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QCE.TO vs. HEWB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QCE.TO vs. HEWB.TO

Last updated Jul 16, 2026
Documentation

QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds. QCE.TO is actively managed, while HEWB.TO is passively managed. Over the past 5 years, QCE.TO returned 15.45%/yr vs 21.67%/yr for HEWB.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

QCE.TO vs. HEWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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, QCE.TO achieves a 14.14% return, which is significantly lower than HEWB.TO's 36.46% return.

QCE.TO

1D
0.28%
1M
1.65%
6M
10.77%
YTD
14.14%
1Y
33.07%
3Y*
23.92%
5Y*
15.45%
10Y*
—

HEWB.TO

1D
1.33%
1M
8.80%
6M
35.08%
YTD
36.46%
1Y
74.62%
3Y*
37.59%
5Y*
21.67%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		14.14%29.43%21.54%12.44%-6.08%24.89%4.28%9.78%
HEWB.TO
Global X Equal Weight Canadian Banks Index Corporate Class ETF		36.46%43.48%24.54%11.00%-10.46%39.19%4.74%3.56%

Correlation

The correlation between QCE.TO and HEWB.TO is 0.57, 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

0.57

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

0.61

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

0.54

Correlation (All Time)
Calculated using the full available price history since Mar 4, 2019

0.47

The correlation between QCE.TO and HEWB.TO shifts across timeframes, from 0.47 (all time) to 0.61 (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.

Mackenzie Canadian Large Cap Equity Index ETF

Global X Equal Weight Canadian Banks Index Corporate Class ETF

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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QCE.TO
QCE.TO Risk / Return Rank: 9393
Overall Rank
QCE.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
QCE.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
QCE.TO Omega Ratio Rank: 9393
Omega Ratio Rank
QCE.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
QCE.TO Martin Ratio Rank: 9393
Martin Ratio Rank
HEWB.TO
HEWB.TO Risk / Return Rank: 9898
Overall Rank
HEWB.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
HEWB.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HEWB.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HEWB.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HEWB.TO Martin Ratio Rank: 9797
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.

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

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.

QCE.TOHEWB.TODifference
Sharpe ratioReturn per unit of total volatility
2.87
5.54

-2.67

Sortino ratioReturn per unit of downside risk
3.95
7.17

-3.22

Omega ratioGain probability vs. loss probability

1.52

1.99

-0.46

Calmar ratioReturn relative to maximum drawdown

4.41

8.37

-3.96

Martin ratioReturn relative to average drawdown

18.62

37.96

-19.34

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

The current QCE.TO Sharpe Ratio is 2.87, which is lower than the HEWB.TO Sharpe Ratio of 5.54. The chart below compares the historical Sharpe Ratios of QCE.TO and HEWB.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

QCE.TO vs. HEWB.TO - Drawdown Comparison

The maximum QCE.TO drawdown since its inception was -35.47%, smaller than the maximum HEWB.TO drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for QCE.TO and HEWB.TO.

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Drawdown Indicators

QCE.TOHEWB.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.47%

-39.43%

+3.96%

Max Drawdown (1Y)

Largest decline over 1 year

-7.54%

-8.97%

+1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-12.48%

-14.84%

+2.36%

Max Drawdown (5Y)

Largest decline over 5 years

-16.27%

-25.89%

+9.62%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.68%

-7.16%

+3.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

1.97%

-0.19%

Volatility

QCE.TO vs. HEWB.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) is 2.09%, while Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) has a volatility of 4.30%. This indicates that QCE.TO experiences smaller price fluctuations and is considered to be less risky than HEWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QCE.TOHEWB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.09%

4.30%

-2.21%

Volatility (6M)

Calculated over the trailing 6-month period

8.88%

11.90%

-3.02%

Volatility (1Y)

Calculated over the trailing 1-year period

11.57%

13.54%

-1.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.88%

14.12%

-1.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.79%

19.24%

-3.45%

Dividends

QCE.TO vs. HEWB.TO - Dividend Comparison

QCE.TO's dividend yield for the trailing twelve months is around 2.03%, while HEWB.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
HEWB.TO
Global X Equal Weight Canadian Banks Index Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		2.03%2.30%3.01%3.49%3.38%2.57%3.17%3.18%2.78%

Frequently Asked Questions

QCE.TO and HEWB.TO have a correlation of 0.57, 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 and Global X.

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