QCN.TO vs. MFT.TO

Last updated Jul 30, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and MFT.TO (Mackenzie Floating Rate Income ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while MFT.TO is a Bank Loan fund actively managed by Mackenzie. QCN.TO is passively managed, while MFT.TO is actively managed. Over the past 5 years, QCN.TO returned 15.13%/yr vs 3.89%/yr for MFT.TO. Their 0.12 correlation means their historical movements had little consistent relationship. QCN.TO charges 0.04%/yr vs 0.66%/yr for MFT.TO.

Performance

QCN.TO vs. MFT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie Canadian Equity Index ETF (QCN.TO) and Mackenzie Floating Rate Income ETF (MFT.TO). 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 higher than MFT.TO's 3.18% 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%

MFT.TO

• 1D: -0.06%
• 1M: 1.25%
• 6M: 2.92%
• YTD: 3.18%
• 1Y: 2.96%
• 3Y*: 5.59%
• 5Y*: 3.89%
• 10Y*: 4.30%
• ALL TIME*: 4.34%

*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)
MFT.TO Mackenzie Floating Rate Income ETF	CA$52.69K	CA$60.75K	CA$70.25K
QCN.TO Mackenzie Canadian Equity Index ETF	CA$1.84M	CA$2.16M	CA$1.87M

QCN.TO vs. MFT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
MFT.TO Mackenzie Floating Rate Income ETF	3.18%	0.81%	8.84%	11.99%	-6.31%	5.56%	-0.64%	6.00%	1.73%

Correlation

The correlation between QCN.TO and MFT.TO is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (3Y) Balances recent behavior with more history.	0.10
Correlation (5Y) Shows whether the relationship held over a longer period.	0.15
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018	0.12

Return for Risk

QCN.TO vs. MFT.TO — 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

MFT.TO

MFT.TO Risk / Return Rank: 53
MFT.TO Sharpe Ratio Rank: 50
MFT.TO Sortino Ratio Rank: 51
MFT.TO Omega Ratio Rank: 47
MFT.TO Calmar Ratio Rank: 67
MFT.TO Martin Ratio Rank: 49

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. MFT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and Mackenzie Floating Rate Income ETF (MFT.TO). 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	MFT.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.15	+1.18
Sortino ratio: Return per unit of downside risk	3.05	1.70	+1.35
Omega ratio: Gain probability vs. loss probability	1.41	1.20	+0.20
Calmar ratio: Return relative to maximum drawdown	3.32	2.24	+1.09
Martin ratio: Return relative to average drawdown	15.07	5.35	+9.71

QCN.TO vs. MFT.TO - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.33, which is higher than the MFT.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of QCN.TO and MFT.TO, 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. MFT.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than MFT.TO's maximum drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for QCN.TO and MFT.TO.

Drawdown Indicators

	QCN.TO	MFT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-20.87%	-16.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-1.33%	-8.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-3.40%	-8.86%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-7.45%	-8.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.87%	—
Current Drawdown Current decline from peak	-1.20%	-0.13%	-1.07%
Average Drawdown Average peak-to-trough decline	-3.62%	-1.38%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.55%	+1.53%

Volatility

QCN.TO vs. MFT.TO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 2.88% compared to Mackenzie Floating Rate Income ETF (MFT.TO) at 0.76%. This indicates that QCN.TO's price experiences larger fluctuations and is considered to be riskier than MFT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	MFT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	0.76%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	1.87%	+9.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	2.59%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	3.72%	+9.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	5.08%	+10.57%

QCN.TO vs. MFT.TO - Expense Ratio Comparison

QCN.TO has a 0.04% expense ratio, which is lower than MFT.TO's 0.66% expense ratio.

Dividends

QCN.TO vs. MFT.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.95%, less than MFT.TO's 8.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MFT.TO Mackenzie Floating Rate Income ETF	8.24%	8.57%	9.44%	10.40%	6.26%	3.89%	6.18%	6.97%	6.14%	4.84%	3.94%
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%

Frequently Asked Questions

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

QCN.TO and MFT.TO have a correlation of 0.07, 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 MFT.TO?

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 MFT.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.66% for MFT.TO.

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

QCN.TO is categorized as Canada Equities, while MFT.TO is Bank Loan. Their fees differ too: 0.04% for QCN.TO and 0.66% for MFT.TO.