The best brokers 7/2026

We did the research and clearly laid it out for you.

Your order fee:

TC Energy

ISIN CA87807B1076

WKN A2PJ41

Market cap (in EUR)

59,001 m

Country

Canada

Sector

Energy

Dividend yield

3.62%

Overview

Quote

Trade with your broker

Description

TC Energy Corp. engages in the provision of energy infrastructure services. It operates through the following business segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, Power and Energy Solutions, and Corporate. The Canadian Natural Gas Pipelines segment refers to regulated natural gas pipelines. The U.S. Natural Gas Pipelines segment manages the regulated natural gas pipelines, regulated natural gas storage facilities, midstream, and other assets. The Mexico Natural Gas Pipelines invests on regulated natural gas pipelines in Mexico. The Liquids Pipelines handles investments in crude oil pipeline systems. The Power and Energy Solutions segment include power generation plants and non-regulated natural gas storage facilities. The company was founded in 1951 and is headquartered in Calgary, Canada.

Show more Show less

Energy Downstream and Midstream Energy Midstream Energy Canada

Chart

Financials

Key metrics

Market capitalisation, EUR	59,001 m
EPS, EUR	1.99
P/B ratio	3.9
P/E ratio	29.9
Dividend yield	3.62%

Income statement (2025)

Revenue, EUR	9,645 m
Net income, EUR	2,367 m
Profit margin	24.55%

What ETF is TC Energy in?

There are 171 ETFs which contain TC Energy. All of these ETFs are listed in the table below. The ETF with the largest weighting of TC Energy is the HANetf Alerian Midstream Energy Dividend UCITS ETF Dist.

