VGH.TO vs. VSP.TO

Last updated Jun 4, 2026

VGH.TO (Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged) and VSP.TO (Vanguard S&P 500 CAD-hedged ETF) are both exchange-traded funds - VGH.TO is a Dividend fund tracking the S&P U.S. Dividend Growers Index (CAD-hedged), while VSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VGH.TO returned 11.43%/yr vs 13.85%/yr for VSP.TO. A 0.77 correlation means they provide meaningful diversification when combined. VGH.TO charges 0.31%/yr vs 0.09%/yr for VSP.TO.

Performance

VGH.TO vs. VSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.TO) and Vanguard S&P 500 CAD-hedged ETF (VSP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGH.TO achieves a 6.70% return, which is significantly lower than VSP.TO's 9.64% return. Over the past 10 years, VGH.TO has underperformed VSP.TO with an annualized return of 11.43%, while VSP.TO has yielded a comparatively higher 13.85% annualized return.

VGH.TO

• 1D: 0.07%
• 1M: 4.04%
• YTD: 6.70%
• 6M: 5.84%
• 1Y: 17.06%
• 3Y*: 14.24%
• 5Y*: 8.84%
• 10Y*: 11.43%

VSP.TO

• 1D: -0.73%
• 1M: 4.96%
• YTD: 9.64%
• 6M: 9.52%
• 1Y: 25.17%
• 3Y*: 20.30%
• 5Y*: 12.20%
• 10Y*: 13.85%

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

VGH.TO vs. VSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGH.TO Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged	6.70%	11.44%	15.35%	12.77%	-11.08%	22.47%	12.97%	27.74%	-4.59%	21.46%
VSP.TO Vanguard S&P 500 CAD-hedged ETF	9.64%	15.49%	23.68%	24.16%	-19.24%	27.90%	15.32%	30.18%	-6.75%	21.05%

Correlation

The correlation between VGH.TO and VSP.TO is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Aug 16, 2013	0.77

The correlation between VGH.TO and VSP.TO shifts across timeframes, from 0.77 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.

VGH.TO vs. VSP.TO - Sectors Allocation Comparison

Sectors	VGH.TO	VSP.TO
Technology	26.2%	35.7%
Financial Services	20.6%	11.6%
Healthcare	16.5%	8.5%
Industrials	11.8%	8.3%
Consumer Defensive	10.1%	4.9%
Consumer Cyclical	4.7%	10.2%
Energy	3.5%	3.5%
Basic Materials	3.5%	1.8%
Utilities	3.2%	2.4%
Communication Services	0.5%	11.3%
Real Estate	-	1.9%

Return for Risk

VGH.TO vs. VSP.TO — Risk / Return Rank

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

VGH.TO

VGH.TO Risk / Return Rank: 47
VGH.TO Sharpe Ratio Rank: 49
VGH.TO Sortino Ratio Rank: 51
VGH.TO Omega Ratio Rank: 47
VGH.TO Calmar Ratio Rank: 41
VGH.TO Martin Ratio Rank: 49

VSP.TO

VSP.TO Risk / Return Rank: 60
VSP.TO Sharpe Ratio Rank: 59
VSP.TO Sortino Ratio Rank: 59
VSP.TO Omega Ratio Rank: 60
VSP.TO Calmar Ratio Rank: 53
VSP.TO Martin Ratio Rank: 66

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.

VGH.TO vs. VSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.TO) and Vanguard S&P 500 CAD-hedged ETF (VSP.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.

	VGH.TO	VSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.04	-0.36
Sortino ratio: Return per unit of downside risk	2.46	2.84	-0.38
Omega ratio: Gain probability vs. loss probability	1.30	1.38	-0.08
Calmar ratio: Return relative to maximum drawdown	2.03	2.69	-0.65
Martin ratio: Return relative to average drawdown	8.05	12.28	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGH.TO vs. VSP.TO - Sharpe Ratio Comparison

The current VGH.TO Sharpe Ratio is 1.68, which is comparable to the VSP.TO Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of VGH.TO and VSP.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

	VGH.TO	VSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	2.04	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.73	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.77	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.84	-0.12

Drawdowns

VGH.TO vs. VSP.TO - Drawdown Comparison

The maximum VGH.TO drawdown since its inception was -32.82%, smaller than the maximum VSP.TO drawdown of -35.55%. Use the drawdown chart below to compare losses from any high point for VGH.TO and VSP.TO.

Drawdown Indicators

	VGH.TO	VSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.82%	-35.55%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.42%	-9.40%	+0.98%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-18.85%	+3.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.34%	-25.54%	+4.20%
Max Drawdown (10Y) Largest decline over 10 years	-32.82%	-35.55%	+2.73%
Current Drawdown Current decline from peak	0.00%	-2.04%	+2.04%
Average Drawdown Average peak-to-trough decline	-3.67%	-4.00%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.05%	+0.07%

Volatility

VGH.TO vs. VSP.TO - Volatility Comparison

The current volatility for Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged (VGH.TO) is 2.19%, while Vanguard S&P 500 CAD-hedged ETF (VSP.TO) has a volatility of 5.00%. This indicates that VGH.TO experiences smaller price fluctuations and is considered to be less risky than VSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGH.TO	VSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.19%	5.00%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	9.80%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.22%	12.39%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	16.90%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	18.02%	-2.27%

VGH.TO vs. VSP.TO - Expense Ratio Comparison

VGH.TO has a 0.31% expense ratio, which is higher than VSP.TO's 0.09% expense ratio.

Dividends

VGH.TO vs. VSP.TO - Dividend Comparison

VGH.TO's dividend yield for the trailing twelve months is around 1.04%, more than VSP.TO's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGH.TO Vanguard U.S. Dividend Appreciation Index ETF CAD-Hedged	1.04%	1.15%	1.28%	1.34%	1.39%	1.22%	1.21%	1.23%	1.58%	1.39%	1.63%	1.81%
VSP.TO Vanguard S&P 500 CAD-hedged ETF	0.84%	0.92%	1.07%	1.17%	1.37%	1.07%	1.27%	1.52%	1.76%	1.46%	1.69%	1.75%

Frequently Asked Questions

Can I hold both VGH.TO and VSP.TO in my portfolio?

VGH.TO and VSP.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGH.TO or VSP.TO?

On fees, VSP.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, VGH.TO or VSP.TO?

VSP.TO is cheaper with a 0.09% expense ratio, compared with 0.31% for VGH.TO.

What is the main difference between VGH.TO and VSP.TO?

VGH.TO is categorized as Dividend, while VSP.TO is S&P 500. VGH.TO tracks S&P U.S. Dividend Growers Index (CAD-hedged), while VSP.TO tracks S&P 500 Index. Their fees differ too: 0.31% for VGH.TO and 0.09% for VSP.TO.