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

QCE.TO vs. XEG.TO

Last updated Jul 18, 2026
Documentation

QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - QCE.TO is a Canada Equities fund actively managed by Mackenzie, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. QCE.TO is actively managed, while XEG.TO is passively managed. Over the past 5 years, QCE.TO returned 15.39%/yr vs 30.84%/yr for XEG.TO. At a 0.27 correlation, their price movements are largely independent.

Performance

QCE.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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 13.85% return, which is significantly lower than XEG.TO's 37.71% return.

QCE.TO

1D
-0.27%
1M
1.46%
6M
9.58%
YTD
13.85%
1Y
31.59%
3Y*
23.63%
5Y*
15.39%
10Y*
—

XEG.TO

1D
1.79%
1M
5.60%
6M
30.71%
YTD
37.71%
1Y
57.22%
3Y*
24.91%
5Y*
30.84%
10Y*
11.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		13.85%29.43%21.54%12.44%-6.08%24.89%4.28%22.10%-7.38%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		37.71%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-28.39%

Correlation

The correlation between QCE.TO and XEG.TO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.03

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

0.27

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

0.31

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

0.27

Over the past year, the correlation between QCE.TO and XEG.TO has dropped to 0.03 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

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

iShares S&P/TSX Capped Energy Index ETF

Often compared with QCE.TO:
QCE.TO vs. QDXH.TOQCE.TO vs. QTIP.NEOQCE.TO vs. QUU.TOQCE.TO vs. CFOU.TOQCE.TO vs. CLSA.TOQCE.TO vs. DMEC.TOQCE.TO vs. FCMI.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. ZEO.TOXEG.TO vs. HXE.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

QCE.TO vs. XEG.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
XEG.TO
XEG.TO Risk / Return Rank: 8282
Overall Rank
XEG.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 7474
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.76
2.40

+0.36

Sortino ratioReturn per unit of downside risk
3.80
2.92

+0.88

Omega ratioGain probability vs. loss probability

1.51

1.39

+0.12

Calmar ratioReturn relative to maximum drawdown

4.21

3.49

+0.72

Martin ratioReturn relative to average drawdown

17.79

10.66

+7.13

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

The current QCE.TO Sharpe Ratio is 2.76, which is comparable to the XEG.TO Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of QCE.TO and XEG.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. XEG.TO - Drawdown Comparison

The maximum QCE.TO drawdown since its inception was -35.47%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for QCE.TO and XEG.TO.

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Drawdown Indicators

QCE.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.47%

-87.51%

+52.04%

Max Drawdown (1Y)

Largest decline over 1 year

-7.54%

-16.47%

+8.93%

Max Drawdown (3Y)

Largest decline over 3 years

-12.48%

-25.67%

+13.19%

Max Drawdown (5Y)

Largest decline over 5 years

-16.27%

-28.42%

+12.15%

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.66%

—

Current Drawdown

Current decline from peak

-0.27%

-8.41%

+8.14%

Average Drawdown

Average peak-to-trough decline

-3.68%

-34.53%

+30.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

5.38%

-3.60%

Volatility

QCE.TO vs. XEG.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) is 1.81%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 7.73%. This indicates that QCE.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.81%

7.73%

-5.92%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

19.84%

-10.97%

Volatility (1Y)

Calculated over the trailing 1-year period

11.56%

23.94%

-12.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.87%

28.63%

-15.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.78%

33.41%

-17.63%

Dividends

QCE.TO vs. XEG.TO - Dividend Comparison

QCE.TO's dividend yield for the trailing twelve months is around 2.04%, less than XEG.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.68%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

QCE.TO and XEG.TO have a correlation of 0.03, 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 XEG.TO is Energy Equities. They also come from different issuers: Mackenzie and iShares.

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