QCN.TO vs. XEC.TO

Last updated Jun 13, 2026

QCN.TO (Mackenzie Canadian Equity Index ETF) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index. Both are passively managed. Over the past 5 years, QCN.TO returned 15.02%/yr vs 9.78%/yr for XEC.TO. At a 0.38 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.28%/yr for XEC.TO.

Performance

QCN.TO vs. XEC.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 Core MSCI Emerging Markets IMI Index ETF (XEC.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 11.18% return, which is significantly lower than XEC.TO's 25.33% 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*: —

XEC.TO

• 1D: 0.76%
• 1M: 2.43%
• YTD: 25.33%
• 6M: 27.75%
• 1Y: 49.06%
• 3Y*: 23.24%
• 5Y*: 9.78%
• 10Y*: 10.85%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	25.33%	25.78%	16.14%	7.92%	-14.76%	-1.75%	15.08%	11.54%	-14.08%

Correlation

The correlation between QCN.TO and XEC.TO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018	0.38

Over the past year, QCN.TO and XEC.TO have become more correlated (0.59) than their long-term average of 0.38, meaning their price movements have been converging.

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

Sectors	QCN.TO	XEC.TO
Financial Services	33.2%	18.4%
Energy	18.3%	3.9%
Basic Materials	17.9%	6.9%
Industrials	10.5%	9.0%
Technology	7.3%	35.0%
Consumer Cyclical	3.7%	9.6%
Consumer Defensive	2.9%	3.3%
Utilities	2.7%	2.2%
Communication Services	1.8%	6.4%
Real Estate	1.6%	1.7%
Healthcare	0.2%	3.7%

Return for Risk

QCN.TO vs. XEC.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: 87
QCN.TO Sharpe Ratio Rank: 90
QCN.TO Sortino Ratio Rank: 87
QCN.TO Omega Ratio Rank: 87
QCN.TO Calmar Ratio Rank: 81
QCN.TO Martin Ratio Rank: 88

XEC.TO

XEC.TO Risk / Return Rank: 83
XEC.TO Sharpe Ratio Rank: 84
XEC.TO Sortino Ratio Rank: 78
XEC.TO Omega Ratio Rank: 85
XEC.TO Calmar Ratio Rank: 86
XEC.TO Martin Ratio Rank: 81

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. XEC.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 Core MSCI Emerging Markets IMI Index ETF (XEC.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	XEC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.64	2.34	+0.30
Sortino ratio: Return per unit of downside risk	3.41	3.00	+0.41
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.02
Calmar ratio: Return relative to maximum drawdown	3.69	4.13	-0.44
Martin ratio: Return relative to average drawdown	16.90	13.90	+3.01

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

The current QCN.TO Sharpe Ratio is 2.64, which is comparable to the XEC.TO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of QCN.TO and XEC.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. XEC.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, which is greater than XEC.TO's maximum drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for QCN.TO and XEC.TO.

Drawdown Indicators

	QCN.TO	XEC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.90%	-32.54%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.43%	-11.25%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-15.07%	+2.81%
Max Drawdown (5Y) Largest decline over 5 years	-16.37%	-29.14%	+12.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.54%	—
Current Drawdown Current decline from peak	-0.94%	-2.89%	+1.95%
Average Drawdown Average peak-to-trough decline	-3.66%	-9.57%	+5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.34%	-1.28%

Volatility

QCN.TO vs. XEC.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 4.50%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 10.20%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than XEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCN.TO	XEC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	10.20%	-5.70%
Volatility (6M) Calculated over the trailing 6-month period	10.94%	17.86%	-6.92%
Volatility (1Y) Calculated over the trailing 1-year period	13.21%	19.90%	-6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	16.31%	-3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	17.77%	-2.04%

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

QCN.TO has a 0.04% expense ratio, which is lower than XEC.TO's 0.28% expense ratio.

Dividends

QCN.TO vs. XEC.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.96%, more than XEC.TO's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	1.53%	1.92%	2.03%	2.15%	2.19%	2.78%	1.64%	2.87%	2.66%	2.13%	1.80%	2.19%

Frequently Asked Questions

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

QCN.TO and XEC.TO have a correlation of 0.59, 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 XEC.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 XEC.TO?

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.28% for XEC.TO.

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

QCN.TO is categorized as Canada Equities, while XEC.TO is Emerging Markets Equities. QCN.TO tracks Solactive Canada Broad Market Index, while XEC.TO tracks MSCI Emerging Markets IMI Index. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.04% for QCN.TO and 0.28% for XEC.TO.