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Side-by-side comparison

VFV vs XEQT (2026): S&P 500 Or Global Equity For Canadians?

By Alex Francisco Updated Figures checked 5 min read

VFV or XEQT: which ETF should Canadians buy?

XEQT holds 8,296 stocks worldwide for a 0.19% MER, while VFV holds only the roughly 500 US companies in the S&P 500 for a 0.08% MER, so XEQT works as a complete portfolio and VFV as a US tilt. XEQT already contains most of what VFV holds. YieldMaple re-checked both fund pages on October 8, 2026.

  • VFV: S&P 500 only, 100% US, MER 0.08%.
  • XEQT: 8,296 stocks worldwide (about 46% US, about 25% Canada, about 24% international, about 5% emerging), MER 0.19%.
  • Not substitutes: XEQT's US slice already holds the S&P 500 companies that make up VFV.
  • Five-year returns to Sep 30, 2026: VFV 16.14% a year vs XEQT 13.94%. Over the latest year XEQT was ahead (18.88% vs 18.12%).
  • Both trade in Canadian dollars on the TSX, so buying either needs no currency conversion.
  • 12-month trailing yield: VFV 0.84% vs XEQT 1.56%; fund size: VFV $36.2 billion, XEQT $23.3 billion.

— YieldMaple, figures checked against official sources on October 7, 2026.

VFV vs XEQT side by side

Two of the most-held ETFs in Canadian TFSAs and RRSPs. VFV tracks large US companies only; XEQT holds thousands of stocks across Canada, the US and the rest of the world in one fund.

VFV

Management expense ratio (MER)
0.08%
US stocks
100%
Canadian stocks
None — US companies only
Other developed markets
None

XEQT

Management expense ratio (MER)
0.19%
US stocks
about 46%
Canadian stocks
about 25%
Other developed markets
about 24%
VFV vs XEQT side by sideFigures last checked on or after October 7, 2026 · hover a cell to see its source
What to compareVFVXEQT
Cost
Management expense ratio (MER)The yearly cost, taken from the fund's assets.0.08% (better on this row)0.19%
What you own
US stocks100%about 46%
Canadian stocksNone — US companies onlyabout 25%
Other developed marketsNoneabout 24%
Emerging marketsNoneabout 5%
Underlying holdingsThe companies in the S&P 500 index8,296
Size and history
Fund assets$36.2 billion$23.3 billion
LaunchedNovember 2, 2012August 7, 2019
Distribution yieldCash paid out, as a share of the price. Not a measure of total return.0.84%1.56%
Past returns (annualized — not a guide to future returns)
1 year18.12%18.88%
3 years24.47%23.46%
5 years16.14%13.94%
Risks
ConcentrationOne country and mostly large companies — no Canadian or international stocksSpread across Canada, the US and developed and emerging markets
CurrencyHolds US stocks, so the Canadian-dollar value moves with the exchange rateMost holdings are outside Canada, so exchange rates also affect returns

How to read this table: each figure is copied from the provider's or government's own page and dated — hover a cell to see its source. Highlighted cells with a check mark the better value on rows where lower or higher is clearly better for you. Figures last checked on or after October 7, 2026.

Which may fit you?

Plain rules based only on the rows above — not a recommendation. Your full situation matters more than any single row.

  • XEQT may fit if you want one fund that spreads your money across thousands of companies worldwide, Canada included, with no rebalancing to do.

    Based on: Canadian stocks (about 25%) · Other developed markets (about 24%) · Emerging markets (about 5%) · Underlying holdings (8,296)

  • VFV may fit if you want the lowest fee and are comfortable holding only large US companies.

    Based on: Management expense ratio (MER) (0.08%) · US stocks (100%) · Concentration (One country and mostly large companies — no Canadian or international stocks)

  • VFV may fit if you already own Canadian and international funds and want to add US stocks separately.

    Based on: Canadian stocks (None — US companies only) · US stocks (100%)

Both ETFs trade on the TSX in Canadian dollars, so you can buy either in a TFSA, RRSP or FHSA without converting currency. Wealthsimple charges $0 commission on Canadian-listed ETFs and has no account minimum.

Buy VFV or XEQT on Wealthsimple VFV official siteXEQT official site

What the fee difference costs over time

Your investment

What is invested today, for example the balance of an RRSP or TFSA. e.g. $25,000

Added every period. Enter 0 to test a lump sum on its own. e.g. $250

How often the regular contribution goes in. Ignored when the contribution is 0.

The yearly growth of the investments themselves, before any fee comes off. An assumption, not a forecast. e.g. 5

How long the money stays invested. e.g. 30

Fees to compare

Enter each option’s all-in annual fee: the MER from the Fund Facts or ETF Facts document, plus any advisory or robo-advisor fee charged on top.

