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QDX.TO vs. DRFD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QDX.TO vs. DRFD.TO

Last updated Jul 18, 2026
Documentation

QDX.TO (Mackenzie International Equity Index ETF) and DRFD.TO (Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF) are both Foreign Large Cap Equities funds. QDX.TO is passively managed, while DRFD.TO is actively managed. Over the past 5 years, QDX.TO returned 11.14%/yr vs 11.65%/yr for DRFD.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

QDX.TO vs. DRFD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie International Equity Index ETF (QDX.TO) and Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with QDX.TO having a 11.67% return and DRFD.TO slightly lower at 11.46%.

QDX.TO

1D
-0.84%
1M
-1.15%
6M
5.92%
YTD
11.67%
1Y
23.38%
3Y*
17.57%
5Y*
11.14%
10Y*
—

DRFD.TO

1D
0.03%
1M
1.33%
6M
8.14%
YTD
11.46%
1Y
25.18%
3Y*
21.46%
5Y*
11.65%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QDX.TO vs. DRFD.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QDX.TO
Mackenzie International Equity Index ETF		11.67%25.29%12.93%13.65%-8.61%11.24%5.06%15.27%-5.80%
DRFD.TO
Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF		11.46%30.23%16.52%12.80%-10.88%9.94%2.12%16.03%-8.74%

Correlation

The correlation between QDX.TO and DRFD.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

0.35

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

0.27

Correlation (All Time)
Calculated using the full available price history since Sep 24, 2018

0.23

Over the past year, QDX.TO and DRFD.TO have become more correlated (0.64) than their long-term average of 0.23, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Mackenzie International Equity Index ETF

Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF

Often compared with QDX.TO:
QDX.TO vs. QDXH.TOQDX.TO vs. TILV.TOQDX.TO vs. FCRI.TOQDX.TO vs. QTIP.NEOQDX.TO vs. RIDH.TOQDX.TO vs. XMV.TOQDX.TO vs. ZXM.TO
Often compared with DRFD.TO:
DRFD.TO vs. DANC.TODRFD.TO vs. DCG.TODRFD.TO vs. DCP.TODRFD.TO vs. DCS.TODRFD.TO vs. DRFE.TODRFD.TO vs. DRFG.TODRFD.TO vs. DRFU.TO

Return for Risk

QDX.TO vs. DRFD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QDX.TO
QDX.TO Risk / Return Rank: 6262
Overall Rank
QDX.TO Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
QDX.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
QDX.TO Omega Ratio Rank: 6363
Omega Ratio Rank
QDX.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
QDX.TO Martin Ratio Rank: 6262
Martin Ratio Rank
DRFD.TO
DRFD.TO Risk / Return Rank: 6969
Overall Rank
DRFD.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
DRFD.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
DRFD.TO Omega Ratio Rank: 7777
Omega Ratio Rank
DRFD.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
DRFD.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.

QDX.TO vs. DRFD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) and Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.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.

QDX.TODRFD.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
1.75

-0.17

Sortino ratioReturn per unit of downside risk
2.31
2.57

-0.26

Omega ratioGain probability vs. loss probability

1.29

1.34

-0.05

Calmar ratioReturn relative to maximum drawdown

2.16

2.13

+0.02

Martin ratioReturn relative to average drawdown

8.33

8.31

+0.03

QDX.TO vs. DRFD.TO - Sharpe Ratio Comparison

The current QDX.TO Sharpe Ratio is 1.59, which is comparable to the DRFD.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of QDX.TO and DRFD.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

QDX.TO vs. DRFD.TO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, which is greater than DRFD.TO's maximum drawdown of -25.18%. Use the drawdown chart below to compare losses from any high point for QDX.TO and DRFD.TO.

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Drawdown Indicators

QDX.TODRFD.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.08%

-25.18%

-2.90%

Max Drawdown (1Y)

Largest decline over 1 year

-10.88%

-11.85%

+0.97%

Max Drawdown (3Y)

Largest decline over 3 years

-14.25%

-13.78%

-0.47%

Max Drawdown (5Y)

Largest decline over 5 years

-23.55%

-22.31%

-1.24%

Current Drawdown

Current decline from peak

-3.48%

-2.61%

-0.87%

Average Drawdown

Average peak-to-trough decline

-4.49%

-5.26%

+0.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.81%

3.04%

-0.23%

Volatility

QDX.TO vs. DRFD.TO - Volatility Comparison

The current volatility for Mackenzie International Equity Index ETF (QDX.TO) is 3.37%, while Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF (DRFD.TO) has a volatility of 3.62%. This indicates that QDX.TO experiences smaller price fluctuations and is considered to be less risky than DRFD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QDX.TODRFD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.37%

3.62%

-0.25%

Volatility (6M)

Calculated over the trailing 6-month period

12.62%

12.44%

+0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

14.80%

14.42%

+0.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.06%

13.39%

+0.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.45%

13.67%

+1.78%

Dividends

QDX.TO vs. DRFD.TO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.39%, which matches DRFD.TO's 2.38% yield.

PositionTTM20252024202320222021202020192018
DRFD.TO
Desjardins RI Developed ex-USA ex-Canada Multifactor - Net-Zero Emissions Pathway ETF		2.38%2.68%2.55%2.17%2.74%2.38%2.55%2.34%0.72%
QDX.TO
Mackenzie International Equity Index ETF		2.39%2.51%2.48%2.61%2.73%2.25%1.91%2.76%3.03%

Frequently Asked Questions

QDX.TO and DRFD.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.

They also come from different issuers: Mackenzie and Desjardins.

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