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Compare iShares Edge MSCI Min Vol Canada Index ETF (XMV) vs Vanguard FTSE Canada Index ETF (VCE) to find the best fit for your portfolio. XMV provides Finance, Energy, and Consumer Non-Cyclicals exposures, while VCE is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, XMV features a management fee (MER) of 0.3%, compared to 0.05% for VCE. Performance-wise, XMV has returned 13.9% year-to-date with -$16 M in net flows, whereas VCE is at 16.67% with +$357 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XMV
VCE
| AuM | $401.39 M | $3,790.05 M |
| Management Fees | 0.30% | 0.05% |
| Exp. ratio | 0.34% | 0.06% |
| Tracking Difference | -0.44% | 0.67% |
Historical performance and flows
As of September 3, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMV | -0.10% | +5.69% | +13.90% | +20.90% | +76.40% |
VCE | +1.86% | +4.67% | +16.67% | +28.68% | +97.85% | |
| Flows | XMV | +$3 M | -$27 M | -$16 M | +$2 M | +$82 M |
VCE | +$49 M | +$104 M | +$357 M | +$495 M | +$971 M |
XMV vs VCE exposure
Countries
XMV
Canada
95.00%
VCE
Canada
97.36%
Sectors
XMV
Finance
37.09%
Energy
14.44%
Consumer Non-Cyclicals
9.63%
Industrials
8.22%
Non-Energy Materials
7.54%
Utilities
7.31%
Other
15.78%
VCE
Finance
45.69%
Energy
17.67%
Non-Energy Materials
13.15%
Industrials
7.48%
Other
16.01%
As of September 3, 2026
Top 10 Holdings
XMV
Bank of Montreal
3.34%
Royal Bank of Canada
3.30%
The Bank of Nova Scotia
3.28%
Canadian National Railway Co.
3.23%
The Toronto-Dominion Bank
3.20%
Great-West Lifeco, Inc.
3.19%
Canadian Imperial Bank of Commerce
3.03%
Fortis, Inc.
2.94%
National Bank of Canada
2.91%
Canadian Pacific Kansas City Ltd.
2.83%
VCE
Royal Bank of Canada
9.32%
The Toronto-Dominion Bank
6.38%
Shopify, Inc.
4.57%
Bank of Montreal
4.04%
Enbridge, Inc.
3.78%
Canadian Imperial Bank of Commerce
3.47%
The Bank of Nova Scotia
3.44%
Canadian Natural Resources Ltd.
3.10%
Brookfield Corp.
2.83%
Suncor Energy, Inc.
2.54%
Diversification
XMV
Total weight of top 10 holdings out of 72 total
31.24%
VCE
Total weight of top 10 holdings out of 85 total
43.46%
Characteristics
Compare
XMV
VCE
| Provider | iShares | Vanguard |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Canada Minimum Volatility Total Return Index - CAD | FTSE Canada Domestic TR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.03% | 2.57% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | November 30, 2011 |
Frequently asked questions about XMV and VCE
Which ETF has performed better year to date: XMV or VCE?
As of September 3, 2026, XMV has returned 13.90% year to date, while VCE has returned 16.67%. VCE is ahead on YTD performance.
Which ETF is larger by assets under management: XMV or VCE?
As of September 3, 2026, XMV manages $401.39 M in assets, while VCE manages $3.79 B. VCE is the larger fund by AUM.
How are XMV and VCE managed?
XMV is passively managed by iShares. It tracks the MSCI Canada Minimum Volatility Total Return Index - CAD benchmark. VCE is passively managed by Vanguard. It tracks the FTSE Canada Domestic TR Index - CAD benchmark.
What sectors do XMV and VCE emphasize?
XMV is most exposed to Finance, Energy, and Consumer Non-Cyclicals. VCE is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: XMV or VCE?
Year to date, XMV has seen -$16.08 M in net flows, compared with +$357.27 M for VCE. VCE has attracted more net investor money so far.
How do the fees of XMV and VCE compare?
XMV has an expense ratio of 0.34%, while VCE has an expense ratio of 0.06%.
What are the top holdings of XMV and VCE?
XMV's largest holdings include Bank of Montreal, Royal Bank of Canada, and The Bank of Nova Scotia. VCE's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: XMV or VCE?
XMV holds 72 securities, while VCE holds 84. On holdings count, VCE is the more diversified portfolio.
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