VSP.TO vs. ATRFX

Last updated Jun 26, 2026

VSP.TO (Vanguard S&P 500 Index ETF (CAD-hedged)) and ATRFX (Catalyst Systematic Alpha Class I) are both funds - VSP.TO is a S&P 500 fund tracking the S&P 500 Index (CAD-hedged), while ATRFX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, VSP.TO returned 14.10%/yr vs 6.97%/yr for ATRFX. At a 0.25 correlation, their price movements are largely independent. VSP.TO charges 0.09%/yr vs 1.77%/yr for ATRFX.

Performance

VSP.TO vs. ATRFX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO) and Catalyst Systematic Alpha Class I (ATRFX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VSP.TO achieves a 6.52% return, which is significantly higher than ATRFX's 2.80% return. Over the past 10 years, VSP.TO has outperformed ATRFX with an annualized return of 14.10%, while ATRFX has yielded a comparatively lower 6.97% annualized return.

VSP.TO

• 1D: -0.07%
• 1M: -2.37%
• YTD: 6.52%
• 6M: 5.29%
• 1Y: 19.24%
• 3Y*: 18.71%
• 5Y*: 11.26%
• 10Y*: 14.10%

ATRFX

• 1D: -0.48%
• 1M: 3.71%
• YTD: 2.80%
• 6M: 2.22%
• 1Y: 18.09%
• 3Y*: 2.26%
• 5Y*: 7.89%
• 10Y*: 6.97%

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

VSP.TO vs. ATRFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSP.TO Vanguard S&P 500 Index ETF (CAD-hedged)	6.52%	15.49%	23.68%	24.16%	-19.23%	27.90%	15.31%	30.20%	-6.76%	21.05%
ATRFX Catalyst Systematic Alpha Class I	2.80%	-1.88%	3.97%	21.63%	1.73%	25.64%	12.59%	23.92%	-12.89%	-4.91%

Correlation

The correlation between VSP.TO and ATRFX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Aug 1, 2014	0.25

Over the past year, VSP.TO and ATRFX have become more correlated (0.65) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

VSP.TO vs. ATRFX — Risk / Return Rank

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

VSP.TO

VSP.TO Risk / Return Rank: 50
VSP.TO Sharpe Ratio Rank: 50
VSP.TO Sortino Ratio Rank: 48
VSP.TO Omega Ratio Rank: 49
VSP.TO Calmar Ratio Rank: 47
VSP.TO Martin Ratio Rank: 56

ATRFX

ATRFX Risk / Return Rank: 10
ATRFX Sharpe Ratio Rank: 10
ATRFX Sortino Ratio Rank: 10
ATRFX Omega Ratio Rank: 11
ATRFX Calmar Ratio Rank: 8
ATRFX Martin Ratio Rank: 8

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO) and Catalyst Systematic Alpha Class I (ATRFX). 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.

	VSP.TO	ATRFX	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.84	+0.66
Sortino ratio: Return per unit of downside risk	2.10	1.23	+0.86
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	2.06	0.80	+1.25
Martin ratio: Return relative to average drawdown	8.51	2.20	+6.31

VSP.TO vs. ATRFX - Sharpe Ratio Comparison

The current VSP.TO Sharpe Ratio is 1.50, which is higher than the ATRFX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of VSP.TO and ATRFX, 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

VSP.TO vs. ATRFX - Drawdown Comparison

The maximum VSP.TO drawdown since its inception was -35.55%, which is greater than ATRFX's maximum drawdown of -32.51%. Use the drawdown chart below to compare losses from any high point for VSP.TO and ATRFX.

Drawdown Indicators

	VSP.TO	ATRFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-32.51%	-3.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-22.46%	+13.06%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-32.51%	+13.66%
Max Drawdown (5Y) Largest decline over 5 years	-25.54%	-32.51%	+6.97%
Max Drawdown (10Y) Largest decline over 10 years	-35.55%	-32.51%	-3.04%
Current Drawdown Current decline from peak	-4.83%	-12.20%	+7.37%
Average Drawdown Average peak-to-trough decline	-4.00%	-9.56%	+5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	8.19%	-5.92%

Volatility

VSP.TO vs. ATRFX - Volatility Comparison

The current volatility for Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO) is 4.65%, while Catalyst Systematic Alpha Class I (ATRFX) has a volatility of 6.17%. This indicates that VSP.TO experiences smaller price fluctuations and is considered to be less risky than ATRFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSP.TO	ATRFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	6.17%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	18.32%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	12.91%	21.59%	-8.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	17.65%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	15.99%	+2.04%

VSP.TO vs. ATRFX - Expense Ratio Comparison

VSP.TO has a 0.09% expense ratio, which is lower than ATRFX's 1.77% expense ratio.

Dividends

VSP.TO vs. ATRFX - Dividend Comparison

VSP.TO's dividend yield for the trailing twelve months is around 0.87%, more than ATRFX's 0.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATRFX Catalyst Systematic Alpha Class I	0.50%	0.65%	11.89%	1.87%	4.98%	5.43%	20.92%	1.60%	1.37%	0.00%	0.91%	1.02%
VSP.TO Vanguard S&P 500 Index ETF (CAD-hedged)	0.87%	0.92%	1.07%	1.17%	1.37%	1.08%	1.27%	1.53%	1.76%	1.46%	1.72%	1.76%

Frequently Asked Questions

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

VSP.TO and ATRFX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.