For example a mutual fund’s MER, including any trailing commission built into it. e.g. 2.2

For example a robo-advisor’s management fee plus the MERs of the ETFs it holds. e.g. 0.7

Add a low-cost ETF at its published MER, your own third fee, or leave it out.

Contribution timing
When contributions go in

Money added at the start of a period earns (and pays fees) for that period too.

Your result

After 25 years, Fee level B (0.19%) would leave about $11,291 less than Fee level A (0.08%): $533,064 versus $544,356. Compared with no fees at all, the 0.19% fee costs $19,674, or 3.6% of the no-fee ending balance.

Gap: Fee level B vs Fee level A

$11,291

0.19% vs 0.08% after 25 years

Total cost of fees at Fee level B

$19,674

3.6% of the no-fee balance; $11,255 charged directly

Ending balance at Fee level A

$544,356

$200,000 invested in total

Gap in years of contributions

1.9 years

The gap equals this many years of your $6,000-a-year contributions

See the detailed tables

Your decision brief

Why this result looks like this

  • In year 1 the 0.19% fee at Fee level B takes about $103 out of the account, versus $43.52 at 0.08%. The fee is a percentage of the balance, so the charge grows as the balance grows: by year 25 it is about $981 a year.
  • After fees, 6% a year of growth becomes about 5.8% at Fee level B and 5.92% at Fee level A. That 0.12-point difference compounds for 25 years.
  • Of the $11,291 gap, $6,449 is the extra fees charged directly and $4,842 is the growth that money would have earned had it stayed invested.

What could change this result

  • Cutting Fee level B by 0.10 of a point (to 0.09%) would add about $10,254 to its ending balance after 25 years.
  • If returns average 5% instead of 6%, Fee level B would end at about $446,158, and its fees would eat 6.1% of the investment growth instead of 5.6% — the same fee is a bigger slice of a smaller return.
  • Staying invested 35 years instead of 25 would widen the gap between Fee level B and Fee level A from $11,291 to about $30,903.

Assumptions used for this result

  • Returns are a steady 6% a year before fees. Real markets vary from year to year, which changes the dollar figures, but a higher fee still leaves less in every year.
  • Each fee stays the same percentage every year and comes out monthly (one-twelfth of the annual fee on the month-end balance), close to how a fund’s MER is taken out of its unit price.
  • Contributions of $500 go in at the end of each month; withdrawals, income tax, sales charges, trading commissions and currency conversion costs are not included.

Fee levels side by side

How to read this table: “Fees charged” is what came out of the account directly. “Growth lost” is what that money would have earned if it had stayed invested. Together they make the total cost: the no-fee balance minus the balance with fees. The last column compares that cost with the growth the no-fee account earns above what you put in.

OptionAnnual feeEnding balanceFees chargedGrowth lost on those feesTotal cost vs no feesShare of no-fee balanceShare of investment growth
No fees (benchmark)0%$552,738$0$0$00%0%
Fee level A0.08%$544,356$4,805$3,577$8,3821.5%2.4%
Fee level B0.19%$533,064$11,255$8,419$19,6743.6%5.6%

The gap between Fee level B and Fee level A at 5 to 40 years

How to read this table: Same money, contributions and return; only the time invested changes. The gap grows faster than the years because each year’s fees also lose their future growth.

Years investedBalance — Fee level ABalance — Fee level BGapGap as % of lower-fee balance
5$101,315$100,852$4640.5%
10$169,713$168,259$1,4540.9%
15$260,879$257,613$3,2661.3%
20$382,392$376,058$6,3351.7%
25 (your plan)$544,356$533,064$11,2912.1%
30$760,234$741,188$19,0452.5%
35$1,047,974$1,017,071$30,9032.9%
40$1,431,498$1,382,774$48,7243.4%

What each fee level would cost on this plan

How to read this table: Every row uses your amounts, return and years; only the annual fee changes. Your own fee levels are marked in brackets.

Annual feeEnding balanceFees chargedTotal cost vs no feesShare of no-fee balance
0%$552,738$0$00%
0.08% (Fee level A)$544,356$4,805$8,3821.5%
0.1%$542,283$5,992$10,4551.9%
0.19% (Fee level B)$533,064$11,255$19,6743.6%
0.25%$527,018$14,697$25,7204.7%
0.5%$502,652$28,483$50,0869.1%
0.75%$479,565$41,415$73,17313.2%
1%$457,688$53,543$95,05017.2%
1.25%$436,953$64,915$115,78520.9%
1.5%$417,297$75,577$135,44124.5%
2%$380,993$94,940$171,74531.1%
2.5%$348,340$111,945$204,39837%
3%$318,950$126,868$233,78842.3%

Year-by-year balances and fees

How to read this table: “Total invested” is the starting amount plus contributions so far. Each year’s fees are a percentage of the balance, so they rise as the balance grows.

