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QCN.TO vs. VIU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QCN.TO vs. VIU.TO

Last updated Jun 13, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and VIU.TO (Vanguard FTSE Developed All Cap ex North America Index ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while VIU.TO is a International Equity fund tracking the FTSE Developed All Cap ex North America Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.02%/yr vs 12.03%/yr for VIU.TO. At a 0.49 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.23%/yr for VIU.TO.

Performance

QCN.TO vs. VIU.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 Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QCN.TO achieves a 11.18% return, which is significantly lower than VIU.TO's 17.39% return.

QCN.TO

1D
0.57%
1M
2.01%
YTD
11.18%
6M
11.97%
1Y
34.87%
3Y*
23.95%
5Y*
15.02%
10Y*
—

VIU.TO

1D
0.58%
1M
3.39%
YTD
17.39%
6M
19.18%
1Y
34.91%
3Y*
20.42%
5Y*
12.03%
10Y*
11.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		11.18%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.85%
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		17.39%28.36%10.73%15.67%-10.63%9.76%7.57%15.31%-11.20%

Correlation

The correlation between QCN.TO and VIU.TO is 0.64, 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

0.64

Correlation (3Y)
Calculated over the trailing 3-year period

0.63

Correlation (5Y)
Calculated over the trailing 5-year period

0.62

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2018

0.49

The correlation between QCN.TO and VIU.TO shifts across timeframes, from 0.49 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
QCN.TO
VIU.TO

Financial Services

33.2%
22.7%

Energy

18.3%
3.8%

Basic Materials

17.9%
6.2%

Industrials

10.5%
19.0%

Technology

7.3%
15.0%

Consumer Cyclical

3.7%
7.6%

Consumer Defensive

2.9%
6.3%

Utilities

2.7%
3.5%

Communication Services

1.8%
3.5%

Real Estate

1.6%
2.4%

Healthcare

0.2%
9.2%

Financial Services

QCN.TO
33.2%
VIU.TO
22.7%

Energy

QCN.TO
18.3%
VIU.TO
3.8%

Basic Materials

QCN.TO
17.9%
VIU.TO
6.2%

Industrials

QCN.TO
10.5%
VIU.TO
19.0%

Technology

QCN.TO
7.3%
VIU.TO
15.0%

Consumer Cyclical

QCN.TO
3.7%
VIU.TO
7.6%

Consumer Defensive

QCN.TO
2.9%
VIU.TO
6.3%

Utilities

QCN.TO
2.7%
VIU.TO
3.5%

Communication Services

QCN.TO
1.8%
VIU.TO
3.5%

Real Estate

QCN.TO
1.6%
VIU.TO
2.4%

Healthcare

QCN.TO
0.2%
VIU.TO
9.2%

Compare stocks, funds, or ETFs

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Mackenzie Canadian Equity Index ETF

Vanguard FTSE Developed All Cap ex North America Index ETF

Often compared with QCN.TO:
QCN.TO vs. VCN.TOQCN.TO vs. XIC.TOQCN.TO vs. XIU.TOQCN.TO vs. VCE.TOQCN.TO vs. VOOQCN.TO vs. 3NIE.LQCN.TO vs. ZLB.TO
Often compared with VIU.TO:
VIU.TO vs. XEF.TOVIU.TO vs. VIDY.TOVIU.TO vs. VCN.TOVIU.TO vs. VFV.TOVIU.TO vs. VDU.TOVIU.TO vs. XEQT.TOVIU.TO vs. VEQT.TO

Return for Risk

QCN.TO vs. VIU.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: 8787
Overall Rank
QCN.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
VIU.TO
VIU.TO Risk / Return Rank: 7171
Overall Rank
VIU.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VIU.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
VIU.TO Omega Ratio Rank: 7575
Omega Ratio Rank
VIU.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VIU.TO Martin Ratio Rank: 7070
Martin Ratio Rank
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. VIU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.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.TOVIU.TODifference
Sharpe ratioReturn per unit of total volatility
2.64
2.03

+0.61

Sortino ratioReturn per unit of downside risk
3.41
2.81

+0.60

Omega ratioGain probability vs. loss probability

1.47

1.38

+0.09

Calmar ratioReturn relative to maximum drawdown

3.69

2.82

+0.88

Martin ratioReturn relative to average drawdown

16.90

11.26

+5.65

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

The current QCN.TO Sharpe Ratio is 2.64, which is comparable to the VIU.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of QCN.TO and VIU.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.

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Drawdowns

QCN.TO vs. VIU.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than VIU.TO's maximum drawdown of -29.15%. Use the drawdown chart below to compare losses from any high point for QCN.TO and VIU.TO.

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Drawdown Indicators

QCN.TOVIU.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.90%

-29.15%

-7.75%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-11.74%

+2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-12.26%

-14.26%

+2.00%

Max Drawdown (5Y)

Largest decline over 5 years

-16.37%

-25.34%

+8.97%

Max Drawdown (10Y)

Largest decline over 10 years

—

-29.15%

—

Current Drawdown

Current decline from peak

-0.94%

0.00%

-0.94%

Average Drawdown

Average peak-to-trough decline

-3.66%

-5.32%

+1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.06%

2.94%

-0.88%

Volatility

QCN.TO vs. VIU.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 4.50%, while Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) has a volatility of 6.89%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than VIU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QCN.TOVIU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.50%

6.89%

-2.39%

Volatility (6M)

Calculated over the trailing 6-month period

10.94%

14.19%

-3.25%

Volatility (1Y)

Calculated over the trailing 1-year period

13.21%

16.29%

-3.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.24%

14.11%

-0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.73%

15.19%

+0.54%

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

QCN.TO has a 0.04% expense ratio, which is lower than VIU.TO's 0.23% 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. VIU.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.96%, less than VIU.TO's 2.15% yield.

PositionTTM20252024202320222021202020192018201720162015
QCN.TO
Mackenzie Canadian Equity Index ETF		1.96%2.19%2.74%3.37%3.26%2.45%3.03%3.07%2.73%0.00%0.00%0.00%
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		2.15%2.48%2.56%2.66%2.76%2.38%1.98%2.68%2.76%2.13%1.72%0.28%

Frequently Asked Questions

QCN.TO and VIU.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.23% for VIU.TO.

QCN.TO is categorized as Canada Equities, while VIU.TO is International Equity. QCN.TO tracks Solactive Canada Broad Market Index, while VIU.TO tracks FTSE Developed All Cap ex North America Index. They also come from different issuers: Mackenzie and Vanguard. Their fees differ too: 0.04% for QCN.TO and 0.23% for VIU.TO.

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