ETF	Weight	Investment focus	Fund size (in m EUR)
UBS Core MSCI World UCITS ETF USD acc	0.08%	Equity World	9,954
iShares MSCI World Sector & Country Neutral Equal Weight UCITS ETF USD (Acc)	0.05%	Equity World Equal Weighted	20
Xtrackers MSCI Canada Screened UCITS ETF 1C	4.25%	Equity Canada Social/Environmental	1,183
UBS Core MSCI World UCITS ETF hCHF acc	0.08%	Equity World	1,050
iShares FTSE All-World UCITS ETF USD (Acc)	0.06%	Equity World	26
Xtrackers Portfolio UCITS ETF 1C	0.01%	Equity World Multi-Asset Strategy	759
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF USD (acc)	0.31%	Equity World Social/Environmental Climate Change	201
Invesco MSCI World Equal Weight UCITS ETF	0.08%	Equity World Equal Weighted	1,503
iShares Moderate Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	46
UBS MSCI Canada UCITS ETF CAD acc	2.25%	Equity Canada	647
iShares Core MSCI World UCITS ETF USD (Dist)	0.08%	Equity World	780
Invesco RAFI All-World Fundamental Value UCITS ETF	0.10%	Equity World Value	238
Xtrackers MSCI World ex USA UCITS ETF 1C	0.29%	Equity World	5,983
Franklin S&P World Screened UCITS ETF Acc	0.12%	Equity United States Social/Environmental Climate Change	13
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF CHF Hedged (acc)	0.08%	Equity World Social/Environmental	5
Amundi S&P Global Energy Carbon Reduced UCITS ETF DR EUR (D)	2.58%	Equity World Energy Social/Environmental	14
Invesco FTSE All-World UCITS ETF GBP PfHdg Dist	0.07%	Equity World	26
UBS MSCI Canada UCITS ETF hCHF acc	2.25%	Equity Canada	52
State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF USD	0.55%	Equity World Infrastructure Multi-Asset Strategy	968
iShares MSCI World Energy Sector UCITS ETF USD (Dist)	2.02%	Equity World Energy	1,098
BNP Paribas Easy MSCI World ex USA UCITS ETF Acc	0.28%	Equity World	11
BNP Paribas Easy MSCI World UCITS ETF USD Acc	0.08%	Equity World	80
UBS Core MSCI World UCITS ETF USD dis	0.08%	Equity World	1,945
Amundi Prime All Country World UCITS ETF Acc	0.07%	Equity World	2,326
UBS MSCI World UCITS ETF USD dis	0.08%	Equity World	1,473
UBS MSCI World ex USA UCITS ETF USD acc	0.28%	Equity World	340
Vanguard FTSE Developed World UCITS ETF Acc	0.07%	Equity World	5,717
JPMorgan Global Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.09%	Equity World Social/Environmental	1,750
Amundi FTSE All World GDP-Weighted UCITS ETF Acc	0.05%	Equity World	16
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF USD Acc	0.10%	Equity World Equal Weighted	25
Vanguard LifeStrategy 40% Equity UCITS ETF Distributing	0.01%	Equity World Multi-Asset Strategy	43
BNP Paribas Easy MSCI World Min TE UCITS ETF EUR Acc	0.10%	Equity World Social/Environmental	557
iShares MSCI ACWI UCITS ETF USD (Dist)	0.07%	Equity World	18
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Acc)	0.09%	Equity World	6,459
L&G Global Quality Dividends UCITS ETF USD Acc	0.20%	Equity World Dividend	43
Xtrackers MSCI AC World Screened UCITS ETF 2C - EUR Hedged	0.07%	Equity World Social/Environmental	83
State Street SPDR MSCI World UCITS ETF USD Unhedged	0.07%	Equity World	17,406
State Street SPDR MSCI All Country World Investable Market UCITS ETF USD Unhedged (Dist)	0.09%	Equity World	164
Deka MSCI World UCITS ETF	0.08%	Equity World	5,394
Scalable MSCI AC World Xtrackers UCITS ETF 1C	0.06%	Equity World	705
Vanguard FTSE Developed World UCITS ETF Distributing	0.07%	Equity World	4,098
iShares Global Infrastructure UCITS ETF USD (Dist)	2.12%	Equity World Infrastructure	2,198
Vanguard FTSE North America UCITS ETF (USD) Accumulating	0.10%	Equity North America	2,780
Amundi Prime All Country World UCITS ETF GBP Hedged Dist	0.07%	Equity World	40
UBS MSCI Canada UCITS ETF hGBP dis	2.25%	Equity Canada	2
