VGG.TO vs. VCE.TO

Last updated Jun 4, 2026

VGG.TO (Vanguard U.S. Dividend Appreciation Index ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both exchange-traded funds - VGG.TO is a Dividend fund tracking the S&P U.S. Dividend Growers Index, while VCE.TO is a Canada Equities fund tracking the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, VGG.TO returned 13.46%/yr vs 12.58%/yr for VCE.TO. A 0.50 correlation means they provide meaningful diversification when combined. VGG.TO charges 0.30%/yr vs 0.06%/yr for VCE.TO.

Performance

VGG.TO vs. VCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Dividend Appreciation Index ETF (VGG.TO) and Vanguard FTSE Canada Index ETF (VCE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGG.TO achieves a 8.57% return, which is significantly lower than VCE.TO's 10.03% return. Over the past 10 years, VGG.TO has outperformed VCE.TO with an annualized return of 13.46%, while VCE.TO has yielded a comparatively lower 12.58% annualized return.

VGG.TO

• 1D: 0.23%
• 1M: 6.00%
• YTD: 8.57%
• 6M: 6.30%
• 1Y: 20.66%
• 3Y*: 17.22%
• 5Y*: 13.16%
• 10Y*: 13.46%

VCE.TO

• 1D: -0.96%
• 1M: 3.36%
• YTD: 10.03%
• 6M: 10.19%
• 1Y: 28.98%
• 3Y*: 22.22%
• 5Y*: 14.43%
• 10Y*: 12.58%

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

VGG.TO vs. VCE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGG.TO Vanguard U.S. Dividend Appreciation Index ETF	8.57%	8.61%	26.49%	11.58%	-4.21%	22.23%	12.67%	23.32%	5.20%	13.99%
VCE.TO Vanguard FTSE Canada Index ETF	10.03%	26.39%	21.43%	12.26%	-5.20%	28.59%	4.09%	22.99%	-7.86%	8.79%

Correlation

The correlation between VGG.TO and VCE.TO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Aug 13, 2013	0.50

The correlation between VGG.TO and VCE.TO shifts across timeframes, from 0.50 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.

VGG.TO vs. VCE.TO - Sectors Allocation Comparison

Sectors	VGG.TO	VCE.TO
Technology	26.2%	8.2%
Financial Services	20.6%	37.4%
Healthcare	16.5%	-
Industrials	11.8%	10.6%
Consumer Defensive	10.1%	2.9%
Consumer Cyclical	4.7%	3.4%
Energy	3.5%	18.4%
Basic Materials	3.5%	15.4%
Utilities	3.2%	1.9%
Communication Services	0.5%	1.5%
Real Estate	-	0.2%

Return for Risk

VGG.TO vs. VCE.TO — Risk / Return Rank

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

VGG.TO

VGG.TO Risk / Return Rank: 59
VGG.TO Sharpe Ratio Rank: 59
VGG.TO Sortino Ratio Rank: 61
VGG.TO Omega Ratio Rank: 58
VGG.TO Calmar Ratio Rank: 58
VGG.TO Martin Ratio Rank: 60

VCE.TO

VCE.TO Risk / Return Rank: 72
VCE.TO Sharpe Ratio Rank: 70
VCE.TO Sortino Ratio Rank: 67
VCE.TO Omega Ratio Rank: 69
VCE.TO Calmar Ratio Rank: 71
VCE.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.

VGG.TO vs. VCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Dividend Appreciation Index ETF (VGG.TO) and Vanguard FTSE Canada Index ETF (VCE.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.

	VGG.TO	VCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.37	-0.33
Sortino ratio: Return per unit of downside risk	2.93	3.16	-0.23
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	2.94	3.60	-0.67
Martin ratio: Return relative to average drawdown	10.93	16.77	-5.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGG.TO vs. VCE.TO - Sharpe Ratio Comparison

The current VGG.TO Sharpe Ratio is 2.03, which is comparable to the VCE.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of VGG.TO and VCE.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.

Sharpe Ratios by Period

	VGG.TO	VCE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.37	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.14	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.84	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.77	+0.21

Drawdowns

VGG.TO vs. VCE.TO - Drawdown Comparison

The maximum VGG.TO drawdown since its inception was -24.58%, smaller than the maximum VCE.TO drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for VGG.TO and VCE.TO.

Drawdown Indicators

	VGG.TO	VCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.58%	-35.92%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-8.09%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	-15.56%	-12.16%	-3.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.52%	-15.90%	-2.62%
Max Drawdown (10Y) Largest decline over 10 years	-24.58%	-35.92%	+11.34%
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	-2.93%	-3.73%	+0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.73%	+0.16%

Volatility

VGG.TO vs. VCE.TO - Volatility Comparison

The current volatility for Vanguard U.S. Dividend Appreciation Index ETF (VGG.TO) is 2.59%, while Vanguard FTSE Canada Index ETF (VCE.TO) has a volatility of 3.47%. This indicates that VGG.TO experiences smaller price fluctuations and is considered to be less risky than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGG.TO	VCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.47%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	10.00%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	12.30%	-2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	12.78%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.97%	14.99%	-0.02%

VGG.TO vs. VCE.TO - Expense Ratio Comparison

VGG.TO has a 0.30% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.

Dividends

VGG.TO vs. VCE.TO - Dividend Comparison

VGG.TO's dividend yield for the trailing twelve months is around 1.02%, less than VCE.TO's 2.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCE.TO Vanguard FTSE Canada Index ETF	2.17%	2.42%	2.84%	3.16%	3.21%	2.61%	2.93%	3.01%	3.21%	2.57%	2.64%	2.98%
VGG.TO Vanguard U.S. Dividend Appreciation Index ETF	1.02%	1.16%	1.23%	1.37%	1.35%	1.21%	1.25%	1.24%	1.50%	1.46%	1.63%	1.70%

Frequently Asked Questions

Can I hold both VGG.TO and VCE.TO in my portfolio?

VGG.TO and VCE.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGG.TO or VCE.TO?

On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGG.TO or VCE.TO?

VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.30% for VGG.TO.

What is the main difference between VGG.TO and VCE.TO?

VGG.TO is categorized as Dividend, while VCE.TO is Canada Equities. VGG.TO tracks S&P U.S. Dividend Growers Index, while VCE.TO tracks FTSE Canada Domestic Index. Their fees differ too: 0.30% for VGG.TO and 0.06% for VCE.TO.