MAAA.TO vs. QCE.TO
MAAA.TO (Mackenzie AAA CLO ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both exchange-traded funds - MAAA.TO is a CLO fund tracking the JPM CLOIE AAA Index (CAD-hedged), while QCE.TO is a Canada Equities fund actively managed by Mackenzie. MAAA.TO is passively managed, while QCE.TO is actively managed. Over the past year, MAAA.TO returned 3.05% vs 31.59% for QCE.TO. At a 0.13 correlation, their price movements are largely independent.
Performance
MAAA.TO vs. QCE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MAAA.TO achieves a 1.33% return, which is significantly lower than QCE.TO's 13.85% return.
MAAA.TO
- 1D
- 0.00%
- 1M
- 0.04%
- 6M
- 1.19%
- YTD
- 1.33%
- 1Y
- 3.05%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QCE.TO
- 1D
- -0.27%
- 1M
- 1.46%
- 6M
- 9.58%
- YTD
- 13.85%
- 1Y
- 31.59%
- 3Y*
- 23.63%
- 5Y*
- 15.39%
- 10Y*
- —
MAAA.TO vs. QCE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 1.33% | 2.75% |
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF | 13.85% | 26.48% |
Correlation
The correlation between MAAA.TO and QCE.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.13 |
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Return for Risk
MAAA.TO vs. QCE.TO — Risk / Return Rank
MAAA.TO
QCE.TO
MAAA.TO vs. QCE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.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.
| MAAA.TO | QCE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.51 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 4.21 | +1.81 |
| Martin ratioReturn relative to average drawdown | 21.34 | 17.79 | +3.56 |
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Drawdowns
MAAA.TO vs. QCE.TO - Drawdown Comparison
The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum QCE.TO drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and QCE.TO.
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Drawdown Indicators
| MAAA.TO | QCE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.51% | -35.47% | +34.96% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -7.54% | +7.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.48% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.27% | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.27% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.09% | -3.68% | +3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 1.78% | -1.64% |
Volatility
MAAA.TO vs. QCE.TO - Volatility Comparison
The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.43%, while Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) has a volatility of 1.81%. This indicates that MAAA.TO experiences smaller price fluctuations and is considered to be less risky than QCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MAAA.TO | QCE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 1.81% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 8.87% | -7.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 11.56% | -10.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 12.87% | -11.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 15.78% | -14.32% |
Dividends
MAAA.TO vs. QCE.TO - Dividend Comparison
MAAA.TO's dividend yield for the trailing twelve months is around 5.09%, more than QCE.TO's 2.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.09% | 3.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
MAAA.TO and QCE.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MAAA.TO is categorized as CLO, while QCE.TO is Canada Equities.
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