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VRE.TO vs. XESG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VRE.TO vs. XESG.TO

Last updated Jun 5, 2026

VRE.TO (Vanguard FTSE Canadian Capped REIT Index ETF) and XESG.TO (iShares ESG Aware MSCI Canada Index ETF) are both exchange-traded funds - VRE.TO is a REIT fund tracking the FTSE CA All Cap RE Capped 25% Idx, while XESG.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, VRE.TO returned 1.59%/yr vs 12.68%/yr for XESG.TO. A 0.56 correlation means they provide meaningful diversification when combined. VRE.TO charges 0.30%/yr vs 0.16%/yr for XESG.TO.

Performance

VRE.TO vs. XESG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Canadian Capped REIT Index ETF (VRE.TO) and iShares ESG Aware MSCI Canada Index ETF (XESG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VRE.TO achieves a 1.12% return, which is significantly lower than XESG.TO's 11.62% return.

VRE.TO

1D
0.53%
1M
1.02%
YTD
1.12%
6M
1.48%
1Y
4.11%
3Y*
5.69%
5Y*
1.59%
10Y*
4.52%

XESG.TO

1D
1.16%
1M
4.57%
YTD
11.62%
6M
9.33%
1Y
31.21%
3Y*
21.50%
5Y*
12.68%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VRE.TO vs. XESG.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VRE.TO
Vanguard FTSE Canadian Capped REIT Index ETF		1.12%3.98%7.36%9.25%-22.67%35.57%-12.27%5.88%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		11.62%26.25%20.05%10.13%-7.77%22.91%4.80%15.28%

Correlation

The correlation between VRE.TO and XESG.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.56

Correlation (5Y)
Calculated over the trailing 5-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Mar 25, 2019

0.56

The correlation between VRE.TO and XESG.TO shifts across timeframes, from 0.47 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.

VRE.TO vs. XESG.TO - Sectors Allocation Comparison

Sectors
VRE.TO
XESG.TO

Real Estate

100.0%
0.2%

Financial Services

0.2%
38.5%

Basic Materials

0.1%
17.9%

Energy

0.1%
19.3%

Industrials

0.0%
8.9%

Technology

0.0%
8.3%

Consumer Cyclical

0.0%
2.2%

Communication Services

0.0%
0.1%

Consumer Defensive

0.0%
1.9%

Utilities

0.0%
2.7%

Healthcare

-

0.1%

Real Estate

VRE.TO
100.0%
XESG.TO
0.2%

Financial Services

VRE.TO
0.2%
XESG.TO
38.5%

Basic Materials

VRE.TO
0.1%
XESG.TO
17.9%

Energy

VRE.TO
0.1%
XESG.TO
19.3%

Industrials

VRE.TO
0.0%
XESG.TO
8.9%

Technology

VRE.TO
0.0%
XESG.TO
8.3%

Consumer Cyclical

VRE.TO
0.0%
XESG.TO
2.2%

Communication Services

VRE.TO
0.0%
XESG.TO
0.1%

Consumer Defensive

VRE.TO
0.0%
XESG.TO
1.9%

Utilities

VRE.TO
0.0%
XESG.TO
2.7%

Healthcare

VRE.TO

-

XESG.TO
0.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Canadian Capped REIT Index ETF

iShares ESG Aware MSCI Canada Index ETF

Often compared with VRE.TO:
VRE.TO vs. XRE.TOVRE.TO vs. ZRE.TOVRE.TO vs. VDY.TOVRE.TO vs. VCN.TOVRE.TO vs. VFV.TOVRE.TO vs. XEI.TOVRE.TO vs. VCE.TO
Often compared with XESG.TO:
XESG.TO vs. XCSR.TOXESG.TO vs. XEQT.TOXESG.TO vs. SCHGXESG.TO vs. VFV.TOXESG.TO vs. SPYXESG.TO vs. XIU.TOXESG.TO vs. GEQT.TO

Return for Risk

VRE.TO vs. XESG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VRE.TO
VRE.TO Risk / Return Rank: 1313
Overall Rank
VRE.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
VRE.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
VRE.TO Omega Ratio Rank: 1313
Omega Ratio Rank
VRE.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
VRE.TO Martin Ratio Rank: 1212
Martin Ratio Rank
XESG.TO
XESG.TO Risk / Return Rank: 7373
Overall Rank
XESG.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
XESG.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
XESG.TO Omega Ratio Rank: 7575
Omega Ratio Rank
XESG.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
XESG.TO Martin Ratio Rank: 7979
Martin Ratio Rank
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.

