QCN.TO vs. XCV.TO

Last updated Jun 5, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and XCV.TO (iShares Canadian Value Index ETF) are both Canada Equities funds - QCN.TO tracks the Solactive Canada Broad Market Index while XCV.TO tracks the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, QCN.TO returned 15.40%/yr vs 18.10%/yr for XCV.TO. A 0.62 correlation means they provide meaningful diversification when combined. QCN.TO charges 0.04%/yr vs 0.55%/yr for XCV.TO.

Performance

QCN.TO vs. XCV.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 iShares Canadian Value Index ETF (XCV.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 12.23% return, which is significantly lower than XCV.TO's 20.51% return.

QCN.TO

• 1D: 1.24%
• 1M: 5.07%
• YTD: 12.23%
• 6M: 13.35%
• 1Y: 37.15%
• 3Y*: 24.36%
• 5Y*: 15.40%
• 10Y*: —

XCV.TO

• 1D: 1.13%
• 1M: 5.14%
• YTD: 20.51%
• 6M: 19.30%
• 1Y: 46.03%
• 3Y*: 28.17%
• 5Y*: 18.10%
• 10Y*: 13.30%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QCN.TO Mackenzie Canadian Equity Index ETF	12.23%	31.83%	21.95%	11.28%	-5.45%	24.65%	5.84%	24.53%	-10.84%
XCV.TO iShares Canadian Value Index ETF	20.51%	32.17%	21.26%	9.47%	1.87%	32.71%	-2.56%	18.02%	-12.19%

Correlation

The correlation between QCN.TO and XCV.TO is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 26, 2018	0.62

The correlation between QCN.TO and XCV.TO shifts across timeframes, from 0.62 (all time) to 0.77 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

QCN.TO vs. XCV.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: 85
QCN.TO Sharpe Ratio Rank: 88
QCN.TO Sortino Ratio Rank: 85
QCN.TO Omega Ratio Rank: 86
QCN.TO Calmar Ratio Rank: 79
QCN.TO Martin Ratio Rank: 87

XCV.TO

XCV.TO Risk / Return Rank: 97
XCV.TO Sharpe Ratio Rank: 98
XCV.TO Sortino Ratio Rank: 98
XCV.TO Omega Ratio Rank: 98
XCV.TO Calmar Ratio Rank: 97
XCV.TO Martin Ratio Rank: 97

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. XCV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and iShares Canadian Value Index ETF (XCV.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.

	QCN.TO	XCV.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.91	5.13	-2.23
Sortino ratio: Return per unit of downside risk	3.76	6.84	-3.08
Omega ratio: Gain probability vs. loss probability	1.53	2.07	-0.54
Calmar ratio: Return relative to maximum drawdown	3.96	11.99	-8.03
Martin ratio: Return relative to average drawdown	18.39	45.20	-26.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current QCN.TO Sharpe Ratio is 2.91, which is lower than the XCV.TO Sharpe Ratio of 5.13. The chart below compares the historical Sharpe Ratios of QCN.TO and XCV.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.

Sharpe Ratios by Period

	QCN.TO	XCV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.91	5.13	-2.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.17	1.41	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.54	+0.29

Drawdowns

QCN.TO vs. XCV.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, smaller than the maximum XCV.TO drawdown of -52.49%. Use the drawdown chart below to compare losses from any high point for QCN.TO and XCV.TO.

Drawdown Indicators

	QCN.TO	XCV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-52.49%	+15.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-3.86%	-5.57%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-9.71%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.30%	-18.08%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.18%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.65%	-6.67%	+3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.02%	+1.01%

Volatility

QCN.TO vs. XCV.TO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) and iShares Canadian Value Index ETF (XCV.TO) have volatilities of 3.49% and 3.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	XCV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	3.36%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	7.71%	+2.86%
Volatility (1Y) Calculated over the trailing 1-year period	12.85%	9.01%	+3.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	12.88%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	15.55%	+0.20%

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

QCN.TO has a 0.04% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.

Dividends

QCN.TO vs. XCV.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.94%, less than XCV.TO's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCN.TO Mackenzie Canadian Equity Index ETF	1.94%	2.19%	2.74%	3.37%	3.26%	2.45%	3.02%	3.07%	2.73%	0.00%	0.00%	0.00%
XCV.TO iShares Canadian Value Index ETF	2.27%	2.71%	3.72%	3.88%	3.18%	2.11%	3.35%	3.06%	3.13%	2.40%	2.50%	3.14%

Frequently Asked Questions

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

QCN.TO and XCV.TO have a correlation of 0.67, 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 XCV.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 XCV.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.55% for XCV.TO.

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

QCN.TO tracks Solactive Canada Broad Market Index, while XCV.TO tracks Morningstar Canada GR CAD. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.04% for QCN.TO and 0.55% for XCV.TO.