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

QCN.TO vs. ACWV

Last updated Jun 4, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and ACWV (iShares MSCI Global Min Vol Factor ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while ACWV is a Large Cap Blend Equities fund tracking the MSCI AC World Minimum Volatility (USD). Both are passively managed. Over the past 5 years, QCN.TO returned 15.11%/yr vs 8.48%/yr for ACWV. At a 0.27 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.20%/yr for ACWV.

Performance

QCN.TO vs. ACWV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Equity Index ETF (QCN.TO) and iShares MSCI Global Min Vol Factor ETF (ACWV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

QCN.TO is traded in CAD, while ACWV is traded in USD. To make them comparable, the ACWV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QCN.TO achieves a 10.85% return, which is significantly higher than ACWV's 3.66% return.

QCN.TO

1D
-0.97%
1M
3.64%
YTD
10.85%
6M
13.08%
1Y
35.02%
3Y*
23.88%
5Y*
15.11%
10Y*
—

ACWV

1D
-0.21%
1M
3.02%
YTD
3.66%
6M
2.16%
1Y
6.14%
3Y*
11.34%
5Y*
8.48%
10Y*
8.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QCN.TO vs. ACWV - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		10.85%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.84%
ACWV
iShares MSCI Global Min Vol Factor ETF		3.66%5.95%20.95%5.85%-3.97%12.94%1.30%15.09%4.69%

Correlation

The correlation between QCN.TO and ACWV is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.37

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

0.38

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

0.34

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2018

0.27

The correlation between QCN.TO and ACWV shifts across timeframes, from 0.27 (all time) to 0.38 (3 years), reflecting how their relationship changes across market environments.

QCN.TO vs. ACWV - Sectors Allocation Comparison

Sectors
QCN.TO
ACWV

Financial Services

33.2%
13.1%

Energy

18.3%
3.4%

Basic Materials

17.9%
1.8%

Industrials

10.5%
7.9%

Technology

7.3%
22.6%

Consumer Cyclical

3.7%
5.1%

Consumer Defensive

2.9%
10.3%

Utilities

2.7%
7.8%

Communication Services

1.8%
12.2%

Real Estate

1.6%
0.8%

Healthcare

0.2%
13.2%

Financial Services

QCN.TO
33.2%
ACWV
13.1%

Energy

QCN.TO
18.3%
ACWV
3.4%

Basic Materials

QCN.TO
17.9%
ACWV
1.8%

Industrials

QCN.TO
10.5%
ACWV
7.9%

Technology

QCN.TO
7.3%
ACWV
22.6%

Consumer Cyclical

QCN.TO
3.7%
ACWV
5.1%

Consumer Defensive

QCN.TO
2.9%
ACWV
10.3%

Utilities

QCN.TO
2.7%
ACWV
7.8%

Communication Services

QCN.TO
1.8%
ACWV
12.2%

Real Estate

QCN.TO
1.6%
ACWV
0.8%

Healthcare

QCN.TO
0.2%
ACWV
13.2%

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 Equity Index ETF

iShares MSCI Global Min Vol Factor ETF

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
Often compared with ACWV:
ACWV vs. USMVACWV vs. VTACWV vs. MVOL.LACWV vs. EFAVACWV vs. SPLVACWV vs. VOOACWV vs. XMW.TO

Return for Risk

QCN.TO vs. ACWV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QCN.TO
QCN.TO Risk / Return Rank: 8080
Overall Rank
QCN.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8181
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8484
Martin Ratio Rank
ACWV
ACWV Risk / Return Rank: 1818
Overall Rank
ACWV Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
ACWV Sortino Ratio Rank: 1717
Sortino Ratio Rank
ACWV Omega Ratio Rank: 1717
Omega Ratio Rank
ACWV Calmar Ratio Rank: 1818
Calmar Ratio Rank
ACWV Martin Ratio Rank: 2020
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.

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

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and iShares MSCI Global Min Vol Factor ETF (ACWV). 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.

QCN.TOACWVDifference
Sharpe ratioReturn per unit of total volatility
2.75
0.79

+1.96

Sortino ratioReturn per unit of downside risk
3.58
1.15

+2.42

Omega ratioGain probability vs. loss probability

1.50

1.14

+0.36

Calmar ratioReturn relative to maximum drawdown

3.73

1.21

+2.52

Martin ratioReturn relative to average drawdown

17.33

3.17

+14.16

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCN.TO vs. ACWV - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.75, which is higher than the ACWV Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of QCN.TO and ACWV, 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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Sharpe Ratios by Period

QCN.TOACWVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.75

0.79

+1.96

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.15

0.98

+0.17

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

1.01

-0.19

Drawdowns

QCN.TO vs. ACWV - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than ACWV's maximum drawdown of -22.14%. Use the drawdown chart below to compare losses from any high point for QCN.TO and ACWV.

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Drawdown Indicators

QCN.TOACWVDifference

Max Drawdown

Largest peak-to-trough decline

-36.90%

-22.14%

-14.76%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-5.09%

-4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-12.26%

-8.31%

-3.95%

Max Drawdown (5Y)

Largest decline over 5 years

-16.30%

-14.16%

-2.14%

Max Drawdown (10Y)

Largest decline over 10 years

—

-22.14%

—

Current Drawdown

Current decline from peak

-0.97%

-1.08%

+0.11%

Average Drawdown

Average peak-to-trough decline

-3.65%

-2.53%

-1.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.94%

+0.09%

Volatility

QCN.TO vs. ACWV - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 3.35% compared to iShares MSCI Global Min Vol Factor ETF (ACWV) at 1.76%. This indicates that QCN.TO's price experiences larger fluctuations and is considered to be riskier than ACWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QCN.TOACWVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.35%

1.76%

+1.59%

Volatility (6M)

Calculated over the trailing 6-month period

10.51%

5.85%

+4.66%

Volatility (1Y)

Calculated over the trailing 1-year period

12.80%

7.81%

+4.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

8.68%

+4.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.75%

10.95%

+4.80%

QCN.TO vs. ACWV - Expense Ratio Comparison

QCN.TO has a 0.04% expense ratio, which is lower than ACWV's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QCN.TO vs. ACWV - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.96%, less than ACWV's 2.04% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWV
iShares MSCI Global Min Vol Factor ETF		2.04%2.09%2.33%2.41%2.18%1.92%1.77%2.54%2.32%2.04%2.56%2.28%
QCN.TO
Mackenzie Canadian Equity Index ETF		1.96%2.19%2.74%3.37%3.26%2.45%3.02%3.07%2.73%0.00%0.00%0.00%

Frequently Asked Questions

QCN.TO and ACWV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QCN.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.20% for ACWV.

QCN.TO is categorized as Canada Equities, while ACWV is Large Cap Blend Equities. QCN.TO tracks Solactive Canada Broad Market Index, while ACWV tracks MSCI AC World Minimum Volatility (USD). They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.04% for QCN.TO and 0.20% for ACWV.

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