Invesco Global Enhanced Equity UCITS ETF GBP PfHdg Acc	0.15%	Equity World Multi-Factor Strategy	3
JPMorgan Global Equity Multi-Factor UCITS ETF USD (dist)	0.31%	Equity World Multi-Factor Strategy	0
State Street SPDR S&P Global Dividend Aristocrats Screened UCITS ETF USD Unhedged (Dist)	0.87%	Equity World Dividend	21
Vanguard LifeStrategy 20% Equity UCITS ETF Distributing	0.01%	Equity World Multi-Asset Strategy	16
Xtrackers FTSE All-World ex US UCITS ETF 1C	0.17%	Equity World	44
Xtrackers MSCI World ex USA UCITS ETF 1D	0.29%	Equity World	239
State Street SPDR MSCI All Country World UCITS ETF USD Hedged (Acc)	0.07%	Equity World	96
Amundi MSCI World Momentum Advanced UCITS ETF Acc	0.30%	Equity World Momentum Climate Change	552
Xtrackers MSCI World UCITS ETF 2C - EUR Hedged	0.08%	Equity World	432
State Street SPDR MSCI World UCITS ETF GBP Hedged (Dist)	0.07%	Equity World	333
Xtrackers MSCI World Screened UCITS ETF 1D	0.12%	Equity World Social/Environmental	136
Invesco FTSE All-World UCITS ETF EUR PfHdg Acc	0.07%	Equity World	55
Xtrackers MSCI World UCITS ETF 1D	0.08%	Equity World	4,824
Invesco S&P World Energy Targeted & Screened UCITS ETF	6.15%	Equity World Energy Social/Environmental	28
BNP Paribas Easy MSCI World UCITS ETF EUR Acc	0.08%	Equity World	143
Xtrackers MSCI AC World Screened UCITS ETF 1C	0.07%	Equity World Social/Environmental	6,023
Invesco FTSE All-World UCITS ETF	0.07%	Equity World	3,596
iShares Conservative Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	0
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR (acc)	0.31%	Equity World Social/Environmental Climate Change	139
iShares MSCI World Screened UCITS ETF USD (Dist)	0.08%	Equity World Social/Environmental	1,150
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF EUR Acc	0.08%	Equity World Social/Environmental	17
HSBC MSCI World UCITS ETF EUR Hedged (Acc)	0.08%	Equity World	725
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.08%	Equity World Social/Environmental	73
JPMorgan Global Research Enhanced Index Equity Active UCITS ETF EUR (acc)	0.09%	Equity World Social/Environmental	81
iShares MSCI World Screened UCITS ETF USD (Acc)	0.08%	Equity World Social/Environmental	5,345
Amundi Core MSCI World UCITS ETF USD Dist	0.08%	Equity World	1,626
Vanguard LifeStrategy 40% Equity UCITS ETF Accumulating	0.01%	Equity World Multi-Asset Strategy	235
iShares MSCI ACWI Screened UCITS ETF USD (Acc)	0.07%	Equity World Social/Environmental	2,859
Amundi MSCI North America ESG Broad Transition UCITS ETF Acc	0.13%	Equity North America Social/Environmental Climate Change	445
Vanguard FTSE All-World High Dividend Yield UCITS ETF Distributing	0.16%	Equity World Dividend	9,052
JPMorgan Carbon Transition Global Equity (CTB) UCITS ETF EUR Hedged (acc)	0.31%	Equity World Social/Environmental Climate Change	9
BNP Paribas Easy MSCI World Equal Weight Select UCITS ETF EUR Acc	0.10%	Equity World Equal Weighted	40
Vanguard FTSE North America UCITS ETF (USD) Distributing	0.10%	Equity North America	2,933
JPMorgan Global Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.09%	Equity World Social/Environmental	894
Amundi MSCI World Ex USA Screened UCITS ETF	0.33%	Equity World Social/Environmental Climate Change	5
BNP Paribas Easy MSCI ACWI SRI S-Series PAB 5% Capped UCITS ETF USD C	0.08%	Equity World Social/Environmental	62
iShares MSCI World UCITS ETF (Dist)	0.08%	Equity World	8,179
Vanguard LifeStrategy 80% Equity UCITS ETF (EUR) Accumulating	0.04%	Equity World Multi-Asset Strategy	1,183
Amundi MSCI World ESG Broad Transition UCITS ETF Dist	0.12%	Equity World Social/Environmental Climate Change	356
iShares Core MSCI World UCITS ETF EUR Hedged (Dist)	0.08%	Equity World	1,775
