VMO vs. VCN.TO

Last updated Jun 13, 2026

VMO (Invesco Municipal Opportunity Trust) is a stock, while VCN.TO (Vanguard FTSE Canada All Cap Index ETF) is Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Over the past 10 years, VMO returned 1.72%/yr vs 11.84%/yr for VCN.TO. At a 0.13 correlation, their price movements are largely independent.

Performance

VMO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Municipal Opportunity Trust (VMO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VMO is traded in USD, while VCN.TO is traded in CAD. To make them comparable, the VCN.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VMO achieves a 5.19% return, which is significantly lower than VCN.TO's 8.65% return. Over the past 10 years, VMO has underperformed VCN.TO with an annualized return of 1.72%, while VCN.TO has yielded a comparatively higher 11.84% annualized return.

VMO

• 1D: 0.00%
• 1M: 0.72%
• YTD: 5.19%
• 6M: 5.33%
• 1Y: 16.40%
• 3Y*: 8.21%
• 5Y*: -0.67%
• 10Y*: 1.72%

VCN.TO

• 1D: 0.54%
• 1M: 0.18%
• YTD: 8.65%
• 6M: 10.08%
• 1Y: 30.36%
• 3Y*: 22.03%
• 5Y*: 11.69%
• 10Y*: 11.84%

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

VMO vs. VCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMO Invesco Municipal Opportunity Trust	5.19%	6.57%	7.73%	1.54%	-24.29%	12.95%	8.89%	16.23%	-4.54%	3.05%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	8.65%	37.27%	12.62%	15.02%	-11.38%	25.71%	7.37%	27.34%	-16.14%	16.32%

Correlation

The correlation between VMO and VCN.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 13, 2013	0.13

The correlation between VMO and VCN.TO shifts across timeframes, from 0.13 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VMO vs. VCN.TO — Risk / Return Rank

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

VMO

VMO Risk / Return Rank: 85
VMO Sharpe Ratio Rank: 87
VMO Sortino Ratio Rank: 87
VMO Omega Ratio Rank: 85
VMO Calmar Ratio Rank: 80
VMO Martin Ratio Rank: 87

VCN.TO

VCN.TO Risk / Return Rank: 86
VCN.TO Sharpe Ratio Rank: 89
VCN.TO Sortino Ratio Rank: 86
VCN.TO Omega Ratio Rank: 87
VCN.TO Calmar Ratio Rank: 81
VCN.TO Martin Ratio Rank: 88

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.

VMO vs. VCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Municipal Opportunity Trust (VMO) and Vanguard FTSE Canada All Cap Index ETF (VCN.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.

	VMO	VCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.23	-0.44
Sortino ratio: Return per unit of downside risk	2.73	2.93	-0.20
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.06
Calmar ratio: Return relative to maximum drawdown	2.40	3.20	-0.80
Martin ratio: Return relative to average drawdown	9.21	13.83	-4.62

VMO vs. VCN.TO - Sharpe Ratio Comparison

The current VMO Sharpe Ratio is 1.79, which is comparable to the VCN.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VMO and VCN.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

VMO vs. VCN.TO - Drawdown Comparison

The maximum VMO drawdown since its inception was -50.11%, which is greater than VCN.TO's maximum drawdown of -42.69%. Use the drawdown chart below to compare losses from any high point for VMO and VCN.TO.

Drawdown Indicators

	VMO	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-50.11%	-42.69%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-9.55%	+2.96%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-12.66%	-3.85%
Max Drawdown (5Y) Largest decline over 5 years	-37.70%	-23.98%	-13.72%
Max Drawdown (10Y) Largest decline over 10 years	-37.70%	-42.69%	+4.99%
Current Drawdown Current decline from peak	-7.55%	-1.64%	-5.91%
Average Drawdown Average peak-to-trough decline	-9.87%	-8.50%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.21%	-0.49%

Volatility

VMO vs. VCN.TO - Volatility Comparison

The current volatility for Invesco Municipal Opportunity Trust (VMO) is 3.28%, while Vanguard FTSE Canada All Cap Index ETF (VCN.TO) has a volatility of 4.42%. This indicates that VMO experiences smaller price fluctuations and is considered to be less risky than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMO	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	4.42%	-1.14%
Volatility (6M) Calculated over the trailing 6-month period	6.72%	11.02%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	13.70%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	14.73%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.67%	16.47%	-3.80%

Dividends

VMO vs. VCN.TO - Dividend Comparison

VMO's dividend yield for the trailing twelve months is around 7.69%, more than VCN.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.00%	2.27%	2.71%	3.00%	3.17%	2.49%	2.72%	2.88%	2.83%	2.29%	2.36%	2.68%
VMO Invesco Municipal Opportunity Trust	7.69%	7.84%	6.44%	4.47%	5.69%	4.64%	4.66%	4.94%	5.95%	5.98%	6.73%	6.33%

Frequently Asked Questions

Can I hold both VMO and VCN.TO in my portfolio?

VMO and VCN.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.