VI.TO vs. DLR.TO

Last updated Jul 16, 2026

VI.TO (Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)) and DLR.TO (Global X U.S. Dollar Currency ETF) are both exchange-traded funds - VI.TO is a International Equity fund tracking the FTSE Developed All Cap ex North America Index, while DLR.TO is a Currency fund actively managed by Global X. VI.TO is passively managed, while DLR.TO is actively managed. Over the past 10 years, VI.TO returned 11.44%/yr vs 2.39%/yr for DLR.TO. At a correlation of -0.33, they often move in opposite directions.

Performance

VI.TO vs. DLR.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) (VI.TO) and Global X U.S. Dollar Currency ETF (DLR.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VI.TO achieves a 16.22% return, which is significantly higher than DLR.TO's 3.72% return. Over the past 10 years, VI.TO has outperformed DLR.TO with an annualized return of 11.44%, while DLR.TO has yielded a comparatively lower 2.39% annualized return.

VI.TO

• 1D: -0.24%
• 1M: -1.42%
• 6M: 10.87%
• YTD: 16.22%
• 1Y: 31.31%
• 3Y*: 19.08%
• 5Y*: 12.97%
• 10Y*: 11.44%

DLR.TO

• 1D: -0.14%
• 1M: 0.59%
• 6M: 2.47%
• YTD: 3.72%
• 1Y: 5.40%
• 3Y*: 5.67%
• 5Y*: 4.99%
• 10Y*: 2.39%

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

VI.TO vs. DLR.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VI.TO Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)	16.22%	24.50%	10.42%	19.42%	-7.79%	17.72%	2.77%	21.87%	-11.37%	18.07%
DLR.TO Global X U.S. Dollar Currency ETF	3.72%	-1.34%	12.85%	1.81%	8.33%	-0.93%	-2.21%	-3.68%	9.77%	-6.51%

Correlation

The correlation between VI.TO and DLR.TO is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	-0.26
Correlation (5Y) Calculated over the trailing 5-year period	-0.38
Correlation (10Y) Calculated over the trailing 10-year period	-0.32
Correlation (All Time) Calculated using the full available price history since Dec 8, 2015	-0.33

The correlation between VI.TO and DLR.TO shifts across timeframes, from -0.38 (5 years) to -0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VI.TO vs. DLR.TO — Risk / Return Rank

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

VI.TO

VI.TO Risk / Return Rank: 82
VI.TO Sharpe Ratio Rank: 83
VI.TO Sortino Ratio Rank: 82
VI.TO Omega Ratio Rank: 85
VI.TO Calmar Ratio Rank: 77
VI.TO Martin Ratio Rank: 82

DLR.TO

DLR.TO Risk / Return Rank: 38
DLR.TO Sharpe Ratio Rank: 42
DLR.TO Sortino Ratio Rank: 40
DLR.TO Omega Ratio Rank: 42
DLR.TO Calmar Ratio Rank: 32
DLR.TO Martin Ratio Rank: 31

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.

VI.TO vs. DLR.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) (VI.TO) and Global X U.S. Dollar Currency ETF (DLR.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VI.TO	DLR.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.26	+0.86
Sortino ratio: Return per unit of downside risk	2.92	1.78	+1.14
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	3.21	1.38	+1.83
Martin ratio: Return relative to average drawdown	12.66	3.62	+9.04

VI.TO vs. DLR.TO - Sharpe Ratio Comparison

The current VI.TO Sharpe Ratio is 2.12, which is higher than the DLR.TO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of VI.TO and DLR.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.

Drawdowns

VI.TO vs. DLR.TO - Drawdown Comparison

The maximum VI.TO drawdown since its inception was -33.53%, which is greater than DLR.TO's maximum drawdown of -17.60%. Use the drawdown chart below to compare losses from any high point for VI.TO and DLR.TO.

Drawdown Indicators

	VI.TO	DLR.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.53%	-17.60%	-15.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-3.94%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-5.77%	-8.03%
Max Drawdown (5Y) Largest decline over 5 years	-16.65%	-5.77%	-10.88%
Max Drawdown (10Y) Largest decline over 10 years	-33.53%	-17.60%	-15.93%
Current Drawdown Current decline from peak	-3.41%	-1.21%	-2.20%
Average Drawdown Average peak-to-trough decline	-4.16%	-6.40%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	1.49%	+0.99%

Volatility

VI.TO vs. DLR.TO - Volatility Comparison

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged) (VI.TO) has a higher volatility of 5.29% compared to Global X U.S. Dollar Currency ETF (DLR.TO) at 1.30%. This indicates that VI.TO's price experiences larger fluctuations and is considered to be riskier than DLR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VI.TO	DLR.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	1.30%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	13.16%	3.19%	+9.97%
Volatility (1Y) Calculated over the trailing 1-year period	14.86%	4.29%	+10.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.12%	6.22%	+7.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	6.57%	+9.16%

Dividends

VI.TO vs. DLR.TO - Dividend Comparison

VI.TO's dividend yield for the trailing twelve months is around 2.26%, less than DLR.TO's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLR.TO Global X U.S. Dollar Currency ETF	3.91%	3.33%	3.23%	4.98%	0.00%	0.00%	0.00%	0.57%	0.00%	0.00%	0.00%	0.00%
VI.TO Vanguard FTSE Developed All Cap ex North America Index ETF (CAD-hedged)	2.26%	2.44%	2.60%	2.61%	2.84%	2.31%	1.98%	2.64%	2.75%	2.07%	1.62%	0.27%

Frequently Asked Questions

Can I hold both VI.TO and DLR.TO in my portfolio?

VI.TO and DLR.TO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between VI.TO and DLR.TO?

VI.TO is categorized as International Equity, while DLR.TO is Currency. They also come from different issuers: Vanguard and Global X.