QCN.TO vs. QSB.TO

Last updated Jul 30, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and QSB.TO (Mackenzie Canadian Short-Term Bond Index ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while QSB.TO is a Short-Term Bond fund tracking the Solactive Canadian Select Short-Term Bond Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.13%/yr vs 2.15%/yr for QSB.TO. Their 0.11 correlation means their historical movements had little consistent relationship. QCN.TO charges 0.04%/yr vs 0.09%/yr for QSB.TO.

Performance

QCN.TO vs. QSB.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 Canadian Short-Term Bond Index ETF (QSB.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 QSB.TO's 1.24% 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%

QSB.TO

• 1D: -0.03%
• 1M: -0.18%
• 6M: 0.81%
• YTD: 1.24%
• 1Y: 2.89%
• 3Y*: 4.94%
• 5Y*: 2.15%
• 10Y*: —
• ALL TIME*: 2.35%

*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
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF	CA$43.43K	CA$34.13K	CA$191.48K

QCN.TO vs. QSB.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%	-10.84%
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF	1.24%	3.74%	5.59%	5.22%	-3.90%	-1.16%	4.58%	4.15%	0.90%

Correlation

The correlation between QCN.TO and QSB.TO is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.13
Correlation (All Time) Calculated using the full available price history since Jan 29, 2018	0.11

Over the past year, QCN.TO and QSB.TO have become more correlated (0.32) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

QCN.TO vs. QSB.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

QSB.TO

QSB.TO Risk / Return Rank: 67
QSB.TO Sharpe Ratio Rank: 65
QSB.TO Sortino Ratio Rank: 62
QSB.TO Omega Ratio Rank: 72
QSB.TO Calmar Ratio Rank: 69
QSB.TO Martin Ratio Rank: 66

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. QSB.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 Canadian Short-Term Bond Index ETF (QSB.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	QSB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.43	+0.90
Sortino ratio: Return per unit of downside risk	3.05	1.99	+1.06
Omega ratio: Gain probability vs. loss probability	1.41	1.29	+0.12
Calmar ratio: Return relative to maximum drawdown	3.32	2.30	+1.03
Martin ratio: Return relative to average drawdown	15.07	7.59	+7.48

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

The current QCN.TO Sharpe Ratio is 2.33, which is higher than the QSB.TO Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of QCN.TO and QSB.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. QSB.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than QSB.TO's maximum drawdown of -6.73%. Use the drawdown chart below to compare losses from any high point for QCN.TO and QSB.TO.

Drawdown Indicators

	QCN.TO	QSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-6.73%	-30.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-1.26%	-8.17%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-1.26%	-11.00%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-6.72%	-9.65%
Current Drawdown Current decline from peak	-1.20%	-0.29%	-0.91%
Average Drawdown Average peak-to-trough decline	-3.62%	-1.14%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	0.38%	+1.70%

Volatility

QCN.TO vs. QSB.TO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 2.88% compared to Mackenzie Canadian Short-Term Bond Index ETF (QSB.TO) at 0.52%. This indicates that QCN.TO's price experiences larger fluctuations and is considered to be riskier than QSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	QSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	0.52%	+2.36%
Volatility (6M) Calculated over the trailing 6-month period	11.05%	1.61%	+9.44%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	2.04%	+11.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.21%	2.57%	+10.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	2.45%	+13.20%

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

QCN.TO has a 0.04% expense ratio, which is lower than QSB.TO's 0.09% 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. QSB.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.95%, less than QSB.TO's 2.83% 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%
QSB.TO Mackenzie Canadian Short-Term Bond Index ETF	2.83%	2.96%	3.13%	2.63%	2.02%	2.21%	1.60%	2.22%	1.91%

Frequently Asked Questions

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

QCN.TO and QSB.TO have a correlation of 0.32, 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 QSB.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 QSB.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.09% for QSB.TO.

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

QCN.TO is categorized as Canada Equities, while QSB.TO is Short-Term Bond. QCN.TO tracks Solactive Canada Broad Market Index, while QSB.TO tracks Solactive Canadian Select Short-Term Bond Index. Their fees differ too: 0.04% for QCN.TO and 0.09% for QSB.TO.