VFV.TO vs. XAW.TO

Last updated Jun 6, 2026

VFV.TO (Vanguard S&P 500 Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - VFV.TO is a S&P 500 fund tracking the S&P 500 Index, while XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. Both are passively managed. Their correlation of 0.94 suggests significant overlap in exposure. VFV.TO charges 0.09%/yr vs 0.22%/yr for XAW.TO.

Performance

VFV.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard S&P 500 Index ETF (VFV.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFV.TO achieves a 10.06% return, which is significantly lower than XAW.TO's 14.15% return.

VFV.TO

• 1D: -2.35%
• 1M: 2.71%
• YTD: 10.06%
• 6M: 8.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XAW.TO

• 1D: 0.40%
• 1M: 6.30%
• YTD: 14.15%
• 6M: 12.98%
• 1Y: 31.14%
• 3Y*: 21.98%
• 5Y*: 14.05%
• 10Y*: 13.26%

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

VFV.TO vs. XAW.TO - Yearly Performance Comparison

	2026 (YTD)	2025
VFV.TO Vanguard S&P 500 Index ETF	10.06%	14.91%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	14.15%	14.18%

Correlation

The correlation between VFV.TO and XAW.TO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 9, 2025	0.94

VFV.TO vs. XAW.TO - Sectors Allocation Comparison

Sectors	VFV.TO	XAW.TO
Technology	35.7%	32.6%
Financial Services	11.6%	13.7%
Communication Services	11.3%	8.7%
Consumer Cyclical	10.2%	8.8%
Healthcare	8.5%	7.8%
Industrials	8.3%	9.1%
Consumer Defensive	4.9%	4.6%
Energy	3.5%	3.3%
Utilities	2.4%	2.2%
Real Estate	1.9%	1.4%
Basic Materials	1.8%	2.8%

Return for Risk

VFV.TO vs. XAW.TO — Risk / Return Rank

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

XAW.TO

XAW.TO Risk / Return Rank: 80
XAW.TO Sharpe Ratio Rank: 80
XAW.TO Sortino Ratio Rank: 80
XAW.TO Omega Ratio Rank: 82
XAW.TO Calmar Ratio Rank: 77
XAW.TO Martin Ratio Rank: 79

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.

VFV.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Index ETF (VFV.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VFV.TO	XAW.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.55	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.30	0.79	+1.51

Drawdowns

VFV.TO vs. XAW.TO - Drawdown Comparison

The maximum VFV.TO drawdown since its inception was -8.62%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for VFV.TO and XAW.TO.

Drawdown Indicators

	VFV.TO	XAW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-27.32%	+18.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.16%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-1.38%	-3.91%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	VFV.TO	XAW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	12.25%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	13.56%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	15.12%	-3.47%

VFV.TO vs. XAW.TO - Expense Ratio Comparison

VFV.TO has a 0.09% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFV.TO vs. XAW.TO - Dividend Comparison

VFV.TO's dividend yield for the trailing twelve months is around 0.85%, less than XAW.TO's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFV.TO Vanguard S&P 500 Index ETF	0.85%	0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.16%	1.33%	1.61%	1.71%	1.79%	1.77%	1.49%	2.02%	2.29%	1.92%	1.80%	1.83%

Frequently Asked Questions

Can I hold both VFV.TO and XAW.TO in my portfolio?

With a correlation of 0.94, VFV.TO and XAW.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.

Which ETF is better, VFV.TO or XAW.TO?

On fees, VFV.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VFV.TO or XAW.TO?

VFV.TO is cheaper with a 0.09% expense ratio, compared with 0.22% for XAW.TO.

What is the main difference between VFV.TO and XAW.TO?

VFV.TO is categorized as S&P 500, while XAW.TO is Global Equities. VFV.TO tracks S&P 500 Index, while XAW.TO tracks MSCI ACWI ex Canada IMI Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VFV.TO and 0.22% for XAW.TO.