MEQT.TO vs. PZW.TO
MEQT.TO (Mackenzie All-Equity Allocation ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both Global Equities funds. MEQT.TO is actively managed, while PZW.TO is passively managed. Over the past year, MEQT.TO returned 31.70% vs 34.57% for PZW.TO. At a 0.33 correlation, their price movements are largely independent.
Performance
MEQT.TO vs. PZW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, MEQT.TO achieves a 12.97% return, which is significantly lower than PZW.TO's 16.48% return.
MEQT.TO
- 1D
- -1.25%
- 1M
- 1.72%
- YTD
- 12.97%
- 6M
- 12.56%
- 1Y
- 31.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PZW.TO
- 1D
- 1.10%
- 1M
- 4.21%
- YTD
- 16.48%
- 6M
- 15.19%
- 1Y
- 34.57%
- 3Y*
- 20.29%
- 5Y*
- 10.96%
- 10Y*
- 11.63%
MEQT.TO vs. PZW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MEQT.TO Mackenzie All-Equity Allocation ETF | 12.97% | 21.31% | 25.87% | 2.36% |
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF | 16.48% | 18.48% | 16.03% | 7.23% |
Correlation
The correlation between MEQT.TO and PZW.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2023 | 0.33 |
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Return for Risk
MEQT.TO vs. PZW.TO — Risk / Return Rank
MEQT.TO
PZW.TO
MEQT.TO vs. PZW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie All-Equity Allocation ETF (MEQT.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.
| MEQT.TO | PZW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.48 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.15 | 4.07 | +0.07 |
| Martin ratioReturn relative to average drawdown | 17.43 | 14.54 | +2.89 |
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Drawdowns
MEQT.TO vs. PZW.TO - Drawdown Comparison
The maximum MEQT.TO drawdown since its inception was -15.14%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for MEQT.TO and PZW.TO.
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Drawdown Indicators
| MEQT.TO | PZW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.14% | -32.45% | +17.31% |
Max Drawdown (1Y)Largest decline over 1 year | -7.68% | -8.50% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | — | -16.88% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.45% | — |
Current DrawdownCurrent decline from peak | -1.39% | 0.00% | -1.39% |
Average DrawdownAverage peak-to-trough decline | -1.29% | -5.73% | +4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.38% | -0.56% |
Volatility
MEQT.TO vs. PZW.TO - Volatility Comparison
Mackenzie All-Equity Allocation ETF (MEQT.TO) has a higher volatility of 4.71% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 3.07%. This indicates that MEQT.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MEQT.TO | PZW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 3.07% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 10.46% | -0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.71% | 14.19% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.05% | 14.66% | -2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.05% | 15.94% | -3.89% |
Dividends
MEQT.TO vs. PZW.TO - Dividend Comparison
MEQT.TO's dividend yield for the trailing twelve months is around 1.47%, less than PZW.TO's 1.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEQT.TO Mackenzie All-Equity Allocation ETF | 1.47% | 1.60% | 1.73% | 0.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF | 1.67% | 1.97% | 2.12% | 3.23% | 1.90% | 1.93% | 1.52% | 2.26% | 1.78% | 1.57% | 1.09% | 0.96% |
Frequently Asked Questions
MEQT.TO and PZW.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Mackenzie Investments and Invesco.
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