VSP.TO vs. USCC-U.TO

Last updated Jul 16, 2026

VSP.TO (Vanguard S&P 500 Index ETF (CAD-hedged)) and USCC-U.TO (Global X S&P 500 Covered Call ETF) are both S&P 500 funds. VSP.TO is passively managed, while USCC-U.TO is actively managed. Over the past 10 years, VSP.TO returned 13.52%/yr vs 12.77%/yr for USCC-U.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

VSP.TO vs. USCC-U.TO - 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 Global X S&P 500 Covered Call ETF (USCC-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VSP.TO is traded in CAD, while USCC-U.TO is traded in USD. To make them comparable, the USCC-U.TO 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 9.65% return, which is significantly lower than USCC-U.TO's 10.38% return. Over the past 10 years, VSP.TO has outperformed USCC-U.TO with an annualized return of 13.52%, while USCC-U.TO has yielded a comparatively lower 12.77% annualized return.

VSP.TO

• 1D: 0.27%
• 1M: 0.09%
• 6M: 8.40%
• YTD: 9.65%
• 1Y: 19.88%
• 3Y*: 18.33%
• 5Y*: 11.66%
• 10Y*: 13.52%

USCC-U.TO

• 1D: -0.56%
• 1M: 2.62%
• 6M: 8.86%
• YTD: 10.38%
• 1Y: 22.03%
• 3Y*: 18.72%
• 5Y*: 12.20%
• 10Y*: 12.77%

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

VSP.TO vs. USCC-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSP.TO Vanguard S&P 500 Index ETF (CAD-hedged)	9.65%	15.49%	23.68%	24.16%	-19.23%	27.90%	15.31%	30.20%	-6.76%	21.05%
USCC-U.TO Global X S&P 500 Covered Call ETF	10.38%	9.23%	32.70%	17.66%	-9.19%	24.09%	10.14%	16.78%	0.90%	7.48%

Correlation

The correlation between VSP.TO and USCC-U.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.31

The correlation between VSP.TO and USCC-U.TO shifts across timeframes, from 0.25 (10 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VSP.TO vs. USCC-U.TO — 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: 56
VSP.TO Sharpe Ratio Rank: 56
VSP.TO Sortino Ratio Rank: 56
VSP.TO Omega Ratio Rank: 57
VSP.TO Calmar Ratio Rank: 52
VSP.TO Martin Ratio Rank: 60

USCC-U.TO

USCC-U.TO Risk / Return Rank: 71
USCC-U.TO Sharpe Ratio Rank: 72
USCC-U.TO Sortino Ratio Rank: 70
USCC-U.TO Omega Ratio Rank: 79
USCC-U.TO Calmar Ratio Rank: 61
USCC-U.TO Martin Ratio Rank: 74

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. USCC-U.TO - 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 Global X S&P 500 Covered Call ETF (USCC-U.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.

	VSP.TO	USCC-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.16	-0.62
Sortino ratio: Return per unit of downside risk	2.15	3.02	-0.87
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.12	3.26	-1.13
Martin ratio: Return relative to average drawdown	8.43	12.68	-4.25

VSP.TO vs. USCC-U.TO - Sharpe Ratio Comparison

The current VSP.TO Sharpe Ratio is 1.54, which is comparable to the USCC-U.TO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of VSP.TO and USCC-U.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

VSP.TO vs. USCC-U.TO - Drawdown Comparison

The maximum VSP.TO drawdown since its inception was -35.55%, roughly equal to the maximum USCC-U.TO drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for VSP.TO and USCC-U.TO.

Drawdown Indicators

	VSP.TO	USCC-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.55%	-36.21%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-6.80%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-18.85%	-18.22%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-25.54%	-18.22%	-7.32%
Max Drawdown (10Y) Largest decline over 10 years	-35.55%	-36.21%	+0.66%
Current Drawdown Current decline from peak	-2.04%	-0.92%	-1.12%
Average Drawdown Average peak-to-trough decline	-4.00%	-4.87%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	1.74%	+0.62%

Volatility

VSP.TO vs. USCC-U.TO - Volatility Comparison

Vanguard S&P 500 Index ETF (CAD-hedged) (VSP.TO) has a higher volatility of 3.28% compared to Global X S&P 500 Covered Call ETF (USCC-U.TO) at 2.98%. This indicates that VSP.TO's price experiences larger fluctuations and is considered to be riskier than USCC-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSP.TO	USCC-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.98%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	8.11%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	10.27%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	14.20%	+2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	24.71%	-6.71%

Dividends

VSP.TO vs. USCC-U.TO - Dividend Comparison

VSP.TO's dividend yield for the trailing twelve months is around 0.86%, less than USCC-U.TO's 9.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USCC-U.TO Global X S&P 500 Covered Call ETF	9.66%	9.88%	10.20%	11.22%	10.76%	5.11%	4.95%	5.09%	6.49%	5.36%	5.62%	6.13%
VSP.TO Vanguard S&P 500 Index ETF (CAD-hedged)	0.86%	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 USCC-U.TO in my portfolio?

VSP.TO and USCC-U.TO have a correlation of 0.46, 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 VSP.TO and USCC-U.TO?

They also come from different issuers: Vanguard and Global X.