VRE.TO vs. XESG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Canadian Capped REIT Index ETF (VRE.TO) and iShares ESG Aware MSCI Canada Index ETF (XESG.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.

VRE.TOXESG.TODifference
Sharpe ratioReturn per unit of total volatility
0.32
2.38

-2.06

Sortino ratioReturn per unit of downside risk
0.53
3.02

-2.48

Omega ratioGain probability vs. loss probability

1.06

1.44

-0.37

Calmar ratioReturn relative to maximum drawdown

0.27

3.38

-3.10

Martin ratioReturn relative to average drawdown

0.58

15.02

-14.44

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRE.TO vs. XESG.TO - Sharpe Ratio Comparison

The current VRE.TO Sharpe Ratio is 0.32, which is lower than the XESG.TO Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of VRE.TO and XESG.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.

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Sharpe Ratios by Period

VRE.TOXESG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.32

2.38

-2.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.94

-0.84

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.26

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.83

-0.50

Drawdowns

VRE.TO vs. XESG.TO - Drawdown Comparison

The maximum VRE.TO drawdown since its inception was -48.06%, which is greater than XESG.TO's maximum drawdown of -37.36%. Use the drawdown chart below to compare losses from any high point for VRE.TO and XESG.TO.

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Drawdown Indicators

VRE.TOXESG.TODifference

Max Drawdown

Largest peak-to-trough decline

-48.06%

-37.36%

-10.70%

Max Drawdown (1Y)

Largest decline over 1 year

-15.00%

-9.28%

-5.72%

Max Drawdown (3Y)

Largest decline over 3 years

-18.42%

-14.18%

-4.24%

Max Drawdown (5Y)

Largest decline over 5 years

-29.87%

-17.91%

-11.96%

Max Drawdown (10Y)

Largest decline over 10 years

-48.06%

—

—

Current Drawdown

Current decline from peak

-8.19%

0.00%

-8.19%

Average Drawdown

Average peak-to-trough decline

-8.28%

-4.55%

-3.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.04%

2.08%

+4.96%

Volatility

VRE.TO vs. XESG.TO - Volatility Comparison

Vanguard FTSE Canadian Capped REIT Index ETF (VRE.TO) and iShares ESG Aware MSCI Canada Index ETF (XESG.TO) have volatilities of 3.46% and 3.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VRE.TOXESG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

3.49%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

9.99%

10.99%

-1.00%

Volatility (1Y)

Calculated over the trailing 1-year period

13.02%

13.18%

-0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

13.62%

+2.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.51%

16.83%

+0.68%

VRE.TO vs. XESG.TO - Expense Ratio Comparison

VRE.TO has a 0.30% expense ratio, which is higher than XESG.TO's 0.16% expense ratio.

Dividends

VRE.TO vs. XESG.TO - Dividend Comparison

VRE.TO's dividend yield for the trailing twelve months is around 2.81%, more than XESG.TO's 1.94% yield.

PositionTTM20252024202320222021202020192018201720162015
VRE.TO
Vanguard FTSE Canadian Capped REIT Index ETF		2.81%2.85%2.96%2.64%4.73%2.73%3.72%5.15%3.82%3.72%4.10%2.01%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		1.94%2.13%2.45%2.74%2.63%1.88%2.15%1.05%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VRE.TO and XESG.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XESG.TO is cheaper with a 0.16% expense ratio, compared with 0.30% for VRE.TO.

VRE.TO is categorized as REIT, while XESG.TO is Canada Equities. VRE.TO tracks FTSE CA All Cap RE Capped 25% Idx, while XESG.TO tracks Morningstar Canada GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.30% for VRE.TO and 0.16% for XESG.TO.

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