YearTotal investedBalance — Fee level AFees that year — Fee level ABalance — Fee level BFees that year — Fee level BGap (Fee level A vs Fee level B)
1$56,000$59,119$43.52$59,057$103$61.37
2$62,000$68,777$51.05$68,640$121$137
3$68,000$79,006$59.02$78,778$140$228
4$74,000$89,840$67.46$89,504$160$336
5$80,000$101,315$76.41$100,852$181$464
6$86,000$113,469$85.88$112,858$203$612
7$92,000$126,342$95.91$125,560$226$782
8$98,000$139,977$107$138,999$251$978
9$104,000$154,418$118$153,217$278$1,201
10$110,000$169,713$130$168,259$306$1,454
11$116,000$185,913$142$184,174$335$1,739
12$122,000$203,071$156$201,012$366$2,059
13$128,000$221,244$170$218,826$399$2,418
14$134,000$240,492$185$237,673$434$2,819
15$140,000$260,879$201$257,613$471$3,266
16$146,000$282,471$218$278,709$510$3,762
17$152,000$305,341$235$301,029$551$4,312
18$158,000$329,564$254$324,643$595$4,921
19$164,000$355,219$274$349,626$641$5,594
20$170,000$382,392$295$376,058$690$6,335
21$176,000$411,173$318$404,022$742$7,151
22$182,000$441,655$342$433,608$797$8,047
23$188,000$473,941$367$464,910$855$9,031
24$194,000$508,137$393$498,027$916$10,110
25$200,000$544,356$422$533,064$981$11,291

Sources for this comparison

Run your own numbers

Best for

VFV

Investors who specifically want S&P 500 (US large-cap) exposure at the lowest MER, or who want to overweight US stocks beyond XEQT's natural US weight.

Best for

XEQT

Investors who want one ETF that is a complete equity portfolio — Canada, US, international and emerging markets — with rebalancing handled inside the fund.

Where to buy

Where to buy Canadian ETFs commission-free

Wealthsimple charges $0 commission on Canadian and US stocks and ETFs, supports fractional shares, and offers TFSA, RRSP, FHSA and RESP accounts. New clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.

Affiliate link: YieldMaple may earn a referral bonus if you open an account. It costs you nothing. Not financial advice.

Buy on Wealthsimple → (opens in a new tab) Read our Wealthsimple review →

VFV vs XEQT (or XEQT vs VFV, the way most people type it) looks like a head-to-head between two popular Canadian ETFs. It isn’t quite. VFV is the S&P 500: about 500 large US companies. XEQT is an entire global stock portfolio, and the S&P 500 is already inside it. The real decision is whether you want the whole world in one ticker or a deliberate bet on the US. Every fund figure below comes from the Vanguard and iShares fund pages, re-checked October 8, 2026.

VFV vs XEQT at a glance

VFV vs XEQT — key facts (fund pages, September 2026)
VFV vs XEQT — key facts (fund pages, September 2026)
Feature VFV (Vanguard)XEQT (iShares)
Full name Vanguard S&P 500 Index ETF iShares Core Equity ETF Portfolio
What it holds S&P 500 — about 500 large US companies 8,296 stocks worldwide, through 5 iShares ETFs
MER 0.08% (better on this row) 0.19%
Regional mix 100% US about 46% US, about 25% Canada, about 24% international, about 5% emerging
Trading currency CAD (TSX), unhedged CAD (TSX), unhedged
12-month trailing yield 0.84% 1.56% (better on this row)
Rebalancing Not needed (single index) Built in across regions (better on this row)
Launched November 2, 2012 August 7, 2019
Fund size $36.2 billion (better on this row) $23.3 billion
Best used as A US tilt or US building block A complete one-fund portfolio

Sources: Vanguard Canada VFV product page and iShares Canada XEQT product page and holdings file, checked October 8, 2026.

Is XEQT vs VFV a fair comparison?

Only partly: XEQT is a whole portfolio and VFV is one of its ingredients, so the real question is whether you want the rest of the world or only the US.

VFV holds only US large caps. No Canadian banks or pipelines, no European or Japanese companies, no emerging markets. Vanguard’s own market-allocation table shows it at 100% United States.