Amundi Prime Global UCITS ETF Acc	0.08%	Equity World	2,786
Fidelity Global Value Research Enhanced UCITS ETF ACC-USD	0.31%	Equity World Value	7
Vanguard FTSE All-World UCITS ETF (USD) Accumulating	0.06%	Equity World	44,969
HSBC MSCI World UCITS ETF USD (Acc)	0.08%	Equity World	1,938
iShares Global Infrastructure UCITS ETF USD (Acc)	2.12%	Equity World Infrastructure	159
HSBC MSCI World UCITS ETF USD	0.08%	Equity World	13,722
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Distributing	0.05%	Equity World Multi-Factor Strategy	217
iShares MSCI World ex-USA UCITS ETF USD (Dist)	0.28%	Equity World	0
iShares MSCI World CTB Enhanced ESG UCITS ETF USD (Acc)	0.11%	Equity World Social/Environmental	4,352
UBS MSCI Canada UCITS ETF hGBP acc	2.25%	Equity Canada	245
iShares MSCI North America UCITS ETF	0.09%	Equity North America	1,256
L&G Global Equity UCITS ETF	0.08%	Equity World Social/Environmental	1,495
Invesco Global Enhanced Equity UCITS ETF Acc	0.15%	Equity World Multi-Factor Strategy	751
Vanguard FTSE All-World High Dividend Yield UCITS ETF Acc	0.16%	Equity World Dividend	2,693
Invesco MSCI World Universal Screened UCITS ETF Acc	0.12%	Equity World Social/Environmental	258
UBS Core MSCI World UCITS ETF hGBP dis	0.08%	Equity World	108
iShares MSCI ACWI UCITS ETF USD (Acc)	0.07%	Equity World	29,825
Vanguard LifeStrategy 80% Equity UCITS ETF Distributing	0.04%	Equity World Multi-Asset Strategy	90
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.08%	Equity World Social/Environmental	219
UBS Core MSCI World UCITS ETF hEUR acc	0.08%	Equity World	886
State Street SPDR MSCI All Country World UCITS ETF EUR Hedged (Acc)	0.07%	Equity World	1,648
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF EUR Hedged (acc)	0.08%	Equity World Social/Environmental	28
iShares Conservative Portfolio UCITS ETF EUR (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	16
Franklin FTSE Developed World UCITS ETF USD Capitalisation	0.07%	Equity World	19
Fidelity Global Equity Research Enhanced UCITS ETF ACC-USD	0.14%	Equity World Social/Environmental	258
UBS MSCI Canada UCITS ETF hUSD acc	2.25%	Equity Canada	59
BNP Paribas Easy MSCI World Min TE UCITS ETF USD Acc	0.10%	Equity World Social/Environmental	441
L&G Gerd Kommer Multifactor Equity UCITS ETF USD Accumulating	0.05%	Equity World Multi-Factor Strategy	1,340
Amundi Core MSCI World UCITS ETF Acc	0.08%	Equity World	14,319
iShares MSCI World EUR Hedged UCITS ETF (Acc)	0.08%	Equity World	5,324
Xtrackers FTSE All-World UCITS ETF 1C	0.06%	Equity World	53
State Street SPDR S&P Global Dividend Aristocrats UCITS ETF USD	1.08%	Equity World Dividend	1,422
JPMorgan Global Research Enhanced Index Equity Active UCITS ETF USD (acc)	0.09%	Equity World Social/Environmental	5,586
Invesco FTSE All-World UCITS ETF	0.07%	Equity World	270
iShares MSCI World Climate Transition Aware UCITS ETF USD (Acc)	0.15%	Equity World Social/Environmental Climate Change	7
Vanguard LifeStrategy 20% Equity UCITS ETF Accumulating	0.01%	Equity World Multi-Asset Strategy	100
HANetf Middlefield Canadian Enhanced Income UCITS ETF (Dist)	3.19%	Equity Canada Dividend	72
iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)	0.12%	Equity World Momentum	4,922
Vanguard LifeStrategy 60% Equity UCITS ETF Accumulating	0.03%	Equity World Multi-Asset Strategy	903
Xtrackers MSCI World Energy UCITS ETF 1C	2.17%	Equity World Energy	1,517
BNP Paribas Easy MSCI World Min TE UCITS ETF EUR Hedged Acc	0.10%	Equity World Social/Environmental	106
iShares Moderate Portfolio UCITS ETF USD Hedged (Acc)	0.00%	Equity World Social/Environmental Multi-Asset Strategy	7
Amundi Prime Global UCITS ETF Dist	0.08%	Equity World	1,591
iShares Core MSCI World UCITS ETF USD (Acc)	0.08%	Equity World	125,409
