XMD.TO vs. VCE.TO
XMD.TO (iShares S&P/TSX Completion Index ETF) and VCE.TO (Vanguard FTSE Canada Index ETF) are both Canada Equities funds - XMD.TO tracks the Morningstar Canada Sml GR CAD while VCE.TO tracks the FTSE Canada Domestic Index. Both are passively managed. Over the past 10 years, XMD.TO returned 11.90%/yr vs 12.58%/yr for VCE.TO. A 0.77 correlation means they provide meaningful diversification when combined. XMD.TO charges 0.60%/yr vs 0.06%/yr for VCE.TO.
Performance
XMD.TO vs. VCE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMD.TO achieves a 12.81% return, which is significantly higher than VCE.TO's 10.03% return. Over the past 10 years, XMD.TO has underperformed VCE.TO with an annualized return of 11.90%, while VCE.TO has yielded a comparatively higher 12.58% annualized return.
XMD.TO
- 1D
- -1.61%
- 1M
- 4.02%
- YTD
- 12.81%
- 6M
- 15.57%
- 1Y
- 46.80%
- 3Y*
- 27.16%
- 5Y*
- 16.03%
- 10Y*
- 11.90%
VCE.TO
- 1D
- -0.96%
- 1M
- 3.36%
- YTD
- 10.03%
- 6M
- 10.19%
- 1Y
- 28.98%
- 3Y*
- 22.22%
- 5Y*
- 14.43%
- 10Y*
- 12.58%
XMD.TO vs. VCE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMD.TO iShares S&P/TSX Completion Index ETF | 12.81% | 41.38% | 23.55% | 10.01% | -4.90% | 13.78% | 6.05% | 26.03% | -13.07% | 6.17% |
VCE.TO Vanguard FTSE Canada Index ETF | 10.03% | 26.39% | 21.43% | 12.26% | -5.20% | 28.59% | 4.09% | 22.99% | -7.86% | 8.79% |
Correlation
The correlation between XMD.TO and VCE.TO is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | 0.77 |
The correlation between XMD.TO and VCE.TO has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
XMD.TO vs. VCE.TO - Sectors Allocation Comparison
Sectors
XMD.TO
VCE.TO
Basic Materials
Industrials
Energy
Financial Services
Real Estate
Utilities
Consumer Cyclical
Technology
Consumer Defensive
Communication Services
Healthcare
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Basic Materials
XMD.TO
VCE.TO
Industrials
XMD.TO
VCE.TO
Energy
XMD.TO
VCE.TO
Financial Services
XMD.TO
VCE.TO
Real Estate
XMD.TO
VCE.TO
Utilities
XMD.TO
VCE.TO
Consumer Cyclical
XMD.TO
VCE.TO
Technology
XMD.TO
VCE.TO
Consumer Defensive
XMD.TO
VCE.TO
Communication Services
XMD.TO
VCE.TO
Healthcare
XMD.TO
VCE.TO
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Return for Risk
XMD.TO vs. VCE.TO — Risk / Return Rank
XMD.TO
VCE.TO
XMD.TO vs. VCE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Completion Index ETF (XMD.TO) and Vanguard FTSE Canada Index ETF (VCE.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.
| XMD.TO | VCE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.42 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 3.60 | -0.49 |
| Martin ratioReturn relative to average drawdown | 11.51 | 16.77 | -5.25 |
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
| XMD.TO | VCE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 2.37 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 1.14 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | 0.84 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.77 | -0.22 |
Drawdowns
XMD.TO vs. VCE.TO - Drawdown Comparison
The maximum XMD.TO drawdown since its inception was -53.42%, which is greater than VCE.TO's maximum drawdown of -35.92%. Use the drawdown chart below to compare losses from any high point for XMD.TO and VCE.TO.
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Drawdown Indicators
| XMD.TO | VCE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.42% | -35.92% | -17.50% |
Max Drawdown (1Y)Largest decline over 1 year | -15.12% | -8.09% | -7.03% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -12.16% | -2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -18.16% | -15.90% | -2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -43.40% | -35.92% | -7.48% |
Current DrawdownCurrent decline from peak | -4.17% | -0.96% | -3.21% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -3.73% | -4.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 1.73% | +2.35% |
Volatility
XMD.TO vs. VCE.TO - Volatility Comparison
iShares S&P/TSX Completion Index ETF (XMD.TO) has a higher volatility of 5.74% compared to Vanguard FTSE Canada Index ETF (VCE.TO) at 3.47%. This indicates that XMD.TO's price experiences larger fluctuations and is considered to be riskier than VCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMD.TO | VCE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 3.47% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 16.26% | 10.00% | +6.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.08% | 12.30% | +6.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 12.78% | +3.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 14.99% | +1.94% |
XMD.TO vs. VCE.TO - Expense Ratio Comparison
XMD.TO has a 0.60% expense ratio, which is higher than VCE.TO's 0.06% expense ratio.
Dividends
XMD.TO vs. VCE.TO - Dividend Comparison
XMD.TO's dividend yield for the trailing twelve months is around 0.83%, less than VCE.TO's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCE.TO Vanguard FTSE Canada Index ETF | 2.17% | 2.42% | 2.84% | 3.16% | 3.21% | 2.61% | 2.93% | 3.01% | 3.21% | 2.57% | 2.64% | 2.98% |
XMD.TO iShares S&P/TSX Completion Index ETF | 0.83% | 0.97% | 1.58% | 1.91% | 2.24% | 1.17% | 1.91% | 2.55% | 2.44% | 1.76% | 1.97% | 2.34% |
Frequently Asked Questions
XMD.TO and VCE.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VCE.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VCE.TO is cheaper with a 0.06% expense ratio, compared with 0.60% for XMD.TO.
XMD.TO tracks Morningstar Canada Sml GR CAD, while VCE.TO tracks FTSE Canada Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.60% for XMD.TO and 0.06% for VCE.TO.
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