+0.40%

Average Drawdown

Average peak-to-trough decline

-8.73%

-16.96%

+8.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.96%

4.25%

-1.29%

Volatility

VEE.TO vs. XCS.TO - Volatility Comparison

Vanguard FTSE Emerging Markets All Cap Index ETF (VEE.TO) has a higher volatility of 6.04% compared to iShares S&P/TSX SmallCap Index ETF (XCS.TO) at 4.56%. This indicates that VEE.TO's price experiences larger fluctuations and is considered to be riskier than XCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VEE.TOXCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.04%

4.56%

+1.48%

Volatility (6M)

Calculated over the trailing 6-month period

12.86%

17.35%

-4.49%

Volatility (1Y)

Calculated over the trailing 1-year period

15.31%

21.66%

-6.35%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.29%

20.42%

-5.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.97%

20.41%

-3.44%

VEE.TO vs. XCS.TO - Expense Ratio Comparison

VEE.TO has a 0.25% expense ratio, which is lower than XCS.TO's 0.60% expense ratio.

Dividends

VEE.TO vs. XCS.TO - Dividend Comparison

VEE.TO's dividend yield for the trailing twelve months is around 1.91%, more than XCS.TO's 1.03% 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%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.03%1.36%1.73%2.59%2.07%1.51%1.78%2.27%2.12%1.81%1.46%2.34%

Frequently Asked Questions

VEE.TO and XCS.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

VEE.TO is cheaper with a 0.25% expense ratio, compared with 0.60% for XCS.TO.

VEE.TO is categorized as Emerging Markets Equities, while XCS.TO is Canada Equities. VEE.TO tracks FTSE Emerging Markets All Cap China A Inclusion Index, while XCS.TO tracks Morningstar Canada Sml GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.25% for VEE.TO and 0.60% for XCS.TO.

Portfolio Optimizer

Find the right allocation for VEE.TO and XCS.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer