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XWD.TO vs. VXC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XWD.TO vs. VXC.TO

Last updated Jun 4, 2026

XWD.TO (iShares MSCI World Index ETF) and VXC.TO (Vanguard FTSE Global All Cap ex Canada Index ETF) are both Global Equities funds - XWD.TO tracks the Morningstar Gbl GR CAD while VXC.TO tracks the FTSE Global All Cap ex Canada China A Inclusion Index. Both are passively managed. Over the past 10 years, XWD.TO returned 13.45%/yr vs 13.05%/yr for VXC.TO. Their correlation of 0.88 suggests significant overlap in exposure. XWD.TO charges 0.48%/yr vs 0.22%/yr for VXC.TO.

Performance

XWD.TO vs. VXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI World Index ETF (XWD.TO) and Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.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, XWD.TO achieves a 11.42% return, which is significantly lower than VXC.TO's 13.63% return. Both investments have delivered pretty close results over the past 10 years, with XWD.TO having a 13.45% annualized return and VXC.TO not far behind at 13.05%.

XWD.TO

1D
-0.47%
1M
6.72%
YTD
11.42%
6M
10.29%
1Y
27.27%
3Y*
21.42%
5Y*
14.76%
10Y*
13.45%

VXC.TO

1D
-0.35%
1M
7.19%
YTD
13.63%
6M
12.36%
1Y
30.23%
3Y*
21.78%
5Y*
13.65%
10Y*
13.05%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XWD.TO vs. VXC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XWD.TO
iShares MSCI World Index ETF		11.42%15.25%28.07%20.32%-11.57%21.87%11.41%21.44%-1.52%14.42%
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		13.63%15.89%26.06%19.20%-13.02%17.20%14.13%20.47%-2.86%15.94%

Correlation

The correlation between XWD.TO and VXC.TO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.97

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

0.96

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

0.96

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jul 10, 2014

0.88

The correlation between XWD.TO and VXC.TO has been stable across timeframes, ranging from 0.88 to 0.97 - a consistent structural relationship.

XWD.TO vs. VXC.TO - Sectors Allocation Comparison

Sectors
XWD.TO
VXC.TO

Technology

29.0%
31.2%

Financial Services

15.9%
15.2%

Industrials

11.0%
10.5%

Consumer Cyclical

9.3%
9.1%

Communication Services

9.1%
9.0%

Healthcare

8.6%
8.4%

Consumer Defensive

5.3%
4.9%

Energy

4.1%
3.8%

Basic Materials

3.2%
3.0%

Utilities

2.7%
2.8%

Real Estate

1.9%
1.6%

Technology

XWD.TO
29.0%
VXC.TO
31.2%

Financial Services

XWD.TO
15.9%
VXC.TO
15.2%

Industrials

XWD.TO
11.0%
VXC.TO
10.5%

Consumer Cyclical

XWD.TO
9.3%
VXC.TO
9.1%

Communication Services

XWD.TO
9.1%
VXC.TO
9.0%

Healthcare

XWD.TO
8.6%
VXC.TO
8.4%

Consumer Defensive

XWD.TO
5.3%
VXC.TO
4.9%

Energy

XWD.TO
4.1%
VXC.TO
3.8%

Basic Materials

XWD.TO
3.2%
VXC.TO
3.0%

Utilities

XWD.TO
2.7%
VXC.TO
2.8%

Real Estate

XWD.TO
1.9%
VXC.TO
1.6%

Compare stocks, funds, or ETFs

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

iShares MSCI World Index ETF

Vanguard FTSE Global All Cap ex Canada Index ETF

Often compared with XWD.TO:
XWD.TO vs. XEQT.TOXWD.TO vs. URTHXWD.TO vs. VTXWD.TO vs. VWRA.LXWD.TO vs. ZGQ.TOXWD.TO vs. SPYXWD.TO vs. VEQT.TO
Often compared with VXC.TO:
VXC.TO vs. XAW.TOVXC.TO vs. XEQT.TOVXC.TO vs. VEQT.TOVXC.TO vs. VFV.TOVXC.TO vs. VTVXC.TO vs. XEF.TOVXC.TO vs. VOO

Return for Risk

XWD.TO vs. VXC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XWD.TO
XWD.TO Risk / Return Rank: 7171
Overall Rank
XWD.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
XWD.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
XWD.TO Omega Ratio Rank: 7171
Omega Ratio Rank
XWD.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XWD.TO Martin Ratio Rank: 7575
Martin Ratio Rank
VXC.TO
VXC.TO Risk / Return Rank: 7575
Overall Rank
VXC.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VXC.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
VXC.TO Omega Ratio Rank: 7777
Omega Ratio Rank
VXC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
VXC.TO Martin Ratio Rank: 7676
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.

