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

QCN.TO vs. ZCN.TO

Last updated Apr 2, 2026

Compare and contrast key facts about Mackenzie Canadian Equity Index ETF (QCN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO).

QCN.TO and ZCN.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QCN.TO is a passively managed fund by Mackenzie that tracks the performance of the Solactive Canada Broad Market Index. It was launched on Jan 24, 2018. ZCN.TO is a passively managed fund by BMO that tracks the performance of the S&P/TSX Capped Composite Index. It was launched on May 29, 2009. Both QCN.TO and ZCN.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QCN.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)20252024202320222021202020192018
QCN.TO
Mackenzie Canadian Equity Index ETF		4.40%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.84%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		4.54%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-9.05%

Returns By Period

The year-to-date returns for both investments are quite close, with QCN.TO having a 4.40% return and ZCN.TO slightly higher at 4.54%.

QCN.TO

1D
0.59%
1M
-4.48%
YTD
4.40%
6M
10.59%
1Y
34.71%
3Y*
21.40%
5Y*
15.34%
10Y*
—

ZCN.TO

1D
0.64%
1M
-4.29%
YTD
4.54%
6M
10.66%
1Y
34.87%
3Y*
21.33%
5Y*
14.92%
10Y*
12.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

BMO S&P/TSX Capped Composite 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. ZLB.TOQCN.TO vs. 3NIE.L
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VCE.TOZCN.TO vs. VDY.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

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

QCN.TO has a 0.04% expense ratio, which is lower than ZCN.TO's 0.06% 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%.

ZCN.TO
BMO S&P/TSX Capped Composite Index ETF
QCN.TO
Mackenzie Canadian Equity Index ETF

Return for Risk

QCN.TO vs. ZCN.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: 9393
Overall Rank
QCN.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 9494
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 9393
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 9393
Overall Rank
ZCN.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 9494
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 9494
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. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie Canadian Equity Index ETF (QCN.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.TOZCN.TODifference

Sharpe ratio

Return per unit of total volatility

2.27

2.29

-0.03

Sortino ratio

Return per unit of downside risk

2.88

2.89

-0.01

Omega ratio

Gain probability vs. loss probability

1.45

1.46

-0.01

Calmar ratio

Return relative to maximum drawdown

3.30

3.22

+0.07

Martin ratio

Return relative to average drawdown

14.55

14.47

+0.09

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. ZCN.TO - Sharpe Ratio Comparison

The current QCN.TO Sharpe Ratio is 2.27, which is comparable to the ZCN.TO Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of QCN.TO and ZCN.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

QCN.TOZCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.27

2.29

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.17

1.15

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.66

+0.12

Correlation

The correlation between QCN.TO and ZCN.TO is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QCN.TO vs. ZCN.TO - Dividend Comparison

QCN.TO's dividend yield for the trailing twelve months is around 2.08%, less than ZCN.TO's 2.15% yield.

TTM20252024202320222021202020192018201720162015
QCN.TO
Mackenzie Canadian Equity Index ETF		2.08%2.19%2.74%3.37%3.26%2.45%3.02%3.07%2.73%0.00%0.00%0.00%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.15%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.71%2.84%3.33%

Drawdowns

QCN.TO vs. ZCN.TO - Drawdown Comparison

The maximum QCN.TO drawdown since its inception was -36.90%, roughly equal to the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for QCN.TO and ZCN.TO.

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Drawdown Indicators

QCN.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.90%

-37.18%

+0.28%

Max Drawdown (1Y)

Largest decline over 1 year

-10.71%

-11.02%

+0.31%

Max Drawdown (5Y)

Largest decline over 5 years

-16.30%

-16.25%

-0.05%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.18%

—

Current Drawdown

Current decline from peak

-4.48%

-4.29%

-0.19%

Average Drawdown

Average peak-to-trough decline

-3.70%

-4.80%

+1.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

2.46%

-0.03%

Volatility

QCN.TO vs. ZCN.TO - Volatility Comparison

Mackenzie Canadian Equity Index ETF (QCN.TO) has a higher volatility of 5.92% compared to BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) at 5.62%. This indicates that QCN.TO's price experiences larger fluctuations and is considered to be riskier than ZCN.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.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.92%

5.62%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

11.09%

10.90%

+0.19%

Volatility (1Y)

Calculated over the trailing 1-year period

15.40%

15.29%

+0.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.19%

13.01%

+0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.83%

14.96%

+0.87%