XEQT holds five iShares ETFs that together own 8,296 stocks:

  • about 46% US (a US total-market ETF held in two forms — the S&P 500 companies are the bulk of it)
  • about 25% Canada (the S&P/TSX Capped Composite)
  • about 24% international developed markets (Europe, Japan, Australia and others)
  • about 5% emerging markets

So if you own XEQT, you already own nearly every company in VFV. Buying both doesn’t add new companies; it changes the weights.

When should you pick VFV alone?

VFV on its own fits a narrow set of investors:

  • You want a US-only position and accept the concentration risk that comes with it.
  • You already hold Canadian and international stocks elsewhere and want a cheap US building block.
  • You are building your own multi-ETF portfolio and VFV is the US piece.

The trade-off: with VFV alone, you are betting that one country keeps leading. Its 0.08% MER is the lowest of any fund on this page, but cost is not the same as diversification.

When should you pick XEQT alone?

XEQT fits investors who want one decision, made once:

  • One ticker to buy with every contribution
  • No allocation choices and no rebalancing between regions
  • Global diversification by default, including a meaningful Canadian slice

The 0.19% MER is higher than VFV’s, and a do-it-yourself mix of single-region ETFs can come in slightly cheaper depending on which funds you pick. For most people, paying iShares to hold the mix together is worth the small difference.

Should you hold both XEQT and VFV?

Holding both makes sense only if you want more US weight than XEQT’s own mix on purpose; here is what a core-and-tilt portfolio looks like.

Some investors hold XEQT as the core and add VFV as a US tilt. Using XEQT’s current regional weights, here is roughly what the combined portfolio looks like:

XEQT + VFV mixes — approximate regional weights (based on XEQT's Oct 6, 2026 holdings)
XEQT + VFV mixes — approximate regional weights (based on XEQT's Oct 6, 2026 holdings)
Feature All XEQTXEQT 80 / VFV 20XEQT 70 / VFV 30
US about 46% about 57 percent about 62 percent
Canada about 25% about 20 percent about 17 percent
International developed about 24% about 19 percent about 17 percent
Emerging markets about 5% about 4 percent about 3 percent
Blended MER 0.19% about 0.17 percent about 0.16 percent

Calculated as weight × XEQT's regional mix, plus the VFV share added to US. Blended MER = weighted average of the two MERs.

The derived figures in this table are calculated, not quoted — each is the XEQT weight times its regional share, with the VFV slice added to the US row. A 70/30 or 80/20 split keeps XEQT’s built-in rebalancing for most of the money while leaning harder into US companies. It’s a reasonable choice if you want that tilt on purpose. If you don’t have a view on the US, the extra ticker adds concentration without adding diversification.

VFV vs XEQT performance (to September 30, 2026)

Annualized total returns to September 30, 2026 (fund pages)
Annualized total returns to September 30, 2026 (fund pages)
Feature VFVXEQT
1 year 18.12% 18.88% (better on this row)
3 years 24.47% (better on this row) 23.46%
5 years 16.14% (better on this row) 13.94%
Since inception 17.52% (since 2012) 14.46% (since 2019)

VFV: NAV returns from Vanguard Canada. XEQT: total returns from iShares Canada. Since-inception figures cover different periods and aren't directly comparable. Past performance does not predict future returns.

Over five years, VFV came out ahead by about 2.2 percentage points a year — the US large-cap run did most of the work. Over three years VFV also led, and over the latest year XEQT edged ahead as Canadian and international stocks caught up. That swing is the whole argument in miniature: VFV wins when the US leads, XEQT holds up better when leadership rotates. Nobody knows in advance which regime comes next, which is why the diversified fund is the default for most people.

Decision framework

Pick XEQT alone if:

  • You want one fund as your complete stock portfolio
  • You don’t want to think about regional weights or rebalancing
  • You’re starting out or want the simplest possible setup

Pick VFV alone if:

  • You specifically want US large caps and accept the concentration
  • You hold Canadian and international exposure elsewhere
  • You’re building a multi-ETF portfolio and need the US piece

Hold XEQT + VFV if:

  • You want XEQT’s diversification with a deliberate extra US weight
  • You’re comfortable owning more of the same US companies you already hold through XEQT

The verdict: XEQT vs VFV for most Canadians

For most Canadian investors, XEQT alone is the straightforward answer: 8,296 stocks, every major region, rebalanced inside the fund, for a 0.19% MER.

VFV is the better tool when you want the S&P 500 specifically — either on its own with other ETFs around it, or as a smaller US tilt next to XEQT. It’s the cheaper fund, but it is one country.

This is general education, not personal financial advice. Your mix depends on your timeline, other holdings and risk tolerance.

