XCV.TO vs. VDY.TO
XCV.TO (iShares Canadian Value Index ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 14.02%/yr for VDY.TO. Their correlation of 0.81 suggests significant overlap in exposure. XCV.TO charges 0.55%/yr vs 0.22%/yr for VDY.TO.
Performance
XCV.TO vs. VDY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 19.17% return, which is significantly lower than VDY.TO's 20.59% return. Over the past 10 years, XCV.TO has underperformed VDY.TO with an annualized return of 13.20%, while VDY.TO has yielded a comparatively higher 14.02% annualized return.
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
VDY.TO
- 1D
- -0.07%
- 1M
- 4.52%
- YTD
- 20.59%
- 6M
- 22.32%
- 1Y
- 46.18%
- 3Y*
- 26.00%
- 5Y*
- 17.21%
- 10Y*
- 14.02%
XCV.TO vs. VDY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 20.59% | 29.20% | 20.71% | 8.40% | -0.23% | 36.78% | -1.37% | 21.43% | -10.09% | 8.75% |
Correlation
The correlation between XCV.TO and VDY.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2012 | 0.81 |
The correlation between XCV.TO and VDY.TO shifts across timeframes, from 0.81 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. VDY.TO — Risk / Return Rank
XCV.TO
VDY.TO
XCV.TO vs. VDY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.
| XCV.TO | VDY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 2.14 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 14.88 | -3.35 |
| Martin ratioReturn relative to average drawdown | 43.47 | 60.75 | -17.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCV.TO | VDY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 5.65 | -0.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.50 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.88 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.84 | -0.30 |
Drawdowns
XCV.TO vs. VDY.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than VDY.TO's maximum drawdown of -39.21%. Use the drawdown chart below to compare losses from any high point for XCV.TO and VDY.TO.
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Drawdown Indicators
| XCV.TO | VDY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -39.21% | -13.28% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -3.12% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -10.87% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -16.18% | -1.90% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -39.21% | -1.97% |
Current DrawdownCurrent decline from peak | -0.89% | -0.77% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.61% | -2.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.76% | +0.26% |
Volatility
XCV.TO vs. VDY.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) have volatilities of 3.27% and 3.31%, 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
| XCV.TO | VDY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.31% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 6.87% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 8.21% | +0.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 11.56% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 15.96% | -0.42% |
XCV.TO vs. VDY.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.
Dividends
XCV.TO vs. VDY.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, less than VDY.TO's 2.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF | 2.90% | 3.59% | 4.40% | 4.64% | 4.42% | 3.58% | 4.59% | 4.25% | 4.43% | 3.82% | 3.25% | 4.11% |
XCV.TO iShares Canadian Value Index ETF | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
Frequently Asked Questions
With a correlation of 0.91, XCV.TO and VDY.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO is categorized as Canada Equities, while VDY.TO is Dividend. XCV.TO tracks Morningstar Canada GR CAD, while VDY.TO tracks FTSE Canada High Dividend Yield Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.55% for XCV.TO and 0.22% for VDY.TO.
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