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VVL.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VVL.TO vs. PZW.TO

Last updated Jul 12, 2026
Documentation

VVL.TO (Vanguard Global Value Factor ETF CAD) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds. VVL.TO is actively managed, while PZW.TO is passively managed. Over the past 10 years, VVL.TO returned 12.23%/yr vs 11.54%/yr for PZW.TO. At a 0.33 correlation, their price movements are largely independent.

Performance

VVL.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Value Factor ETF CAD (VVL.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VVL.TO having a 16.75% return and PZW.TO slightly lower at 16.70%. Over the past 10 years, VVL.TO has outperformed PZW.TO with an annualized return of 12.23%, while PZW.TO has yielded a comparatively lower 11.54% annualized return.

VVL.TO

1D
0.43%
1M
3.63%
6M
11.20%
YTD
16.75%
1Y
28.88%
3Y*
20.66%
5Y*
14.63%
10Y*
12.23%

PZW.TO

1D
-1.05%
1M
3.80%
6M
10.67%
YTD
16.70%
1Y
28.00%
3Y*
20.23%
5Y*
10.64%
10Y*
11.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VVL.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VVL.TO
Vanguard Global Value Factor ETF CAD		16.75%18.01%15.01%16.57%0.50%29.77%-3.29%13.44%-9.39%12.34%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		16.70%18.48%16.03%12.88%-10.53%17.53%7.48%18.01%-8.08%13.64%

Correlation

The correlation between VVL.TO and PZW.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.28

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

0.37

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

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.33

Correlation (All Time)
Calculated using the full available price history since Jun 22, 2016

0.33

The correlation between VVL.TO and PZW.TO shifts across timeframes, from 0.28 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

VVL.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors
VVL.TO
PZW.TO

Financial Services

25.3%
13.5%

Consumer Cyclical

14.8%
11.4%

Healthcare

10.8%
12.0%

Technology

10.5%
12.3%

Industrials

9.8%
19.4%

Energy

9.4%
5.6%

Consumer Defensive

6.5%
4.6%

Communication Services

6.1%
3.7%

Basic Materials

6.0%
7.0%

Real Estate

0.9%
8.3%

Utilities

0.0%
2.2%

Financial Services

VVL.TO
25.3%
PZW.TO
13.5%

Consumer Cyclical

VVL.TO
14.8%
PZW.TO
11.4%

Healthcare

VVL.TO
10.8%
PZW.TO
12.0%

Technology

VVL.TO
10.5%
PZW.TO
12.3%

Industrials

VVL.TO
9.8%
PZW.TO
19.4%

Energy

VVL.TO
9.4%
PZW.TO
5.6%

Consumer Defensive

VVL.TO
6.5%
PZW.TO
4.6%

Communication Services

VVL.TO
6.1%
PZW.TO
3.7%

Basic Materials

VVL.TO
6.0%
PZW.TO
7.0%

Real Estate

VVL.TO
0.9%
PZW.TO
8.3%

Utilities

VVL.TO
0.0%
PZW.TO
2.2%

Compare stocks, funds, or ETFs

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

Vanguard Global Value Factor ETF CAD

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with VVL.TO:
VVL.TO vs. VFV.TOVVL.TO vs. XEQT.TOVVL.TO vs. VTVVVL.TO vs. VTVVL.TO vs. ZID.TOVVL.TO vs. SCHDVVL.TO vs. VGG.TO
Often compared with PZW.TO:
PZW.TO vs. PXC.TOPZW.TO vs. INAI.TOPZW.TO vs. QQC.TOPZW.TO vs. EQL.TOPZW.TO vs. XWD.TOPZW.TO vs. TEQT.TOPZW.TO vs. QQC-F.TO

Return for Risk

VVL.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VVL.TO
VVL.TO Risk / Return Rank: 8080
Overall Rank
VVL.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
VVL.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
VVL.TO Omega Ratio Rank: 7878
Omega Ratio Rank
VVL.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
VVL.TO Martin Ratio Rank: 8181
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8282
Overall Rank
PZW.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8484
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8080
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.

VVL.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Value Factor ETF CAD (VVL.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

VVL.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.03
2.05

-0.02

Sortino ratioReturn per unit of downside risk
2.96
3.02

-0.06

Omega ratioGain probability vs. loss probability

1.36

1.39

-0.03

Calmar ratioReturn relative to maximum drawdown

3.18

3.42

-0.24

Martin ratioReturn relative to average drawdown

12.50

12.18

+0.33

VVL.TO vs. PZW.TO - Sharpe Ratio Comparison

The current VVL.TO Sharpe Ratio is 2.03, which is comparable to the PZW.TO Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of VVL.TO and PZW.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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Drawdowns

VVL.TO vs. PZW.TO - Drawdown Comparison

The maximum VVL.TO drawdown since its inception was -43.88%, which is greater than PZW.TO's maximum drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for VVL.TO and PZW.TO.

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Drawdown Indicators

VVL.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-43.88%

-32.45%

-11.43%

Max Drawdown (1Y)

Largest decline over 1 year

-8.83%

-8.50%

-0.33%

Max Drawdown (3Y)

Largest decline over 3 years

-18.07%

-16.88%

-1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-18.07%

-22.13%

+4.06%

Max Drawdown (10Y)

Largest decline over 10 years

-43.88%

-32.45%

-11.43%

Current Drawdown

Current decline from peak

-0.37%

-2.24%

+1.87%

Average Drawdown

Average peak-to-trough decline

-5.74%

-5.70%

-0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

2.38%

-0.12%

Volatility

VVL.TO vs. PZW.TO - Volatility Comparison

Vanguard Global Value Factor ETF CAD (VVL.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) have volatilities of 3.28% and 3.22%, 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

VVL.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

3.22%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

9.45%

10.39%

-0.94%

Volatility (1Y)

Calculated over the trailing 1-year period

13.86%

14.25%

-0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.07%

14.68%

+1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.77%

15.91%

+2.86%

Dividends

VVL.TO vs. PZW.TO - Dividend Comparison

VVL.TO's dividend yield for the trailing twelve months is around 1.62%, less than PZW.TO's 1.66% yield.

PositionTTM20252024202320222021202020192018201720162015
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.66%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%
VVL.TO
Vanguard Global Value Factor ETF CAD		1.62%1.89%2.19%2.69%2.57%1.50%1.70%2.65%2.15%1.35%0.60%0.00%

Frequently Asked Questions

VVL.TO and PZW.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Vanguard and Invesco.

Portfolio Optimizer

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