Where to buy XEQT and VFV commission-free

Both ETFs trade in Canadian dollars on the TSX, so you can buy them in a regular CAD account — TFSA, RRSP, FHSA or non-registered — without converting currency. What you pay to trade depends on the brokerage:

Commission to buy or sell XEQT or VFV (September 2026)
Commission to buy or sell XEQT or VFV (September 2026)
Feature WealthsimpleQuestradeTD Direct Investing
Commission per trade $0 (better on this row) $0 (better on this row) $9.99 (standard pricing; $0 on select ETFs)
Account types TFSA, RRSP, FHSA, RESP, non-registered and more TFSA, RRSP, FHSA, RESP, margin, cash TFSA, RRSP, FHSA, margin, cash

Sources: wealthsimple.com/en-ca/pricing, questrade.com commissions page, td.com Direct Investing pricing — checked September 23, 2026.

Wealthsimple is the simplest route for regular monthly buys: $0 commissions on Canadian and US stocks and ETFs, and fractional shares, so a $100 contribution can buy $100 of XEQT even when one unit costs more.

The alternative: Questrade. Questrade also charges $0 to buy and sell Canadian and US-listed stocks and ETFs, and its desktop platform and research tools suit investors who want more charting and order types. If you already have a Questrade account, there’s no cost reason to move just to buy these two ETFs. Read the full Wealthsimple vs Questrade comparison for the account-by-account differences, or see Questrade's current pricing .

Big-bank brokerages still charge per trade on most stocks and ETFs. At $9.99 per trade, 12 monthly XEQT purchases a year cost about $120 in commissions at TD’s standard rate — money that stays invested at a $0-commission brokerage.

Frequently asked questions

Should I buy VFV or XEQT?

They do different jobs. XEQT is a complete stock portfolio in one ticker (Canada, US, international and emerging markets). VFV is only the S&P 500. If you want one fund and no decisions, XEQT is the simpler choice. If you want pure US large-cap exposure, or a US tilt on top of a global core, VFV does that at a lower MER. Holding both is fine if you mean to overweight the US.

Is VFV cheaper than XEQT?

Yes. VFV's MER is 0.08% and XEQT's is 0.19%, a gap of 0.11 percentage points a year — small in dollars on a typical balance. XEQT's higher fee pays for global diversification across thousands of stocks and automatic rebalancing between its underlying ETFs; VFV holds only US large caps.

Is XEQT vs VFV a fair comparison?

Only partly. XEQT vs VFV compares a whole portfolio with one of its ingredients: about 46% of XEQT is US stocks, and the S&P 500 companies in VFV make up most of that. The useful question is not which fund wins, but whether you want the rest of the world (XEQT) or only the US (VFV).

Is VFV in CAD or USD?

VFV trades in Canadian dollars on the Toronto Stock Exchange. It holds US stocks, so its value moves with the US dollar as well as the stock market; it is not currency-hedged. Because the ETF itself is priced in CAD, you can buy it in a regular CAD account without converting money to US dollars.

Is XEQT in CAD or USD?

XEQT trades in Canadian dollars on the TSX. Inside, it holds Canadian, US, international and emerging-market stocks through other iShares ETFs, so it carries foreign-currency exposure and is not hedged. Like VFV, you can buy it in a CAD account without converting currency.

Should I hold both VFV and XEQT?

Only on purpose. XEQT is already about 46% US. Adding VFV raises that further: a 70/30 XEQT/VFV mix leaves close to two-thirds of the portfolio in US stocks. That is a reasonable choice if you want a US tilt, but it adds concentration, not diversification.

Where can I buy XEQT and VFV commission-free in Canada?

Wealthsimple and Questrade both charge $0 commission to buy and sell Canadian-listed ETFs like XEQT and VFV. Big-bank brokerages usually charge per trade; TD Direct Investing, for example, lists $9.99 per stock trade on its standard pricing (with $0 on a list of select ETFs). Check your bank's current fee page before you buy.

Do VFV and XEQT pay dividends?

Both pay quarterly distributions. VFV's 12-month trailing yield was 0.84% (Sep 30, 2026) and XEQT's was 1.56% (Oct 6, 2026). XEQT's yield is higher because it holds higher-yielding Canadian and international companies. Most brokerages, including Wealthsimple and Questrade, let you reinvest distributions.

Has VFV outperformed XEQT?

Over five years to Sep 30, 2026, yes: VFV returned 16.14% a year vs XEQT's 13.94%, driven by strong US large-cap returns. Over the most recent year the order flipped: XEQT returned 18.88% vs VFV's 18.12%. Past returns do not predict which region leads next.

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