VFV.TO vs. XEC.TO

Last updated Jun 6, 2026

VFV.TO (Vanguard S&P 500 Index ETF) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both exchange-traded funds - VFV.TO is a S&P 500 fund tracking the S&P 500 Index, while XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index. Both are passively managed. A 0.67 correlation means they provide meaningful diversification when combined. VFV.TO charges 0.09%/yr vs 0.28%/yr for XEC.TO.

Performance

VFV.TO vs. XEC.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 Emerging Markets IMI Index ETF (XEC.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 XEC.TO's 26.75% return.

VFV.TO

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

XEC.TO

• 1D: -0.91%
• 1M: 4.06%
• YTD: 26.75%
• 6M: 27.69%
• 1Y: 51.09%
• 3Y*: 24.26%
• 5Y*: 10.01%
• 10Y*: 10.60%

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

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

	2026 (YTD)	2025
VFV.TO Vanguard S&P 500 Index ETF	10.06%	14.91%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	26.75%	18.51%

Correlation

The correlation between VFV.TO and XEC.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 9, 2025	0.67

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

Sectors	VFV.TO	XEC.TO
Technology	35.7%	35.0%
Financial Services	11.6%	18.4%
Communication Services	11.3%	6.4%
Consumer Cyclical	10.2%	9.6%
Healthcare	8.5%	3.7%
Industrials	8.3%	9.0%
Consumer Defensive	4.9%	3.3%
Energy	3.5%	3.9%
Utilities	2.4%	2.2%
Real Estate	1.9%	1.7%
Basic Materials	1.8%	6.9%

Return for Risk

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

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

XEC.TO

XEC.TO Risk / Return Rank: 85
XEC.TO Sharpe Ratio Rank: 87
XEC.TO Sortino Ratio Rank: 84
XEC.TO Omega Ratio Rank: 87
XEC.TO Calmar Ratio Rank: 85
XEC.TO Martin Ratio Rank: 82

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. XEC.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 Emerging Markets IMI Index ETF (XEC.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	XEC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.88	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.30	0.51	+1.79

Drawdowns

VFV.TO vs. XEC.TO - Drawdown Comparison

The maximum VFV.TO drawdown since its inception was -8.62%, smaller than the maximum XEC.TO drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for VFV.TO and XEC.TO.

Drawdown Indicators

	VFV.TO	XEC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-32.54%	+23.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.07%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.54%	—
Current Drawdown Current decline from peak	-2.35%	-1.79%	-0.56%
Average Drawdown Average peak-to-trough decline	-1.38%	-9.56%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.21%	—

Volatility

Volatility by Period

	VFV.TO	XEC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	18.23%	-6.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.65%	15.91%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.65%	17.60%	-5.95%

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

VFV.TO has a 0.09% expense ratio, which is lower than XEC.TO's 0.28% expense ratio.

Dividends

VFV.TO vs. XEC.TO - Dividend Comparison

VFV.TO's dividend yield for the trailing twelve months is around 0.85%, less than XEC.TO's 1.52% 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%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	1.52%	1.92%	2.03%	2.16%	2.28%	2.78%	1.64%	2.87%	2.66%	2.13%	1.80%	2.19%

Frequently Asked Questions

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

VFV.TO and XEC.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

VFV.TO is cheaper with a 0.09% expense ratio, compared with 0.28% for XEC.TO.

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

VFV.TO is categorized as S&P 500, while XEC.TO is Emerging Markets Equities. VFV.TO tracks S&P 500 Index, while XEC.TO tracks MSCI Emerging Markets IMI Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for VFV.TO and 0.28% for XEC.TO.