QCN.TO vs. PXC.TO

Last updated Jul 1, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds - QCN.TO tracks the Solactive Canada Broad Market Index while PXC.TO tracks the RAFI Canada Index. Both are passively managed. Over the past 5 years, QCN.TO returned 14.97%/yr vs 16.96%/yr for PXC.TO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

QCN.TO vs. PXC.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 Invesco RAFI Canadian Index ETF (PXC.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 11.15% return, which is significantly lower than PXC.TO's 17.43% return.

QCN.TO

• 1D: 0.15%
• 1M: 0.80%
• YTD: 11.15%
• 6M: 10.58%
• 1Y: 33.09%
• 3Y*: 23.69%
• 5Y*: 14.97%
• 10Y*: —

PXC.TO

• 1D: -0.78%
• 1M: 1.39%
• YTD: 17.43%
• 6M: 17.10%
• 1Y: 36.42%
• 3Y*: 24.01%
• 5Y*: 16.96%
• 10Y*: 13.25%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QCN.TO Mackenzie Canadian Equity Index ETF	11.15%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	24.53%	-10.85%
PXC.TO Invesco RAFI Canadian Index ETF	17.43%	26.50%	19.57%	9.28%	1.37%	34.11%	-1.11%	19.11%	-10.43%

Correlation

The correlation between QCN.TO and PXC.TO is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018	0.55

The correlation between QCN.TO and PXC.TO shifts across timeframes, from 0.55 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.

QCN.TO vs. PXC.TO - Sectors Allocation Comparison

Sectors	QCN.TO	PXC.TO
Financial Services	33.6%	34.7%
Basic Materials	18.7%	13.0%
Energy	17.4%	26.6%
Industrials	10.4%	7.2%
Technology	7.2%	2.2%
Consumer Cyclical	3.6%	6.6%
Consumer Defensive	2.8%	2.9%
Utilities	2.6%	3.1%
Communication Services	1.9%	2.7%
Real Estate	1.6%	0.8%
Healthcare	0.2%	0.2%

Return for Risk

QCN.TO vs. PXC.TO — 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: 86
QCN.TO Sharpe Ratio Rank: 89
QCN.TO Sortino Ratio Rank: 85
QCN.TO Omega Ratio Rank: 87
QCN.TO Calmar Ratio Rank: 80
QCN.TO Martin Ratio Rank: 88

PXC.TO

PXC.TO Risk / Return Rank: 96
PXC.TO Sharpe Ratio Rank: 96
PXC.TO Sortino Ratio Rank: 95
PXC.TO Omega Ratio Rank: 96
PXC.TO Calmar Ratio Rank: 96
PXC.TO Martin Ratio Rank: 96

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. PXC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and Invesco RAFI Canadian Index ETF (PXC.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	PXC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.51	3.54	-1.03
Sortino ratio: Return per unit of downside risk	3.27	4.60	-1.33
Omega ratio: Gain probability vs. loss probability	1.45	1.69	-0.24
Calmar ratio: Return relative to maximum drawdown	3.53	7.88	-4.35
Martin ratio: Return relative to average drawdown	16.01	31.22	-15.21

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

The current QCN.TO Sharpe Ratio is 2.51, which is comparable to the PXC.TO Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of QCN.TO and PXC.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. PXC.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for QCN.TO and PXC.TO.

Drawdown Indicators

	QCN.TO	PXC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-41.78%	+4.88%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-4.64%	-4.79%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-10.99%	-1.27%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-15.75%	-0.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	-1.44%	-1.03%	-0.41%
Average Drawdown Average peak-to-trough decline	-3.65%	-5.04%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.17%	+0.90%

Volatility

QCN.TO vs. PXC.TO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 4.16% compared to Invesco RAFI Canadian Index ETF (PXC.TO) at 3.29%. This indicates that QCN.TO's price experiences larger fluctuations and is considered to be riskier than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	PXC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	3.29%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	7.80%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	13.25%	10.36%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.26%	13.27%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.70%	16.38%	-0.68%

Dividends

QCN.TO vs. PXC.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.98%, less than PXC.TO's 2.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXC.TO Invesco RAFI Canadian Index ETF	2.25%	2.65%	3.17%	3.48%	3.42%	2.58%	3.10%	2.92%	2.86%	2.23%	2.57%	3.13%
QCN.TO Mackenzie Canadian Equity Index ETF	1.98%	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

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

QCN.TO and PXC.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

QCN.TO tracks Solactive Canada Broad Market Index, while PXC.TO tracks RAFI Canada Index. They also come from different issuers: Mackenzie and Invesco.