QCN.TO vs. AVUV

Last updated Jun 13, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and AVUV (Avantis US Small Cap Value ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while AVUV is a Small Cap Value Equities fund actively managed by Avantis. QCN.TO is passively managed, while AVUV is actively managed. Over the past 5 years, QCN.TO returned 15.02%/yr vs 14.84%/yr for AVUV. At a 0.48 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.25%/yr for AVUV.

Performance

QCN.TO vs. AVUV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Equity Index ETF (QCN.TO) and Avantis US Small Cap Value ETF (AVUV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QCN.TO is traded in CAD, while AVUV is traded in USD. To make them comparable, the AVUV 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 11.18% return, which is significantly lower than AVUV's 25.22% return.

QCN.TO

• 1D: 0.57%
• 1M: 2.01%
• YTD: 11.18%
• 6M: 11.97%
• 1Y: 34.87%
• 3Y*: 23.95%
• 5Y*: 15.02%
• 10Y*: —

AVUV

• 1D: 1.14%
• 1M: 7.16%
• YTD: 25.22%
• 6M: 21.21%
• 1Y: 46.05%
• 3Y*: 21.03%
• 5Y*: 14.84%
• 10Y*: —

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

QCN.TO vs. AVUV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QCN.TO Mackenzie Canadian Equity Index ETF	11.18%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	4.43%
AVUV Avantis US Small Cap Value ETF	25.22%	2.53%	18.54%	19.89%	1.12%	42.12%	3.91%	6.94%

Correlation

The correlation between QCN.TO and AVUV 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	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.48

The correlation between QCN.TO and AVUV shifts across timeframes, from 0.48 (all time) to 0.60 (3 years), reflecting how their relationship changes across market environments.

QCN.TO vs. AVUV - Sectors Allocation Comparison

Sectors	QCN.TO	AVUV
Financial Services	33.2%	25.8%
Energy	18.3%	18.2%
Basic Materials	17.9%	4.9%
Industrials	10.5%	13.9%
Technology	7.3%	7.0%
Consumer Cyclical	3.7%	18.0%
Consumer Defensive	2.9%	4.5%
Utilities	2.7%	0.1%
Communication Services	1.8%	2.8%
Real Estate	1.6%	0.7%
Healthcare	0.2%	4.2%

Return for Risk

QCN.TO vs. AVUV — 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: 87
QCN.TO Sharpe Ratio Rank: 90
QCN.TO Sortino Ratio Rank: 87
QCN.TO Omega Ratio Rank: 87
QCN.TO Calmar Ratio Rank: 81
QCN.TO Martin Ratio Rank: 88

AVUV

AVUV Risk / Return Rank: 84
AVUV Sharpe Ratio Rank: 83
AVUV Sortino Ratio Rank: 84
AVUV Omega Ratio Rank: 77
AVUV Calmar Ratio Rank: 91
AVUV Martin Ratio Rank: 85

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. AVUV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and Avantis US Small Cap Value ETF (AVUV). 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.TO	AVUV	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.37	+0.27
Sortino ratio: Return per unit of downside risk	3.41	3.37	+0.04
Omega ratio: Gain probability vs. loss probability	1.47	1.40	+0.08
Calmar ratio: Return relative to maximum drawdown	3.69	5.33	-1.63
Martin ratio: Return relative to average drawdown	16.90	18.40	-1.50

QCN.TO vs. AVUV - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.64, which is comparable to the AVUV Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of QCN.TO and AVUV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QCN.TO vs. AVUV - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, smaller than the maximum AVUV drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for QCN.TO and AVUV.

Drawdown Indicators

	QCN.TO	AVUV	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-45.21%	+8.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-8.15%	-1.28%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-27.30%	+15.04%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-27.30%	+10.93%
Current Drawdown Current decline from peak	-0.94%	0.00%	-0.94%
Average Drawdown Average peak-to-trough decline	-3.66%	-6.96%	+3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.36%	-0.30%

Volatility

QCN.TO vs. AVUV - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 4.50%, while Avantis US Small Cap Value ETF (AVUV) has a volatility of 4.95%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than AVUV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	AVUV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.95%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	12.19%	-1.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.21%	18.34%	-5.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	23.47%	-10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	28.85%	-13.12%

QCN.TO vs. AVUV - Expense Ratio Comparison

QCN.TO has a 0.04% expense ratio, which is lower than AVUV's 0.25% 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. AVUV - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.96%, more than AVUV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%
QCN.TO Mackenzie Canadian Equity Index ETF	1.96%	2.19%	2.74%	3.37%	3.26%	2.45%	3.03%	3.07%	2.73%

Frequently Asked Questions

Can I hold both QCN.TO and AVUV in my portfolio?

QCN.TO and AVUV 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.

Which ETF is better, QCN.TO or AVUV?

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.

Which ETF is cheaper, QCN.TO or AVUV?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.25% for AVUV.

What is the main difference between QCN.TO and AVUV?

QCN.TO is categorized as Canada Equities, while AVUV is Small Cap Value Equities. They also come from different issuers: Mackenzie and Avantis. Their fees differ too: 0.04% for QCN.TO and 0.25% for AVUV.