ESGC.TO vs. QCE.TO

Last updated Aug 4, 2026

ESGC.TO (Invesco S&P/TSX Composite ESG Index ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both Canada Equities funds - ESGC.TO tracks the S&P/TSX Composite ESG Index while QCE.TO tracks the Solactive Canada Large Cap Index. Both are passively managed. Over the past 5 years, ESGC.TO returned 13.10%/yr vs 15.15%/yr for QCE.TO. Their 0.61 correlation means they have sometimes moved together and sometimes differently. ESGC.TO charges 0.15%/yr vs 0.04%/yr for QCE.TO.

Performance

ESGC.TO vs. QCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGC.TO achieves a 14.48% return, which is significantly higher than QCE.TO's 13.60% return.

ESGC.TO

• 1D: 0.02%
• 1M: 0.07%
• 6M: 12.16%
• YTD: 14.48%
• 1Y: 34.86%
• 3Y*: 21.22%
• 5Y*: 13.10%
• 10Y*: —
• ALL TIME*: 15.18%

QCE.TO

• 1D: -0.53%
• 1M: 1.41%
• 6M: 13.85%
• YTD: 13.60%
• 1Y: 32.96%
• 3Y*: 23.11%
• 5Y*: 15.15%
• 10Y*: —
• ALL TIME*: 12.76%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ESGC.TO Invesco S&P/TSX Composite ESG Index ETF	CA$35.06K	CA$46.94K	CA$49.45K
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	CA$55.32K	CA$69.28K	CA$101.71K

ESGC.TO vs. QCE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ESGC.TO Invesco S&P/TSX Composite ESG Index ETF	14.48%	31.52%	16.03%	7.50%	-7.28%	23.99%	5.27%
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	13.60%	29.43%	21.54%	12.44%	-6.08%	24.89%	7.03%

Correlation

The correlation between ESGC.TO and QCE.TO is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.64
Correlation (All Time) Calculated using the full available price history since Oct 8, 2020	0.61

The correlation between ESGC.TO and QCE.TO has been stable across timeframes, ranging from 0.61 to 0.71 - a consistent structural relationship.

Return for Risk

ESGC.TO vs. QCE.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ESGC.TO

ESGC.TO Risk / Return Rank: 90
ESGC.TO Sharpe Ratio Rank: 93
ESGC.TO Sortino Ratio Rank: 91
ESGC.TO Omega Ratio Rank: 92
ESGC.TO Calmar Ratio Rank: 83
ESGC.TO Martin Ratio Rank: 88

QCE.TO

QCE.TO Risk / Return Rank: 94
QCE.TO Sharpe Ratio Rank: 95
QCE.TO Sortino Ratio Rank: 94
QCE.TO Omega Ratio Rank: 94
QCE.TO Calmar Ratio Rank: 92
QCE.TO Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ESGC.TO vs. QCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ESGC.TO	QCE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.60	2.77	-0.16
Sortino ratio: Return per unit of downside risk	3.49	3.81	-0.32
Omega ratio: Gain probability vs. loss probability	1.48	1.50	-0.02
Calmar ratio: Return relative to maximum drawdown	3.40	4.26	-0.86
Martin ratio: Return relative to average drawdown	14.49	17.99	-3.49

ESGC.TO vs. QCE.TO - Sharpe Ratio Comparison

The current ESGC.TO Sharpe Ratio is 2.60, which is comparable to the QCE.TO Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ESGC.TO and QCE.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.

Drawdowns

ESGC.TO vs. QCE.TO - Drawdown Comparison

The maximum ESGC.TO drawdown since its inception was -16.66%, smaller than the maximum QCE.TO drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for ESGC.TO and QCE.TO.

Drawdown Indicators

	ESGC.TO	QCE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.66%	-35.47%	+18.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.14%	-7.54%	-2.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.45%	-12.48%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-16.66%	-16.27%	-0.39%
Current Drawdown Current decline from peak	-0.87%	-1.48%	+0.61%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.66%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	1.78%	+0.60%

Volatility

ESGC.TO vs. QCE.TO - Volatility Comparison

Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) has a higher volatility of 2.86% compared to Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) at 2.62%. This indicates that ESGC.TO's price experiences larger fluctuations and is considered to be riskier than QCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGC.TO	QCE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.62%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	8.39%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.26%	11.62%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	12.87%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.84%	15.76%	-2.92%

ESGC.TO vs. QCE.TO - Expense Ratio Comparison

ESGC.TO has a 0.15% expense ratio, which is higher than QCE.TO's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESGC.TO vs. QCE.TO - Dividend Comparison

ESGC.TO's dividend yield for the trailing twelve months is around 2.13%, more than QCE.TO's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESGC.TO Invesco S&P/TSX Composite ESG Index ETF	2.13%	2.36%	2.66%	3.23%	2.98%	2.28%	0.67%	0.00%	0.00%
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF	2.04%	2.30%	3.01%	3.49%	3.38%	2.57%	3.17%	3.18%	2.78%

Frequently Asked Questions

Can I hold both ESGC.TO and QCE.TO in my portfolio?

ESGC.TO and QCE.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESGC.TO or QCE.TO?

On fees, QCE.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESGC.TO or QCE.TO?

QCE.TO is cheaper with a 0.04% expense ratio, compared with 0.15% for ESGC.TO.

What is the main difference between ESGC.TO and QCE.TO?

ESGC.TO tracks S&P/TSX Composite ESG Index, while QCE.TO tracks Solactive Canada Large Cap Index. They also come from different issuers: Invesco and Mackenzie. Their fees differ too: 0.15% for ESGC.TO and 0.04% for QCE.TO.