Xtrackers MSCI World UCITS ETF 1C	0.08%	Equity World	19,931
HANetf Alerian Midstream Energy Dividend UCITS ETF Dist	10.46%	Equity North America Energy Dividend MLP	64
Invesco Global Enhanced Equity UCITS ETF EUR PfHdg Acc	0.15%	Equity World Multi-Factor Strategy	9
iShares MSCI World Climate Transition Aware UCITS ETF USD (Dist)	0.15%	Equity World Social/Environmental Climate Change	5
iShares MSCI World GBP Hedged UCITS ETF (Acc)	0.07%	Equity World	550
UBS Climate Aware Global Developed Equity CTB UCITS ETF USD acc	0.01%	Equity World Social/Environmental Climate Change	17
iShares Growth Portfolio UCITS ETF EUR (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	100
Amundi MSCI World ESG Broad Transition UCITS ETF Acc	0.12%	Equity World Social/Environmental Climate Change	1,206
State Street SPDR MSCI World UCITS ETF EUR Hedged (Acc)	0.07%	Equity World	812
Amundi Core MSCI World UCITS ETF EUR Hedged Acc	0.08%	Equity World	68
ODDO BHF Global Equity Active UCITS ETF (Acc)	0.08%	Equity World Social/Environmental	6
Amundi Prime All Country World UCITS ETF Dist	0.07%	Equity World	4,614
JPMorgan All Country Research Enhanced Index Equity Active UCITS ETF USD (dist)	0.08%	Equity World Social/Environmental	59
L&G Global Quality Dividends UCITS ETF USD Dist	0.20%	Equity World Dividend	222
Vanguard FTSE All-World UCITS ETF (USD) Distributing	0.06%	Equity World	22,865
First Trust Value Line® Dividend Index UCITS ETF Acc	0.39%	Equity United States Dividend	8
Amundi MSCI North America ESG Broad Transition UCITS ETF Dist	0.13%	Equity North America Social/Environmental Climate Change	41
State Street SPDR MSCI All Country World UCITS ETF USD Unhedged (Acc)	0.07%	Equity World	14,588
iShares Growth Portfolio UCITS ETF USD Hedged (Acc)	0.01%	Equity World Social/Environmental Multi-Asset Strategy	2
Xtrackers MSCI World Momentum UCITS ETF 1C	0.12%	Equity World Momentum	1,974
iShares MSCI World Energy Sector Advanced UCITS ETF USD (Dist)	0.53%	Equity World Energy Social/Environmental	148
State Street SPDR MSCI World Energy UCITS ETF USD	2.03%	Equity World Energy	465
UBS MSCI Canada UCITS ETF hEUR acc	2.25%	Equity Canada	166
UBS MSCI Canada UCITS ETF CAD dis	2.25%	Equity Canada	772
Amundi S&P Global Energy Carbon Reduced UCITS ETF DR EUR (A)	2.58%	Equity World Energy Social/Environmental	197
JPMorgan Global Equity Multi-Factor UCITS ETF USD (acc)	0.31%	Equity World Multi-Factor Strategy	237
BNP Paribas Easy MSCI World ex USA UCITS ETF EUR Acc	0.28%	Equity World	2
UBS MSCI World ex Mega Cap UCITS ETF USD acc	0.13%	Equity World	6
Amundi MSCI World Ex USA UCITS ETF Dist	0.29%	Equity World	126
Amundi MSCI World ESG Broad Transition UCITS ETF EUR Hedged (Acc)	0.12%	Equity World Social/Environmental Climate Change	3
iShares MSCI World CTB Enhanced ESG UCITS ETF EUR Hedged (Acc)	0.11%	Equity World Social/Environmental	272
iShares MSCI World CTB Enhanced ESG UCITS ETF USD (Dist)	0.11%	Equity World Social/Environmental	599
Invesco FTSE All-World UCITS ETF CHF PfHdg Acc	0.07%	Equity World	63
Finanzen.net MSCI World UCITS ETF Acc	0.08%	Equity World	24
Xtrackers MSCI World IMI UCITS ETF 1C Capitalisation	0.07%	Equity World	12
Xtrackers MSCI World Screened UCITS ETF 1C	0.12%	Equity World Social/Environmental	549
Amundi MSCI World Screened UCITS ETF Acc	0.09%	Equity World Social/Environmental	1,562
HSBC MSCI Canada UCITS ETF USD	2.29%	Equity Canada	359
iShares MSCI Canada UCITS ETF (Acc)	2.28%	Equity Canada	2,114
Amundi MSCI World Ex USA UCITS ETF Acc	0.29%	Equity World	630
iShares MSCI World ex-USA UCITS ETF USD (Acc)	0.28%	Equity World	2,967
Vanguard LifeStrategy 60% Equity UCITS ETF Distributing	0.03%	Equity World Multi-Asset Strategy	117