XWD.TO vs. VXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI World Index ETF (XWD.TO) and Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.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.

XWD.TOVXC.TODifference
Sharpe ratioReturn per unit of total volatility
2.35
2.48

-0.14

Sortino ratioReturn per unit of downside risk
3.29
3.45

-0.17

Omega ratioGain probability vs. loss probability

1.43

1.47

-0.04

Calmar ratioReturn relative to maximum drawdown

3.55

3.68

-0.13

Martin ratioReturn relative to average drawdown

14.52

14.87

-0.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XWD.TO vs. VXC.TO - Sharpe Ratio Comparison

The current XWD.TO Sharpe Ratio is 2.35, which is comparable to the VXC.TO Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of XWD.TO and VXC.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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Sharpe Ratios by Period

XWD.TOVXC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.35

2.48

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.08

1.00

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.88

0.86

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.90

0.84

+0.07

Drawdowns

XWD.TO vs. VXC.TO - Drawdown Comparison

The maximum XWD.TO drawdown since its inception was -27.48%, roughly equal to the maximum VXC.TO drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for XWD.TO and VXC.TO.

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Drawdown Indicators

XWD.TOVXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.48%

-27.28%

-0.20%

Max Drawdown (1Y)

Largest decline over 1 year

-7.71%

-8.24%

+0.53%

Max Drawdown (3Y)

Largest decline over 3 years

-16.77%

-16.76%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-21.40%

-21.61%

+0.21%

Max Drawdown (10Y)

Largest decline over 10 years

-27.48%

-27.28%

-0.20%

Current Drawdown

Current decline from peak

-0.80%

-0.35%

-0.45%

Average Drawdown

Average peak-to-trough decline

-3.50%

-3.89%

+0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.88%

2.04%

-0.16%

Volatility

XWD.TO vs. VXC.TO - Volatility Comparison

The current volatility for iShares MSCI World Index ETF (XWD.TO) is 3.61%, while Vanguard FTSE Global All Cap ex Canada Index ETF (VXC.TO) has a volatility of 3.81%. This indicates that XWD.TO experiences smaller price fluctuations and is considered to be less risky than VXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XWD.TOVXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.61%

3.81%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.03%

9.86%

-0.83%

Volatility (1Y)

Calculated over the trailing 1-year period

11.67%

12.24%

-0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.71%

13.69%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.36%

15.28%

+0.08%

XWD.TO vs. VXC.TO - Expense Ratio Comparison

XWD.TO has a 0.48% expense ratio, which is higher than VXC.TO's 0.22% expense ratio.

Dividends

XWD.TO vs. VXC.TO - Dividend Comparison

XWD.TO's dividend yield for the trailing twelve months is around 1.19%, less than VXC.TO's 1.22% yield.

PositionTTM20252024202320222021202020192018201720162015
VXC.TO
Vanguard FTSE Global All Cap ex Canada Index ETF		1.22%1.39%1.45%1.68%1.82%1.48%1.46%1.80%1.94%1.68%1.85%1.83%
XWD.TO
iShares MSCI World Index ETF		1.19%1.33%1.19%1.39%1.36%1.21%1.06%1.77%1.94%1.63%1.83%1.84%

Frequently Asked Questions

With a correlation of 0.97, XWD.TO and VXC.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, VXC.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VXC.TO is cheaper with a 0.22% expense ratio, compared with 0.48% for XWD.TO.

XWD.TO tracks Morningstar Gbl GR CAD, while VXC.TO tracks FTSE Global All Cap ex Canada China A Inclusion Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.48% for XWD.TO and 0.22% for VXC.TO.

Portfolio Optimizer

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