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VWO vs. VCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VWO vs. VCN.TO

Last updated Jun 13, 2026

VWO (Vanguard FTSE Emerging Markets ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - VWO is a Emerging Markets Equities fund tracking the FTSE Emerging Index, while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past 10 years, VWO returned 9.00%/yr vs 11.84%/yr for VCN.TO. At a 0.47 correlation, their price movements are largely independent. VWO charges 0.08%/yr vs 0.06%/yr for VCN.TO.

Performance

VWO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VWO 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, VWO achieves a 10.77% return, which is significantly higher than VCN.TO's 8.65% return. Over the past 10 years, VWO has underperformed VCN.TO with an annualized return of 9.00%, while VCN.TO has yielded a comparatively higher 11.84% annualized return.

VWO

1D
0.76%
1M
-0.68%
YTD
10.77%
6M
12.57%
1Y
26.52%
3Y*
16.61%
5Y*
5.03%
10Y*
9.00%

VCN.TO

1D
0.54%
1M
0.18%
YTD
8.65%
6M
10.08%
1Y
30.36%
3Y*
22.03%
5Y*
11.69%
10Y*
11.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VWO vs. VCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VWO
Vanguard FTSE Emerging Markets ETF		10.77%25.60%10.59%9.25%-17.98%1.26%15.17%20.75%-14.76%31.49%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		8.65%37.27%12.62%15.02%-11.38%25.71%7.37%27.34%-16.14%16.32%

Correlation

The correlation between VWO and VCN.TO is 0.54, 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

0.54

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

0.54

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

0.53

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

0.51

Correlation (All Time)
Calculated using the full available price history since Aug 13, 2013

0.47

The correlation between VWO and VCN.TO has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

VWO vs. VCN.TO - Sectors Allocation Comparison

Sectors
VWO
VCN.TO

Technology

29.6%
7.5%

Financial Services

19.5%
33.7%

Consumer Cyclical

10.7%
3.7%

Industrials

8.0%
10.5%

Basic Materials

8.0%
17.6%

Communication Services

7.1%
1.4%

Energy

4.6%
18.5%

Healthcare

3.9%
0.1%

Consumer Defensive

3.7%
2.8%

Utilities

2.9%
2.7%

Real Estate

2.2%
1.5%

Technology

VWO
29.6%
VCN.TO
7.5%

Financial Services

VWO
19.5%
VCN.TO
33.7%

Consumer Cyclical

VWO
10.7%
VCN.TO
3.7%

Industrials

VWO
8.0%
VCN.TO
10.5%

Basic Materials

VWO
8.0%
VCN.TO
17.6%

Communication Services

VWO
7.1%
VCN.TO
1.4%

Energy

VWO
4.6%
VCN.TO
18.5%

Healthcare

VWO
3.9%
VCN.TO
0.1%

Consumer Defensive

VWO
3.7%
VCN.TO
2.8%

Utilities

VWO
2.9%
VCN.TO
2.7%

Real Estate

VWO
2.2%
VCN.TO
1.5%

Compare stocks, funds, or ETFs

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

Vanguard FTSE Emerging Markets ETF

Vanguard FTSE Canada All Cap Index ETF

Often compared with VWO:
VWO vs. VEAVWO vs. IEMGVWO vs. VXUSVWO vs. EEMVWO vs. VOOVWO vs. VTIVWO vs. VEMAX
Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO

Return for Risk

VWO vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VWO
VWO Risk / Return Rank: 5050
Overall Rank
VWO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
VWO Sortino Ratio Rank: 4747
Sortino Ratio Rank
VWO Omega Ratio Rank: 5151
Omega Ratio Rank
VWO Calmar Ratio Rank: 5050
Calmar Ratio Rank
VWO Martin Ratio Rank: 5252
Martin Ratio Rank
VCN.TO
VCN.TO Risk / Return Rank: 8686
Overall Rank
VCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8888
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

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.

VWOVCN.TODifference
Sharpe ratioReturn per unit of total volatility
1.49
2.23

-0.74

Sortino ratioReturn per unit of downside risk
2.10
2.93

-0.83

Omega ratioGain probability vs. loss probability

1.28

1.40

-0.12

Calmar ratioReturn relative to maximum drawdown

2.21

3.20

-0.99

Martin ratioReturn relative to average drawdown

7.80

13.83

-6.02

VWO vs. VCN.TO - Sharpe Ratio Comparison

The current VWO Sharpe Ratio is 1.49, which is lower than the VCN.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of VWO and VCN.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

VWO vs. VCN.TO - Drawdown Comparison

The maximum VWO drawdown since its inception was -67.68%, which is greater than VCN.TO's maximum drawdown of -42.69%. Use the drawdown chart below to compare losses from any high point for VWO and VCN.TO.

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Drawdown Indicators

VWOVCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-67.68%

-42.69%

-24.99%

Max Drawdown (1Y)

Largest decline over 1 year

-11.17%

-9.55%

-1.62%

Max Drawdown (3Y)

Largest decline over 3 years

-17.37%

-12.66%

-4.71%

Max Drawdown (5Y)

Largest decline over 5 years

-32.60%

-23.98%

-8.62%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-42.69%

+6.30%

Current Drawdown

Current decline from peak

-2.68%

-1.64%

-1.04%

Average Drawdown

Average peak-to-trough decline

-15.80%

-8.50%

-7.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.17%

2.21%

+0.96%

Volatility

VWO vs. VCN.TO - Volatility Comparison

Vanguard FTSE Emerging Markets ETF (VWO) has a higher volatility of 6.64% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.42%. This indicates that VWO's price experiences larger fluctuations and is considered to be riskier than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VWOVCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.64%

4.42%

+2.22%

Volatility (6M)

Calculated over the trailing 6-month period

14.04%

11.02%

+3.02%

Volatility (1Y)

Calculated over the trailing 1-year period

16.54%

13.70%

+2.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.48%

14.73%

+2.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.22%

16.47%

+2.75%

VWO vs. VCN.TO - Expense Ratio Comparison

VWO has a 0.08% expense ratio, which is higher than VCN.TO's 0.06% 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%.

Dividends

VWO vs. VCN.TO - Dividend Comparison

VWO's dividend yield for the trailing twelve months is around 2.44%, more than VCN.TO's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		2.00%2.27%2.71%3.00%3.17%2.49%2.72%2.88%2.83%2.29%2.36%2.68%
VWO
Vanguard FTSE Emerging Markets ETF		2.44%2.79%3.20%3.52%4.11%2.63%1.91%3.23%2.88%2.30%2.52%3.26%

Frequently Asked Questions

VWO and VCN.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.08% for VWO.

VWO is categorized as Emerging Markets Equities, while VCN.TO is Canada Equities. VWO tracks FTSE Emerging Index, while VCN.TO tracks FTSE Canada All Cap Domestic Index. Their fees differ too: 0.08% for VWO and 0.06% for VCN.TO.

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