QCE.TO vs. MGRW.TO
QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) and MGRW.TO (Mackenzie Growth Allocation ETF) are both exchange-traded funds - QCE.TO is a Canada Equities fund actively managed by Mackenzie, while MGRW.TO is a Diversified Portfolio fund actively managed by Mackenzie. Both are actively managed. Over the past 5 years, QCE.TO returned 15.45%/yr vs 11.39%/yr for MGRW.TO. At a 0.46 correlation, their price movements are largely independent.
Performance
QCE.TO vs. MGRW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, QCE.TO achieves a 14.14% return, which is significantly higher than MGRW.TO's 10.77% 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*
- —
MGRW.TO
- 1D
- 0.38%
- 1M
- 1.12%
- 6M
- 8.14%
- YTD
- 10.77%
- 1Y
- 23.31%
- 3Y*
- 18.65%
- 5Y*
- 11.39%
- 10Y*
- —
QCE.TO vs. MGRW.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QCE.TO Mackenzie Canadian Large Cap Equity Index ETF | 14.14% | 29.43% | 21.54% | 12.44% | -6.08% | 24.89% | 11.34% |
MGRW.TO Mackenzie Growth Allocation ETF | 10.77% | 18.19% | 21.41% | 15.35% | -9.30% | 13.37% | 7.50% |
Correlation
The correlation between QCE.TO and MGRW.TO is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2020 | 0.46 |
The correlation between QCE.TO and MGRW.TO shifts across timeframes, from 0.46 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QCE.TO vs. MGRW.TO — Risk / Return Rank
QCE.TO
MGRW.TO
QCE.TO vs. MGRW.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 Mackenzie Growth Allocation ETF (MGRW.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.TO | MGRW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.47 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | 3.49 | +0.92 |
| Martin ratioReturn relative to average drawdown | 18.62 | 14.04 | +4.59 |
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Drawdowns
QCE.TO vs. MGRW.TO - Drawdown Comparison
The maximum QCE.TO drawdown since its inception was -35.47%, which is greater than MGRW.TO's maximum drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for QCE.TO and MGRW.TO.
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Drawdown Indicators
| QCE.TO | MGRW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.47% | -17.20% | -18.27% |
Max Drawdown (1Y)Largest decline over 1 year | -7.54% | -6.72% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -12.48% | -12.17% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -16.27% | -17.20% | +0.93% |
Current DrawdownCurrent decline from peak | 0.00% | -1.08% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -3.32% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.67% | +0.11% |
Volatility
QCE.TO vs. MGRW.TO - Volatility Comparison
The current volatility for Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) is 2.09%, while Mackenzie Growth Allocation ETF (MGRW.TO) has a volatility of 2.41%. This indicates that QCE.TO experiences smaller price fluctuations and is considered to be less risky than MGRW.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.TO | MGRW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.09% | 2.41% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 8.88% | 8.45% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.57% | 10.23% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.88% | 10.76% | +2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.79% | 10.48% | +5.31% |
Dividends
QCE.TO vs. MGRW.TO - Dividend Comparison
QCE.TO's dividend yield for the trailing twelve months is around 2.03%, more than MGRW.TO's 1.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MGRW.TO Mackenzie Growth Allocation ETF | 1.71% | 1.84% | 1.93% | 2.28% | 2.44% | 1.77% | 0.79% | 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 MGRW.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QCE.TO is categorized as Canada Equities, while MGRW.TO is Diversified Portfolio.
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