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

QCN.TO vs. EWZS

Last updated Jun 5, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and EWZS (iShares MSCI Brazil Small-Cap ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while EWZS is a Latin America Equities fund tracking the MSCI Brazil Small Cap Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.40%/yr vs -1.04%/yr for EWZS. At a 0.28 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.59%/yr for EWZS.

Performance

QCN.TO vs. EWZS - 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 Brazil Small-Cap ETF (EWZS). 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 EWZS is traded in USD. To make them comparable, the EWZS 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 12.23% return, which is significantly higher than EWZS's 8.35% return.

QCN.TO

1D
1.24%
1M
5.07%
YTD
12.23%
6M
13.35%
1Y
37.15%
3Y*
24.36%
5Y*
15.40%
10Y*
—

EWZS

1D
1.94%
1M
-6.77%
YTD
8.35%
6M
-2.94%
1Y
13.15%
3Y*
4.16%
5Y*
-1.04%
10Y*
8.74%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QCN.TO vs. EWZS - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		12.23%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.84%
EWZS
iShares MSCI Brazil Small-Cap ETF		8.35%38.52%-30.45%29.73%-4.87%-14.87%-22.20%43.19%-6.34%

Correlation

The correlation between QCN.TO and EWZS is 0.55, 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

0.55

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

0.40

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

0.35

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

0.28

Over the past year, QCN.TO and EWZS have become more correlated (0.55) than their long-term average of 0.28, meaning their price movements have been converging.

QCN.TO vs. EWZS - Sectors Allocation Comparison

Sectors
QCN.TO
EWZS

Financial Services

33.2%
10.4%

Energy

18.3%
4.8%

Basic Materials

17.9%
16.5%

Industrials

10.5%
8.6%

Technology

7.3%
3.0%

Consumer Cyclical

3.7%
15.5%

Consumer Defensive

2.9%
10.9%

Utilities

2.7%
12.1%

Communication Services

1.8%

-

Real Estate

1.6%
13.4%

Healthcare

0.2%
4.8%

Financial Services

QCN.TO
33.2%
EWZS
10.4%

Energy

QCN.TO
18.3%
EWZS
4.8%

Basic Materials

QCN.TO
17.9%
EWZS
16.5%

Industrials

QCN.TO
10.5%
EWZS
8.6%

Technology

QCN.TO
7.3%
EWZS
3.0%

Consumer Cyclical

QCN.TO
3.7%
EWZS
15.5%

Consumer Defensive

QCN.TO
2.9%
EWZS
10.9%

Utilities

QCN.TO
2.7%
EWZS
12.1%

Communication Services

QCN.TO
1.8%
EWZS

-

Real Estate

QCN.TO
1.6%
EWZS
13.4%

Healthcare

QCN.TO
0.2%
EWZS
4.8%

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 Brazil Small-Cap 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 EWZS:
EWZS vs. EWZEWZS vs. BRFEWZS vs. ECHEWZS vs. EIRLEWZS vs. EWUSEWZS vs. BTEKEWZS vs. BRZU

Return for Risk

QCN.TO vs. EWZS — 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: 8585
Overall Rank
QCN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8686
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8787
Martin Ratio Rank
EWZS
EWZS Risk / Return Rank: 1616
Overall Rank
EWZS Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
EWZS Sortino Ratio Rank: 1616
Sortino Ratio Rank
EWZS Omega Ratio Rank: 1616
Omega Ratio Rank
EWZS Calmar Ratio Rank: 1818
Calmar Ratio Rank
EWZS Martin Ratio Rank: 1717
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. EWZS - 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 Brazil Small-Cap ETF (EWZS). 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.TOEWZSDifference
Sharpe ratioReturn per unit of total volatility
2.91
0.45

+2.46

Sortino ratioReturn per unit of downside risk
3.76
0.81

+2.95

Omega ratioGain probability vs. loss probability

1.53

1.10

+0.42

Calmar ratioReturn relative to maximum drawdown

3.96

0.79

+3.17

Martin ratioReturn relative to average drawdown

18.39

2.02

+16.37

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. EWZS - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.91, which is higher than the EWZS Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of QCN.TO and EWZS, 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.TOEWZSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.91

0.45

+2.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.17

-0.03

+1.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.25

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.03

+0.80

Drawdowns

QCN.TO vs. EWZS - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, smaller than the maximum EWZS drawdown of -70.46%. Use the drawdown chart below to compare losses from any high point for QCN.TO and EWZS.

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Drawdown Indicators

QCN.TOEWZSDifference

Max Drawdown

Largest peak-to-trough decline

-36.90%

-70.46%

+33.56%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-16.82%

+7.39%

Max Drawdown (3Y)

Largest decline over 3 years

-12.26%

-31.62%

+19.36%

Max Drawdown (5Y)

Largest decline over 5 years

-16.30%

-39.96%

+23.66%

Max Drawdown (10Y)

Largest decline over 10 years

—

-59.24%

—

Current Drawdown

Current decline from peak

0.00%

-20.06%

+20.06%

Average Drawdown

Average peak-to-trough decline

-3.65%

-28.60%

+24.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

6.54%

-4.51%

Volatility

QCN.TO vs. EWZS - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 3.49%, while iShares MSCI Brazil Small-Cap ETF (EWZS) has a volatility of 10.60%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than EWZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QCN.TOEWZSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.49%

10.60%

-7.11%

Volatility (6M)

Calculated over the trailing 6-month period

10.57%

25.03%

-14.46%

Volatility (1Y)

Calculated over the trailing 1-year period

12.85%

29.38%

-16.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.25%

31.20%

-17.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.75%

34.56%

-18.81%

QCN.TO vs. EWZS - Expense Ratio Comparison

QCN.TO has a 0.04% expense ratio, which is lower than EWZS's 0.59% expense ratio.

Dividends

QCN.TO vs. EWZS - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.94%, less than EWZS's 3.63% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZS
iShares MSCI Brazil Small-Cap ETF		3.63%3.88%4.93%2.75%4.61%4.51%1.15%1.77%4.35%3.41%3.62%4.35%
QCN.TO
Mackenzie Canadian Equity Index ETF		1.94%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 EWZS have a correlation of 0.55, 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 0.59% for EWZS.

QCN.TO is categorized as Canada Equities, while EWZS is Latin America Equities. QCN.TO tracks Solactive Canada Broad Market Index, while EWZS tracks MSCI Brazil Small Cap Index. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.04% for QCN.TO and 0.59% for EWZS.

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