QCN.TO vs. QEBL.TO

Last updated Jul 30, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while QEBL.TO is a Emerging Markets Bonds fund tracking the Solactive EM Local Currency Government Bond Select NTR Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.13%/yr vs 5.61%/yr for QEBL.TO. Their 0.08 correlation means their historical movements had little consistent relationship. QCN.TO charges 0.04%/yr vs 0.52%/yr for QEBL.TO.

Performance

QCN.TO vs. QEBL.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 Emerging Markets Local Currency Bond Index ETF (QEBL.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 QEBL.TO's 2.09% 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%

QEBL.TO

• 1D: -0.30%
• 1M: -1.87%
• 6M: 0.85%
• YTD: 2.09%
• 1Y: 6.47%
• 3Y*: 9.89%
• 5Y*: 5.61%
• 10Y*: —
• ALL TIME*: 3.64%

*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)
QCN.TO Mackenzie Canadian Equity Index ETF	CA$1.84M	CA$2.16M	CA$1.87M
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	CA$47.19K	CA$42.10K	CA$41.42K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QCN.TO Mackenzie Canadian Equity Index ETF	12.66%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	5.61%
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	2.09%	12.49%	9.72%	12.50%	-4.47%	-9.10%	1.38%	2.04%

Correlation

The correlation between QCN.TO and QEBL.TO is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.15
Correlation (5Y) Shows whether the relationship held over a longer period.	0.10
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019	0.08

The correlation between QCN.TO and QEBL.TO shifts across timeframes, from 0.08 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QCN.TO vs. QEBL.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

QEBL.TO

QEBL.TO Risk / Return Rank: 32
QEBL.TO Sharpe Ratio Rank: 31
QEBL.TO Sortino Ratio Rank: 32
QEBL.TO Omega Ratio Rank: 29
QEBL.TO Calmar Ratio Rank: 32
QEBL.TO Martin Ratio Rank: 34

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. QEBL.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 Emerging Markets Local Currency Bond Index ETF (QEBL.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	QEBL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	0.75	+1.58
Sortino ratio: Return per unit of downside risk	3.05	1.16	+1.89
Omega ratio: Gain probability vs. loss probability	1.41	1.14	+0.27
Calmar ratio: Return relative to maximum drawdown	3.32	1.04	+2.28
Martin ratio: Return relative to average drawdown	15.07	3.11	+11.95

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

The current QCN.TO Sharpe Ratio is 2.33, which is higher than the QEBL.TO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of QCN.TO and QEBL.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. QEBL.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than QEBL.TO's maximum drawdown of -22.20%. Use the drawdown chart below to compare losses from any high point for QCN.TO and QEBL.TO.

Drawdown Indicators

	QCN.TO	QEBL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-22.20%	-14.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-6.24%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-7.01%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-18.17%	+1.80%
Current Drawdown Current decline from peak	-1.20%	-2.24%	+1.04%
Average Drawdown Average peak-to-trough decline	-3.62%	-5.72%	+2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.08%	0.00%

Volatility

QCN.TO vs. QEBL.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 2.88%, while Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a volatility of 3.50%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than QEBL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	QEBL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	3.50%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	7.22%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	8.70%	+4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	10.20%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	10.64%	+5.01%

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

QCN.TO has a 0.04% expense ratio, which is lower than QEBL.TO's 0.52% expense ratio.

Dividends

QCN.TO vs. QEBL.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.95%, less than QEBL.TO's 5.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	5.30%	5.45%	4.83%	22.34%	4.45%	4.64%	4.65%	0.69%	0.00%

Frequently Asked Questions

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

QCN.TO and QEBL.TO have a correlation of 0.27, 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 QEBL.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 QEBL.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.52% for QEBL.TO.

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

QCN.TO is categorized as Canada Equities, while QEBL.TO is Emerging Markets Bonds. QCN.TO tracks Solactive Canada Broad Market Index, while QEBL.TO tracks Solactive EM Local Currency Government Bond Select NTR Index. Their fees differ too: 0.04% for QCN.TO and 0.52% for QEBL.TO.