INOC.TO vs. QCN.TO

Last updated Jun 17, 2026

INOC.TO (Global X Inovestor Canadian Equity Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both Canada Equities funds - INOC.TO tracks the Nasdaq Inovestor Canada Index while QCN.TO tracks the Solactive Canada Broad Market Index. Both are passively managed. Over the past 5 years, INOC.TO returned 11.20%/yr vs 15.33%/yr for QCN.TO. At a 0.39 correlation, their price movements are largely independent. INOC.TO charges 0.76%/yr vs 0.04%/yr for QCN.TO.

Performance

INOC.TO vs. QCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Inovestor Canadian Equity Index ETF (INOC.TO) and Mackenzie Canadian Equity Index ETF (QCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INOC.TO achieves a 11.12% return, which is significantly lower than QCN.TO's 12.77% return.

INOC.TO

• 1D: 0.16%
• 1M: 4.50%
• YTD: 11.12%
• 6M: 13.11%
• 1Y: 23.25%
• 3Y*: 16.74%
• 5Y*: 11.20%
• 10Y*: —

QCN.TO

• 1D: 0.39%
• 1M: 4.73%
• YTD: 12.77%
• 6M: 14.19%
• 1Y: 35.86%
• 3Y*: 24.52%
• 5Y*: 15.33%
• 10Y*: —

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

INOC.TO vs. QCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
INOC.TO Global X Inovestor Canadian Equity Index ETF	11.12%	13.17%	11.66%	21.10%	-5.66%	21.14%	1.62%	25.41%	-12.01%
QCN.TO Mackenzie Canadian Equity Index ETF	12.77%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	24.53%	-10.85%

Correlation

The correlation between INOC.TO and QCN.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018	0.39

Over the past year, the correlation between INOC.TO and QCN.TO has dropped to 0.10 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

INOC.TO vs. QCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INOC.TO

INOC.TO Risk / Return Rank: 61
INOC.TO Sharpe Ratio Rank: 64
INOC.TO Sortino Ratio Rank: 65
INOC.TO Omega Ratio Rank: 69
INOC.TO Calmar Ratio Rank: 54
INOC.TO Martin Ratio Rank: 53

QCN.TO

QCN.TO Risk / Return Rank: 84
QCN.TO Sharpe Ratio Rank: 88
QCN.TO Sortino Ratio Rank: 83
QCN.TO Omega Ratio Rank: 85
QCN.TO Calmar Ratio Rank: 78
QCN.TO Martin Ratio Rank: 87

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.

INOC.TO vs. QCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Inovestor Canadian Equity Index ETF (INOC.TO) and Mackenzie Canadian Equity Index ETF (QCN.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.

	INOC.TO	QCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.72	-0.75
Sortino ratio: Return per unit of downside risk	2.80	3.51	-0.71
Omega ratio: Gain probability vs. loss probability	1.38	1.49	-0.11
Calmar ratio: Return relative to maximum drawdown	2.53	3.82	-1.29
Martin ratio: Return relative to average drawdown	8.68	17.50	-8.81

INOC.TO vs. QCN.TO - Sharpe Ratio Comparison

The current INOC.TO Sharpe Ratio is 1.97, which is comparable to the QCN.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of INOC.TO and QCN.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

INOC.TO vs. QCN.TO - Drawdown Comparison

The maximum INOC.TO drawdown since its inception was -39.65%, which is greater than QCN.TO's maximum drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for INOC.TO and QCN.TO.

Drawdown Indicators

	INOC.TO	QCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.65%	-36.90%	-2.75%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-9.43%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-14.07%	-12.26%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.53%	-16.37%	-2.16%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.16%	-3.66%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.68%	2.06%	+0.62%

Volatility

INOC.TO vs. QCN.TO - Volatility Comparison

The current volatility for Global X Inovestor Canadian Equity Index ETF (INOC.TO) is 3.12%, while Mackenzie Canadian Equity Index ETF (QCN.TO) has a volatility of 4.34%. This indicates that INOC.TO experiences smaller price fluctuations and is considered to be less risky than QCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INOC.TO	QCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	4.34%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	8.85%	10.96%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	11.86%	13.24%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.41%	13.25%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	15.73%	-0.21%

INOC.TO vs. QCN.TO - Expense Ratio Comparison

INOC.TO has a 0.76% expense ratio, which is higher than QCN.TO's 0.04% expense ratio.

Dividends

INOC.TO vs. QCN.TO - Dividend Comparison

INOC.TO's dividend yield for the trailing twelve months is around 1.16%, less than QCN.TO's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
INOC.TO Global X Inovestor Canadian Equity Index ETF	1.16%	1.66%	1.61%	2.04%	1.82%	1.81%	2.03%	1.89%	2.06%
QCN.TO Mackenzie Canadian Equity Index ETF	1.93%	2.19%	2.74%	3.37%	3.26%	2.45%	3.03%	3.07%	2.73%

Frequently Asked Questions

Can I hold both INOC.TO and QCN.TO in my portfolio?

INOC.TO and QCN.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INOC.TO or QCN.TO?

On fees, QCN.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, INOC.TO or QCN.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.76% for INOC.TO.

What is the main difference between INOC.TO and QCN.TO?

INOC.TO tracks Nasdaq Inovestor Canada Index, while QCN.TO tracks Solactive Canada Broad Market Index. They also come from different issuers: Global X and Mackenzie. Their fees differ too: 0.76% for INOC.TO and 0.04% for QCN.TO.