VVO.TO vs. PZW.TO

Last updated Jul 1, 2026

VVO.TO (Vanguard Global Minimum Volatility ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds - VVO.TO tracks the FTSE Global All Cap Index while PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, VVO.TO returned 7.27%/yr vs 11.60%/yr for PZW.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

VVO.TO vs. PZW.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, VVO.TO achieves a 7.32% return, which is significantly lower than PZW.TO's 17.33% return. Over the past 10 years, VVO.TO has underperformed PZW.TO with an annualized return of 7.27%, while PZW.TO has yielded a comparatively higher 11.60% annualized return.

VVO.TO

• 1D: 0.14%
• 1M: 0.81%
• YTD: 7.32%
• 6M: 6.89%
• 1Y: 10.61%
• 3Y*: 11.55%
• 5Y*: 6.69%
• 10Y*: 7.27%

PZW.TO

• 1D: 0.29%
• 1M: 3.40%
• YTD: 17.33%
• 6M: 16.85%
• 1Y: 32.19%
• 3Y*: 20.71%
• 5Y*: 10.71%
• 10Y*: 11.60%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VVO.TO Vanguard Global Minimum Volatility ETF	7.32%	9.74%	13.56%	4.87%	-5.18%	10.43%	-2.49%	19.40%	-2.10%	14.32%
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	17.33%	18.48%	16.03%	12.88%	-10.53%	17.53%	7.48%	18.01%	-8.08%	13.64%

Correlation

The correlation between VVO.TO and PZW.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 23, 2016	0.26

The correlation between VVO.TO and PZW.TO shifts across timeframes, from 0.14 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	VVO.TO	PZW.TO
Technology	19.8%	12.2%
Healthcare	13.0%	12.7%
Financial Services	12.4%	13.3%
Communication Services	11.5%	3.8%
Industrials	10.5%	19.2%
Consumer Defensive	9.6%	4.6%
Utilities	7.4%	2.3%
Consumer Cyclical	6.6%	12.1%
Energy	5.3%	4.1%
Real Estate	3.5%	8.8%
Basic Materials	0.5%	7.0%

Return for Risk

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

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

VVO.TO

VVO.TO Risk / Return Rank: 43
VVO.TO Sharpe Ratio Rank: 46
VVO.TO Sortino Ratio Rank: 45
VVO.TO Omega Ratio Rank: 46
VVO.TO Calmar Ratio Rank: 37
VVO.TO Martin Ratio Rank: 43

PZW.TO

PZW.TO Risk / Return Rank: 83
PZW.TO Sharpe Ratio Rank: 83
PZW.TO Sortino Ratio Rank: 86
PZW.TO Omega Ratio Rank: 86
PZW.TO Calmar Ratio Rank: 82
PZW.TO Martin Ratio Rank: 80

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility ETF (VVO.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.

	VVO.TO	PZW.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.28	-0.89
Sortino ratio: Return per unit of downside risk	2.01	3.35	-1.35
Omega ratio: Gain probability vs. loss probability	1.26	1.45	-0.18
Calmar ratio: Return relative to maximum drawdown	1.65	3.79	-2.14
Martin ratio: Return relative to average drawdown	6.07	13.53	-7.47

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

The current VVO.TO Sharpe Ratio is 1.39, which is lower than the PZW.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VVO.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.

Drawdowns

VVO.TO vs. PZW.TO - Drawdown Comparison

The maximum VVO.TO drawdown since its inception was -33.20%, roughly equal to the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for VVO.TO and PZW.TO.

Drawdown Indicators

	VVO.TO	PZW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-32.45%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.47%	-8.50%	+2.03%
Max Drawdown (3Y) Largest decline over 3 years	-6.98%	-16.88%	+9.90%
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	-22.13%	+7.76%
Max Drawdown (10Y) Largest decline over 10 years	-33.20%	-32.45%	-0.75%
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-3.44%	-5.72%	+2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	2.38%	-0.63%

Volatility

VVO.TO vs. PZW.TO - Volatility Comparison

The current volatility for Vanguard Global Minimum Volatility ETF (VVO.TO) is 2.07%, while Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) has a volatility of 2.90%. This indicates that VVO.TO experiences smaller price fluctuations and is considered to be less risky than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVO.TO	PZW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.07%	2.90%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	10.41%	-4.39%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	14.17%	-6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.82%	14.65%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.02%	15.90%	-3.88%

Dividends

VVO.TO vs. PZW.TO - Dividend Comparison

VVO.TO's dividend yield for the trailing twelve months is around 1.99%, more than PZW.TO's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	1.65%	1.97%	2.12%	3.23%	1.90%	1.93%	1.52%	2.26%	1.78%	1.57%	1.09%	0.96%
VVO.TO Vanguard Global Minimum Volatility ETF	1.99%	2.13%	2.05%	2.68%	1.56%	2.30%	2.23%	2.22%	1.87%	2.07%	0.71%	0.00%

Frequently Asked Questions

Can I hold both VVO.TO and PZW.TO in my portfolio?

VVO.TO and PZW.TO have a correlation of 0.14, 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 VVO.TO and PZW.TO?

VVO.TO tracks FTSE Global All Cap Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. They also come from different issuers: Vanguard and Invesco.