QCN.TO vs. FLVC.NEO

Last updated Jul 30, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and FLVC.NEO (Franklin Canadian Low Volatility High Dividend Index ETF) are both Canada Equities funds - QCN.TO tracks the Solactive Canada Broad Market Index while FLVC.NEO tracks the Franklin Canadian Low Volatility High Dividend Index. Both are passively managed. Over the past year, QCN.TO returned 31.20% vs 34.39% for FLVC.NEO. Their 0.41 correlation means their historical movements had little consistent relationship. QCN.TO charges 0.04%/yr vs 0.15%/yr for FLVC.NEO.

Performance

QCN.TO vs. FLVC.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Equity Index ETF (QCN.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCN.TO achieves a 12.66% return, which is significantly lower than FLVC.NEO's 21.03% 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%

FLVC.NEO

• 1D: 0.06%
• 1M: 3.34%
• 6M: 21.68%
• YTD: 21.03%
• 1Y: 34.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	CA$126.22K	CA$137.12K	CA$491.29K
QCN.TO Mackenzie Canadian Equity Index ETF	CA$1.84M	CA$2.16M	CA$1.87M

QCN.TO vs. FLVC.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QCN.TO Mackenzie Canadian Equity Index ETF	12.66%	31.83%	15.31%
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	21.03%	21.15%	13.79%

Correlation

The correlation between QCN.TO and FLVC.NEO is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.41

Return for Risk

QCN.TO vs. FLVC.NEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QCN.TO

QCN.TO Risk / Return Rank: 89
QCN.TO Sharpe Ratio Rank: 92
QCN.TO Sortino Ratio Rank: 89
QCN.TO Omega Ratio Rank: 89
QCN.TO Calmar Ratio Rank: 86
QCN.TO Martin Ratio Rank: 91

FLVC.NEO

FLVC.NEO Risk / Return Rank: 98
FLVC.NEO Sharpe Ratio Rank: 99
FLVC.NEO Sortino Ratio Rank: 98
FLVC.NEO Omega Ratio Rank: 98
FLVC.NEO Calmar Ratio Rank: 98
FLVC.NEO Martin Ratio Rank: 98

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. FLVC.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO). 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	FLVC.NEO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	4.88	-2.55
Sortino ratio: Return per unit of downside risk	3.05	7.42	-4.37
Omega ratio: Gain probability vs. loss probability	1.41	1.98	-0.57
Calmar ratio: Return relative to maximum drawdown	3.32	12.02	-8.70
Martin ratio: Return relative to average drawdown	15.07	52.99	-37.92

QCN.TO vs. FLVC.NEO - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.33, which is lower than the FLVC.NEO Sharpe Ratio of 4.88. The chart below compares the historical Sharpe Ratios of QCN.TO and FLVC.NEO, 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. FLVC.NEO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than FLVC.NEO's maximum drawdown of -7.89%. Use the drawdown chart below to compare losses from any high point for QCN.TO and FLVC.NEO.

Drawdown Indicators

	QCN.TO	FLVC.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-7.89%	-29.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-3.21%	-6.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	—	—
Current Drawdown Current decline from peak	-1.20%	-1.11%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.62%	-0.80%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.71%	+1.37%

Volatility

QCN.TO vs. FLVC.NEO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) and Franklin Canadian Low Volatility High Dividend Index ETF (FLVC.NEO) have volatilities of 2.88% and 2.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	FLVC.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.83%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	5.82%	+5.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	7.90%	+5.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	11.39%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	11.39%	+4.26%

QCN.TO vs. FLVC.NEO - Expense Ratio Comparison

QCN.TO has a 0.04% expense ratio, which is lower than FLVC.NEO's 0.15% 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. FLVC.NEO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.95%, less than FLVC.NEO's 4.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLVC.NEO Franklin Canadian Low Volatility High Dividend Index ETF	4.72%	4.96%	0.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

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

QCN.TO and FLVC.NEO have a correlation of 0.49, 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 FLVC.NEO?

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 FLVC.NEO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.15% for FLVC.NEO.

What is the main difference between QCN.TO and FLVC.NEO?

QCN.TO tracks Solactive Canada Broad Market Index, while FLVC.NEO tracks Franklin Canadian Low Volatility High Dividend Index. They also come from different issuers: Mackenzie and Franklin Templeton. Their fees differ too: 0.04% for QCN.TO and 0.15% for FLVC.NEO.