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

QCN.TO vs. ACWV

Last updated Jul 30, 2026
Documentation

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 Global Equities fund tracking the MSCI ACWI Minimum Volatility Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.13%/yr vs 8.55%/yr for ACWV. Their 0.31 correlation means their historical movements had little consistent relationship. 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 12.66% return, which is significantly higher than ACWV's 9.32% return.

QCN.TO

1D
-1.20%
1M
1.50%
6M
7.44%
YTD
12.66%
1Y
31.20%
3Y*
23.22%
5Y*
15.13%
10Y*
—
ALL TIME*
12.83%

ACWV

1D
0.10%
1M
3.10%
6M
8.29%
YTD
9.32%
1Y
11.26%
3Y*
12.58%
5Y*
8.55%
10Y*
7.96%
ALL TIME*
11.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ACWV

iShares MSCI Global Min Vol Factor ETF
CA$17.46MCA$17.42MCA$17.23M

QCN.TO

Mackenzie Canadian Equity Index ETF
CA$1.84MCA$2.16MCA$1.87M

QCN.TO vs. ACWV - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		12.66%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.85%
ACWV
iShares MSCI Global Min Vol Factor ETF		9.32%5.97%20.82%5.66%-4.68%13.91%0.60%16.05%4.54%

Correlation

The correlation between QCN.TO and ACWV is 0.39, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.39

Correlation (3Y)
Balances recent behavior with more history.

0.43

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.42

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

0.31

The correlation between QCN.TO and ACWV shifts across timeframes, from 0.31 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

QCN.TO vs. ACWV - Sectors Allocation Comparison

Sectors
QCN.TO
ACWV

Financial Services

36.4%
13.5%

Energy

16.6%
3.5%

Basic Materials

16.3%
1.5%

Industrials

10.7%
8.1%

Technology

7.1%
25.3%

Consumer Cyclical

3.8%
5.3%

Consumer Defensive

2.9%
9.7%

Utilities

2.7%
7.5%

Communication Services

1.7%
11.3%

Real Estate

1.6%
0.6%

Healthcare

0.2%
13.8%

Financial Services

QCN.TO
36.4%
ACWV
13.5%

Energy

QCN.TO
16.6%
ACWV
3.5%

Basic Materials

QCN.TO
16.3%
ACWV
1.5%

Industrials

QCN.TO
10.7%
ACWV
8.1%

Technology

QCN.TO
7.1%
ACWV
25.3%

Consumer Cyclical

QCN.TO
3.8%
ACWV
5.3%

Consumer Defensive

QCN.TO
2.9%
ACWV
9.7%

Utilities

QCN.TO
2.7%
ACWV
7.5%

Communication Services

QCN.TO
1.7%
ACWV
11.3%

Real Estate

QCN.TO
1.6%
ACWV
0.6%

Healthcare

QCN.TO
0.2%
ACWV
13.8%

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 historical risk-adjusted metric ranks over the past 12 months.
QCN.TO
QCN.TO Risk / Return Rank: 8989
Overall Rank
QCN.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8989
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 9191
Martin Ratio Rank
ACWV
ACWV Risk / Return Rank: 3939
Overall Rank
ACWV Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
ACWV Sortino Ratio Rank: 4242
Sortino Ratio Rank
ACWV Omega Ratio Rank: 4040
Omega Ratio Rank
ACWV Calmar Ratio Rank: 3737
Calmar Ratio Rank
ACWV Martin Ratio Rank: 3636
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

QCN.TOACWVDifference
Sharpe ratioReturn per unit of total volatility
2.33
1.20

+1.13

Sortino ratioReturn per unit of downside risk
3.05
1.75

+1.30

Omega ratioGain probability vs. loss probability

1.41

1.22

+0.19

Calmar ratioReturn relative to maximum drawdown

3.32

2.15

+1.18

Martin ratioReturn relative to average drawdown

15.07

5.22

+9.85

QCN.TO vs. ACWV - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.33, which is higher than the ACWV Sharpe Ratio of 1.20. 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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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 -22.43%. 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%

-22.43%

-14.47%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-5.27%

-4.16%

Max Drawdown (3Y)

Largest decline over 3 years

-12.26%

-8.50%

-3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-16.37%

-14.73%

-1.64%

Max Drawdown (10Y)

Largest decline over 10 years

—

-22.43%

—

Current Drawdown

Current decline from peak

-1.20%

0.00%

-1.20%

Average Drawdown

Average peak-to-trough decline

-3.62%

-2.65%

-0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.08%

2.16%

-0.08%

Volatility

QCN.TO vs. ACWV - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 2.88%, while iShares MSCI Global Min Vol Factor ETF (ACWV) has a volatility of 3.04%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky 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

2.88%

3.04%

-0.16%

Volatility (6M)

Calculated over the trailing 6-month period

11.05%

7.45%

+3.60%

Volatility (1Y)

Calculated over the trailing 1-year period

13.46%

9.45%

+4.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.21%

12.04%

+1.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.65%

13.94%

+1.71%

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 1.95%, more than ACWV's 1.89% yield.

PositionTTM20252024202320222021202020192018201720162015
ACWV
iShares MSCI Global Min Vol Factor ETF		1.89%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		1.95%2.19%2.74%3.37%3.26%2.45%3.03%3.07%2.73%0.00%0.00%0.00%

Frequently Asked Questions

QCN.TO and ACWV have a correlation of 0.39, 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 Global Equities. QCN.TO tracks Solactive Canada Broad Market Index, while ACWV tracks MSCI ACWI Minimum Volatility Index. 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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