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

XAW.TO vs. VCN.TO

Last updated Jun 14, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI 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, XAW.TO returned 13.57%/yr vs 12.80%/yr for VCN.TO. A 0.64 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.06%/yr for VCN.TO.

Performance

XAW.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) 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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Returns By Period

In the year-to-date period, XAW.TO achieves a 13.18% return, which is significantly higher than VCN.TO's 10.85% return. Over the past 10 years, XAW.TO has outperformed VCN.TO with an annualized return of 13.57%, while VCN.TO has yielded a comparatively lower 12.80% annualized return.

XAW.TO

1D
0.59%
1M
1.95%
YTD
13.18%
6M
13.54%
1Y
30.93%
3Y*
21.11%
5Y*
13.62%
10Y*
13.57%

VCN.TO

1D
0.72%
1M
2.14%
YTD
10.85%
6M
11.65%
1Y
33.96%
3Y*
23.86%
5Y*
14.96%
10Y*
12.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XAW.TO vs. VCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.18%15.87%26.31%18.45%-11.83%18.39%12.37%19.82%-2.29%16.12%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.85%31.00%22.16%12.29%-5.76%25.65%4.83%22.09%-9.09%8.44%

Correlation

The correlation between XAW.TO and VCN.TO is 0.69, 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

0.69

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

0.71

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

0.72

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

0.70

Correlation (All Time)
Calculated using the full available price history since Feb 17, 2015

0.64

The correlation between XAW.TO and VCN.TO has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

XAW.TO vs. VCN.TO - Sectors Allocation Comparison

Sectors
XAW.TO
VCN.TO

Technology

31.2%
7.5%

Financial Services

13.9%
33.7%

Industrials

9.8%
10.5%

Consumer Cyclical

8.6%
3.7%

Healthcare

7.8%
0.1%

Communication Services

7.8%
1.4%

Consumer Defensive

4.5%
2.8%

Energy

3.5%
18.5%

Basic Materials

3.0%
17.6%

Utilities

2.4%
2.7%

Real Estate

1.8%
1.5%

Technology

XAW.TO
31.2%
VCN.TO
7.5%

Financial Services

XAW.TO
13.9%
VCN.TO
33.7%

Industrials

XAW.TO
9.8%
VCN.TO
10.5%

Consumer Cyclical

XAW.TO
8.6%
VCN.TO
3.7%

Healthcare

XAW.TO
7.8%
VCN.TO
0.1%

Communication Services

XAW.TO
7.8%
VCN.TO
1.4%

Consumer Defensive

XAW.TO
4.5%
VCN.TO
2.8%

Energy

XAW.TO
3.5%
VCN.TO
18.5%

Basic Materials

XAW.TO
3.0%
VCN.TO
17.6%

Utilities

XAW.TO
2.4%
VCN.TO
2.7%

Real Estate

XAW.TO
1.8%
VCN.TO
1.5%

Compare stocks, funds, or ETFs

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iShares Core MSCI All Country World ex Canada Index ETF

Vanguard FTSE Canada All Cap Index ETF

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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

XAW.TO vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XAW.TO
XAW.TO Risk / Return Rank: 8282
Overall Rank
XAW.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8484
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 8282
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) 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.

XAW.TOVCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.28
2.59

-0.32

Sortino ratioReturn per unit of downside risk
3.13
3.35

-0.21

Omega ratioGain probability vs. loss probability

1.43

1.47

-0.03

Calmar ratioReturn relative to maximum drawdown

3.58

3.68

-0.10

Martin ratioReturn relative to average drawdown

14.26

16.98

-2.72

XAW.TO vs. VCN.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.28, which is comparable to the VCN.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of XAW.TO 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

XAW.TO vs. VCN.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for XAW.TO and VCN.TO.

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Drawdown Indicators

XAW.TOVCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.32%

-37.32%

+10.00%

Max Drawdown (1Y)

Largest decline over 1 year

-8.16%

-9.11%

+0.95%

Max Drawdown (3Y)

Largest decline over 3 years

-16.66%

-12.24%

-4.42%

Max Drawdown (5Y)

Largest decline over 5 years

-21.02%

-16.12%

-4.90%

Max Drawdown (10Y)

Largest decline over 10 years

-27.32%

-37.32%

+10.00%

Current Drawdown

Current decline from peak

-0.86%

-0.85%

-0.01%

Average Drawdown

Average peak-to-trough decline

-3.91%

-3.89%

-0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.97%

+0.08%

Volatility

XAW.TO vs. VCN.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 5.32% compared to Vanguard FTSE Canada All Cap Index ETF (VCN.TO) at 4.44%. This indicates that XAW.TO'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

XAW.TOVCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.32%

4.44%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

10.61%

10.63%

-0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

12.84%

12.94%

-0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.67%

13.10%

+0.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.16%

14.99%

+0.17%

XAW.TO vs. VCN.TO - Expense Ratio Comparison

XAW.TO has a 0.22% 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

XAW.TO vs. VCN.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.17%, less 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%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.28%1.94%1.79%1.81%

Frequently Asked Questions

XAW.TO and VCN.TO have a correlation of 0.69, 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 0.22% for XAW.TO.

XAW.TO is categorized as Global Equities, while VCN.TO is Canada Equities. XAW.TO tracks MSCI ACWI ex Canada IMI Index, while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.22% for XAW.TO and 0.06% for VCN.TO.

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