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

QCN.TO vs. XEG.TO

Last updated Jul 1, 2026
See Documentation

QCN.TO (Mackenzie Canadian Equity Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 5 years, QCN.TO returned 14.97%/yr vs 25.66%/yr for XEG.TO. At a 0.35 correlation, their price movements are largely independent. QCN.TO charges 0.04%/yr vs 0.60%/yr for XEG.TO.

Performance

QCN.TO vs. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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 11.15% return, which is significantly lower than XEG.TO's 25.59% return.

QCN.TO

1D
0.15%
1M
0.80%
YTD
11.15%
6M
10.58%
1Y
33.09%
3Y*
23.69%
5Y*
14.97%
10Y*
—

XEG.TO

1D
-0.25%
1M
-7.91%
YTD
25.59%
6M
25.40%
1Y
45.16%
3Y*
22.26%
5Y*
25.66%
10Y*
10.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		11.15%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.85%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		25.59%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-28.39%

Correlation

The correlation between QCN.TO and XEG.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

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

0.32

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

0.43

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

0.35

Over the past year, the correlation between QCN.TO and XEG.TO has dropped to 0.07 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

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

Sectors
QCN.TO
XEG.TO

Financial Services

33.6%

-

Basic Materials

18.7%

-

Energy

17.4%
100.0%

Industrials

10.4%

-

Technology

7.2%

-

Consumer Cyclical

3.6%

-

Consumer Defensive

2.8%

-

Utilities

2.6%

-

Communication Services

1.9%

-

Real Estate

1.6%

-

Healthcare

0.2%

-

Financial Services

QCN.TO
33.6%
XEG.TO

-

Basic Materials

QCN.TO
18.7%
XEG.TO

-

Energy

QCN.TO
17.4%
XEG.TO
100.0%

Industrials

QCN.TO
10.4%
XEG.TO

-

Technology

QCN.TO
7.2%
XEG.TO

-

Consumer Cyclical

QCN.TO
3.6%
XEG.TO

-

Consumer Defensive

QCN.TO
2.8%
XEG.TO

-

Utilities

QCN.TO
2.6%
XEG.TO

-

Communication Services

QCN.TO
1.9%
XEG.TO

-

Real Estate

QCN.TO
1.6%
XEG.TO

-

Healthcare

QCN.TO
0.2%
XEG.TO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Mackenzie Canadian Equity Index ETF

iShares S&P/TSX Capped Energy 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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

QCN.TO vs. XEG.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: 8686
Overall Rank
QCN.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 8080
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8888
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 6464
Overall Rank
XEG.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 6363
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. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.51
1.94

+0.57

Sortino ratioReturn per unit of downside risk
3.27
2.44

+0.83

Omega ratioGain probability vs. loss probability

1.45

1.32

+0.13

Calmar ratioReturn relative to maximum drawdown

3.53

2.75

+0.77

Martin ratioReturn relative to average drawdown

16.01

9.67

+6.34

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

The current QCN.TO Sharpe Ratio is 2.51, which is comparable to the XEG.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of QCN.TO and XEG.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. XEG.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for QCN.TO and XEG.TO.

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Drawdown Indicators

QCN.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.90%

-87.51%

+50.61%

Max Drawdown (1Y)

Largest decline over 1 year

-9.43%

-16.47%

+7.04%

Max Drawdown (3Y)

Largest decline over 3 years

-12.26%

-25.67%

+13.41%

Max Drawdown (5Y)

Largest decline over 5 years

-16.37%

-28.42%

+12.05%

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.66%

—

Current Drawdown

Current decline from peak

-1.44%

-16.47%

+15.03%

Average Drawdown

Average peak-to-trough decline

-3.65%

-34.58%

+30.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.07%

4.68%

-2.61%

Volatility

QCN.TO vs. XEG.TO - Volatility Comparison

The current volatility for Mackenzie Canadian Equity Index ETF (QCN.TO) is 4.16%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.29%. This indicates that QCN.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

8.29%

-4.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.95%

19.87%

-8.92%

Volatility (1Y)

Calculated over the trailing 1-year period

13.25%

23.35%

-10.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.26%

28.65%

-15.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.70%

33.38%

-17.68%

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

QCN.TO has a 0.04% expense ratio, which is lower than XEG.TO's 0.60% expense ratio.

Dividends

QCN.TO vs. XEG.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 1.98%, less than XEG.TO's 2.93% yield.

PositionTTM20252024202320222021202020192018201720162015
QCN.TO
Mackenzie Canadian Equity Index ETF		1.98%2.19%2.74%3.37%3.26%2.45%3.03%3.07%2.73%0.00%0.00%0.00%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.93%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

QCN.TO and XEG.TO have a correlation of 0.07, 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 0.60% for XEG.TO.

QCN.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. QCN.TO tracks Solactive Canada Broad Market Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.04% for QCN.TO and 0.60% for XEG.TO.

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