VSPVX vs. VCN.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO).

VSPVX is managed by Vanguard. It was launched on Mar 3, 2015. VCN.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Canada All Cap Domestic Index. It was launched on Aug 2, 2013.

Performance

VSPVX vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

VSPVX vs. VCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	-1.68%	12.62%	11.99%	22.39%	-5.33%	24.80%	1.23%	31.84%	-9.02%	15.28%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.30%	36.43%	12.49%	14.82%	-12.09%	26.56%	6.91%	28.16%	-16.17%	15.93%

Different Trading Currencies

VSPVX 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, VSPVX achieves a -1.68% return, which is significantly lower than VCN.TO's -0.37% return. Both investments have delivered pretty close results over the past 10 years, with VSPVX having a 11.12% annualized return and VCN.TO not far ahead at 11.36%.

VSPVX

• 1D: 0.05%
• 1M: -6.20%
• YTD: -1.68%
• 6M: 1.45%
• 1Y: 10.96%
• 3Y*: 13.01%
• 5Y*: 10.12%
• 10Y*: 11.12%

VCN.TO

• 1D: 0.00%
• 1M: -8.41%
• YTD: -0.37%
• 6M: 6.45%
• 1Y: 33.70%
• 3Y*: 18.71%
• 5Y*: 11.79%
• 10Y*: 11.36%

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

VSPVX vs. VCN.TO - Expense Ratio Comparison

VSPVX has a 0.08% expense ratio, which is higher than VCN.TO's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VSPVX

Vanguard S&P 500 Value Index Fund Institutional Shares

VCN.TO

Vanguard FTSE Canada All Cap Index ETF

Return for Risk

VSPVX vs. VCN.TO — Risk / Return Rank

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

VSPVX

VSPVX Risk / Return Rank: 36
VSPVX Sharpe Ratio Rank: 36
VSPVX Sortino Ratio Rank: 36
VSPVX Omega Ratio Rank: 40
VSPVX Calmar Ratio Rank: 30
VSPVX Martin Ratio Rank: 39

VCN.TO

VCN.TO Risk / Return Rank: 93
VCN.TO Sharpe Ratio Rank: 94
VCN.TO Sortino Ratio Rank: 93
VCN.TO Omega Ratio Rank: 94
VCN.TO Calmar Ratio Rank: 91
VCN.TO Martin Ratio Rank: 94

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) 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.

	VSPVX	VCN.TO	Difference
Sharpe ratio Return per unit of total volatility	0.78	2.02	-1.24
Sortino ratio Return per unit of downside risk	1.17	2.64	-1.47
Omega ratio Gain probability vs. loss probability	1.18	1.40	-0.22
Calmar ratio Return relative to maximum drawdown	0.85	3.11	-2.25
Martin ratio Return relative to average drawdown	4.06	14.09	-10.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSPVX vs. VCN.TO - Sharpe Ratio Comparison

The current VSPVX Sharpe Ratio is 0.78, which is lower than the VCN.TO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of VSPVX and VCN.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VSPVX	VCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	2.02	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.70	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.61	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.44	+0.15

Correlation

The correlation between VSPVX and VCN.TO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VSPVX vs. VCN.TO - Dividend Comparison

VSPVX's dividend yield for the trailing twelve months is around 1.85%, less than VCN.TO's 2.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSPVX Vanguard S&P 500 Value Index Fund Institutional Shares	1.85%	1.35%	2.12%	1.70%	2.21%	1.88%	2.46%	2.12%	2.73%	2.18%	2.30%	2.47%
VCN.TO Vanguard FTSE Canada All Cap Index ETF	2.14%	2.27%	2.69%	2.99%	3.15%	2.48%	2.70%	2.85%	2.80%	2.29%	2.34%	2.65%

Drawdowns

VSPVX vs. VCN.TO - Drawdown Comparison

The maximum VSPVX drawdown since its inception was -37.05%, smaller than the maximum VCN.TO drawdown of -42.84%. Use the drawdown chart below to compare losses from any high point for VSPVX and VCN.TO.

Drawdown Indicators

	VSPVX	VCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.05%	-37.32%	+0.27%
Max Drawdown (1Y) Largest decline over 1 year	-12.10%	-11.02%	-1.08%
Max Drawdown (5Y) Largest decline over 5 years	-18.00%	-16.12%	-1.88%
Max Drawdown (10Y) Largest decline over 10 years	-37.05%	-37.32%	+0.27%
Current Drawdown Current decline from peak	-6.20%	-4.72%	-1.48%
Average Drawdown Average peak-to-trough decline	-4.11%	-3.94%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	2.42%	+0.12%

Volatility

VSPVX vs. VCN.TO - Volatility Comparison

The current volatility for Vanguard S&P 500 Value Index Fund Institutional Shares (VSPVX) is 3.27%, while Vanguard FTSE Canada All Cap Index ETF (VCN.TO) has a volatility of 5.33%. This indicates that VSPVX 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

	VSPVX	VCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	5.33%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	7.52%	11.61%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	16.79%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.47%	16.86%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	18.65%	-1.57%