QCN.TO vs. ACWV

Last updated Apr 2, 2026

Compare and contrast key facts about Mackenzie Canadian Equity Index ETF (QCN.TO) and iShares MSCI Global Min Vol Factor ETF (ACWV).

QCN.TO and ACWV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QCN.TO is a passively managed fund by Mackenzie that tracks the performance of the Solactive Canada Broad Market Index. It was launched on Jan 24, 2018. ACWV is a passively managed fund by iShares that tracks the performance of the MSCI AC World Minimum Volatility (USD). It was launched on Oct 18, 2011. Both QCN.TO and ACWV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

QCN.TO vs. ACWV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QCN.TO Mackenzie Canadian Equity Index ETF	4.40%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	24.53%	-10.84%
ACWV iShares MSCI Global Min Vol Factor ETF	1.92%	5.95%	20.95%	5.85%	-3.97%	12.94%	1.30%	15.09%	4.69%

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 4.40% return, which is significantly higher than ACWV's 1.92% return.

QCN.TO

• 1D: 0.59%
• 1M: -4.48%
• YTD: 4.40%
• 6M: 10.59%
• 1Y: 34.71%
• 3Y*: 21.40%
• 5Y*: 15.34%
• 10Y*: —

ACWV

• 1D: -0.13%
• 1M: -2.19%
• YTD: 1.92%
• 6M: 0.47%
• 1Y: 1.90%
• 3Y*: 10.80%
• 5Y*: 8.29%
• 10Y*: 8.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.

ACWV

iShares MSCI Global Min Vol Factor ETF

QCN.TO

Mackenzie Canadian Equity Index ETF

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: 93
QCN.TO Sharpe Ratio Rank: 93
QCN.TO Sortino Ratio Rank: 93
QCN.TO Omega Ratio Rank: 94
QCN.TO Calmar Ratio Rank: 91
QCN.TO Martin Ratio Rank: 93

ACWV

ACWV Risk / Return Rank: 26
ACWV Sharpe Ratio Rank: 24
ACWV Sortino Ratio Rank: 23
ACWV Omega Ratio Rank: 24
ACWV Calmar Ratio Rank: 27
ACWV Martin Ratio Rank: 31

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.TO	ACWV	Difference
Sharpe ratio Return per unit of total volatility	2.27	0.19	+2.08
Sortino ratio Return per unit of downside risk	2.88	0.32	+2.57
Omega ratio Gain probability vs. loss probability	1.45	1.04	+0.41
Calmar ratio Return relative to maximum drawdown	3.30	0.17	+3.13
Martin ratio Return relative to average drawdown	14.55	0.54	+14.01
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 2.27, which is higher than the ACWV Sharpe Ratio of 0.19. The chart below compares the historical Sharpe Ratios of QCN.TO and ACWV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QCN.TO	ACWV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	0.19	+2.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	0.96	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.00	-0.22

Correlation

The correlation between QCN.TO and ACWV is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QCN.TO vs. ACWV - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 2.08%, which matches ACWV's 2.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCN.TO Mackenzie Canadian Equity Index ETF	2.08%	2.19%	2.74%	3.37%	3.26%	2.45%	3.02%	3.07%	2.73%	0.00%	0.00%	0.00%
ACWV iShares MSCI Global Min Vol Factor ETF	2.07%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%

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.

Drawdown Indicators

	QCN.TO	ACWV	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-28.82%	-8.08%
Max Drawdown (1Y) Largest decline over 1 year	-10.71%	-7.56%	-3.15%
Max Drawdown (5Y) Largest decline over 5 years	-16.30%	-18.14%	+1.84%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.82%	—
Current Drawdown Current decline from peak	-4.48%	-4.54%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.70%	-3.11%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	1.76%	+0.67%

Volatility

QCN.TO vs. ACWV - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 5.92% compared to iShares MSCI Global Min Vol Factor ETF (ACWV) at 3.14%. 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.

Volatility by Period

	QCN.TO	ACWV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	3.14%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	11.09%	5.87%	+5.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	10.13%	+5.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	8.71%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	10.96%	+4.87%