Order fees

Here you can find information about different brokers that allow you to trade stocks. Select your preferred order volume to compare the fees charged by the respective brokers.

Order volume:

Order fee	Stock savings plans
0.99 €	4500	View offer**
0.95 €	3400	View offer*
1.00 €	2500	View offer*
0.00 €	8045	View offer*
0.00 €	7560	View offer*

Show all offers

Source: justETF Research; as of 7/2026. The offers are sorted in the following way: 1. Rating 2. Order fee 3. Number of stock savings plans. The number of stock savings plans is rounded. In addition to the fees charged by online brokers, additional costs may apply. The stated fees are thus exclusive of standard market spreads, commissions, product costs and third-party fees. Please note: No guarantee can be given for the completeness, correctness and accuracy of the content listed. The information on the online brokers' homepages is decisive. Investments in securities involve risks.
*Affiliate link
** Important note: We are part of the Scalable Group since 2021 and are a wholly owned subsidiary of Scalable GmbH. This means that we are economically connected, but operate with editorial independence. Conflicts of interest are avoided because brokers — including Scalable — are evaluated according to uniform, objective criteria. You can view these in our transparent rating system. Ultimately, it’s up to you to decide how and with whom you want to invest.

Savings plan offers

Here you can find information about the savings plan availability for the stock. You can use the table to compare savings plan offers for the selected savings rate.

Select your savings amount:

Broker	Rating	Execution fee	Account fee
		0.00 €	0.00 €	View offer**
		0.00 €	0.00 €	View offer*
		0.00 €	0.00 €	View offer*
		0.00 €	0.00 €	View offer*
		0.00 €	0.00 €	View offer*

Show all offers

Source: justETF Research; as of 7/2026. The offers are sorted in the following way: 1. Rating 2. Execution fee 3. Number of stock savings plans. The number of stock savings plans is rounded. In addition to the fees charged by online brokers, additional costs may apply. The stated fees are thus exclusive of standard market spreads, commissions, product costs and third-party fees. Please note: No guarantee can be given for the completeness, correctness and accuracy of the content listed. The information on the online brokers' homepages is decisive. Investments in securities involve risks.
*Affiliate link
** Important note: We are part of the Scalable Group since 2021 and are a wholly owned subsidiary of Scalable GmbH. This means that we are economically connected, but operate with editorial independence. Conflicts of interest are avoided because brokers — including Scalable — are evaluated according to uniform, objective criteria. You can view these in our transparent rating system. Ultimately, it’s up to you to decide how and with whom you want to invest.

Performance

Returns overview

YTD	+26.40%
1 month	-0.48%
3 months	+12.36%
6 months	+27.86%
1 year	+47.54%
3 years	+68.20%
5 years	+41.16%
Since inception (MAX)	+52.24%
2025	+6.88%
2024	+24.61%
2023	-4.65%
2022	-9.80%

Monthly returns in a heat map

Risk

Risk metrics in this section:

Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.

ETF returns include dividend payments (if applicable).