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PXC.TO vs. QCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXC.TO vs. QCN.TO

Last updated Jun 17, 2026

PXC.TO (Invesco RAFI Canadian Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both Canada Equities funds - PXC.TO tracks the RAFI Canada Index while QCN.TO tracks the Solactive Canada Broad Market Index. Both are passively managed. Over the past 5 years, PXC.TO returned 17.15%/yr vs 15.33%/yr for QCN.TO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

PXC.TO vs. QCN.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, PXC.TO achieves a 18.54% return, which is significantly higher than QCN.TO's 12.77% return.

PXC.TO

1D
1.18%
1M
3.49%
YTD
18.54%
6M
16.15%
1Y
38.06%
3Y*
24.74%
5Y*
17.15%
10Y*
13.49%

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)

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

2026 (YTD)20252024202320222021202020192018
PXC.TO
Invesco RAFI Canadian Index ETF		18.54%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-10.43%
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 PXC.TO and QCN.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2018

0.55

The correlation between PXC.TO and QCN.TO shifts across timeframes, from 0.55 (all time) to 0.76 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco RAFI Canadian Index ETF

Mackenzie Canadian Equity Index ETF

Often compared with PXC.TO:
PXC.TO vs. INOC.TOPXC.TO vs. ESGC.TOPXC.TO vs. CFOU.TOPXC.TO vs. CLSA.TOPXC.TO vs. EQL.TOPXC.TO vs. EQLI.TOPXC.TO vs. HCA.TO
Often compared with QCN.TO:
QCN.TO vs. VCN.TOQCN.TO vs. XIC.TOQCN.TO vs. XIU.TOQCN.TO vs. VCE.TOQCN.TO vs. VOOQCN.TO vs. 3NIE.LQCN.TO vs. ZLB.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
QCN.TO
QCN.TO Risk / Return Rank: 8484
Overall Rank
QCN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8585
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8787
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Canadian Index ETF (PXC.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.

PXC.TOQCN.TODifference
Sharpe ratioReturn per unit of total volatility
3.72
2.72

+1.00

Sortino ratioReturn per unit of downside risk
4.88
3.51

+1.37

Omega ratioGain probability vs. loss probability

1.74

1.49

+0.25

Calmar ratioReturn relative to maximum drawdown

8.23

3.82

+4.41

Martin ratioReturn relative to average drawdown

32.94

17.50

+15.44

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

The current PXC.TO Sharpe Ratio is 3.72, which is higher than the QCN.TO Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of PXC.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.

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Drawdowns

PXC.TO vs. QCN.TO - Drawdown Comparison

The maximum PXC.TO drawdown since its inception was -41.78%, 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 PXC.TO and QCN.TO.

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Drawdown Indicators

PXC.TOQCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.78%

-36.90%

-4.88%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-9.43%

+4.79%

Max Drawdown (3Y)

Largest decline over 3 years

-10.99%

-12.26%

+1.27%

Max Drawdown (5Y)

Largest decline over 5 years

-15.75%

-16.37%

+0.62%

Max Drawdown (10Y)

Largest decline over 10 years

-41.78%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.05%

-3.66%

-1.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

2.06%

-0.90%

Volatility

PXC.TO vs. QCN.TO - Volatility Comparison

The current volatility for Invesco RAFI Canadian Index ETF (PXC.TO) is 2.93%, while Mackenzie Canadian Equity Index ETF (QCN.TO) has a volatility of 4.34%. This indicates that PXC.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.

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Volatility by Period

PXC.TOQCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

4.34%

-1.41%

Volatility (6M)

Calculated over the trailing 6-month period

8.49%

10.96%

-2.47%

Volatility (1Y)

Calculated over the trailing 1-year period

10.29%

13.24%

-2.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.29%

13.25%

+0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.43%

15.73%

+0.70%

Dividends

PXC.TO vs. QCN.TO - Dividend Comparison

PXC.TO's dividend yield for the trailing twelve months is around 2.24%, more than QCN.TO's 1.93% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.24%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
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%0.00%0.00%0.00%

Frequently Asked Questions

PXC.TO and QCN.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXC.TO tracks RAFI Canada Index, while QCN.TO tracks Solactive Canada Broad Market Index. They also come from different issuers: Invesco and Mackenzie.

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