QDX.TO vs. DXW.TO

Last updated Aug 4, 2026

QDX.TO (Mackenzie International Equity Index ETF) and DXW.TO (Dynamic Active International Dividend ETF) are both Foreign Large Cap Equities funds. QDX.TO is passively managed, while DXW.TO is actively managed. Over the past 5 years, QDX.TO returned 11.47%/yr vs 5.91%/yr for DXW.TO. Their 0.36 correlation means their historical movements had little consistent relationship. QDX.TO charges 0.17%/yr vs 0.55%/yr for DXW.TO.

Performance

QDX.TO vs. DXW.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 Dynamic Active International Dividend ETF (DXW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QDX.TO having a 14.10% return and DXW.TO slightly higher at 14.71%.

QDX.TO

• 1D: -0.49%
• 1M: -1.06%
• 6M: 8.38%
• YTD: 14.10%
• 1Y: 26.93%
• 3Y*: 18.42%
• 5Y*: 11.47%
• 10Y*: —
• ALL TIME*: 8.89%

DXW.TO

• 1D: 1.00%
• 1M: 3.84%
• 6M: 12.59%
• YTD: 14.71%
• 1Y: 22.63%
• 3Y*: 13.27%
• 5Y*: 5.91%
• 10Y*: —
• ALL TIME*: 8.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DXW.TO Dynamic Active International Dividend ETF	CA$2.28K	CA$8.28K	CA$9.69K
QDX.TO Mackenzie International Equity Index ETF	CA$357.51K	CA$296.06K	CA$600.37K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QDX.TO Mackenzie International Equity Index ETF	14.10%	25.29%	12.93%	13.65%	-8.61%	11.24%	4.69%
DXW.TO Dynamic Active International Dividend ETF	14.71%	20.35%	0.97%	15.88%	-18.80%	9.57%	20.62%

Correlation

The correlation between QDX.TO and DXW.TO is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.33
Correlation (5Y) Shows whether the relationship held over a longer period.	0.39
Correlation (All Time) Calculated using the full available price history since Feb 24, 2020	0.36

The correlation between QDX.TO and DXW.TO shifts across timeframes, from 0.20 (1 year) to 0.39 (5 years), reflecting how their relationship changes across market environments.

QDX.TO vs. DXW.TO - Sectors Allocation Comparison

Sectors	QDX.TO	DXW.TO
Financial Services	24.6%	17.8%
Industrials	19.0%	26.5%
Technology	12.4%	25.1%
Healthcare	10.4%	7.0%
Consumer Cyclical	7.7%	11.5%
Consumer Defensive	6.7%	2.7%
Basic Materials	5.8%	2.3%
Communication Services	4.3%	2.5%
Utilities	3.7%	-
Energy	3.4%	4.5%
Real Estate	2.0%	-

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

QDX.TO

QDX.TO Risk / Return Rank: 70
QDX.TO Sharpe Ratio Rank: 71
QDX.TO Sortino Ratio Rank: 73
QDX.TO Omega Ratio Rank: 72
QDX.TO Calmar Ratio Rank: 64
QDX.TO Martin Ratio Rank: 71

DXW.TO

DXW.TO Risk / Return Rank: 57
DXW.TO Sharpe Ratio Rank: 58
DXW.TO Sortino Ratio Rank: 54
DXW.TO Omega Ratio Rank: 61
DXW.TO Calmar Ratio Rank: 55
DXW.TO Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) and Dynamic Active International Dividend ETF (DXW.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.TO	DXW.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.56	+0.21
Sortino ratio: Return per unit of downside risk	2.54	2.12	+0.43
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.03
Calmar ratio: Return relative to maximum drawdown	2.42	2.16	+0.26
Martin ratio: Return relative to average drawdown	9.28	7.36	+1.92

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

The current QDX.TO Sharpe Ratio is 1.77, which is comparable to the DXW.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of QDX.TO and DXW.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

QDX.TO vs. DXW.TO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, smaller than the maximum DXW.TO drawdown of -30.99%. Use the drawdown chart below to compare losses from any high point for QDX.TO and DXW.TO.

Drawdown Indicators

	QDX.TO	DXW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.08%	-30.99%	+2.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-10.23%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-14.39%	+0.14%
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	-30.99%	+7.44%
Current Drawdown Current decline from peak	-1.38%	0.00%	-1.38%
Average Drawdown Average peak-to-trough decline	-4.48%	-7.32%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.00%	-0.17%

Volatility

QDX.TO vs. DXW.TO - Volatility Comparison

Mackenzie International Equity Index ETF (QDX.TO) has a higher volatility of 4.13% compared to Dynamic Active International Dividend ETF (DXW.TO) at 2.85%. This indicates that QDX.TO's price experiences larger fluctuations and is considered to be riskier than DXW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDX.TO	DXW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	2.85%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	11.85%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	14.89%	14.22%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	14.41%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.45%	16.74%	-1.29%

QDX.TO vs. DXW.TO - Expense Ratio Comparison

QDX.TO has a 0.17% expense ratio, which is lower than DXW.TO's 0.55% expense ratio.

Dividends

QDX.TO vs. DXW.TO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.34%, more than DXW.TO's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DXW.TO Dynamic Active International Dividend ETF	1.62%	2.38%	2.21%	1.94%	2.36%	1.35%	0.97%	0.00%	0.00%
QDX.TO Mackenzie International Equity Index ETF	2.34%	2.51%	2.48%	2.61%	2.73%	2.25%	1.91%	2.76%	3.03%

Frequently Asked Questions

Can I hold both QDX.TO and DXW.TO in my portfolio?

QDX.TO and DXW.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QDX.TO or DXW.TO?

On fees, QDX.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QDX.TO or DXW.TO?

QDX.TO is cheaper with a 0.17% expense ratio, compared with 0.55% for DXW.TO.

What is the main difference between QDX.TO and DXW.TO?

They also come from different issuers: Mackenzie and Dynamic. Their fees differ too: 0.17% for QDX.TO and 0.55% for DXW.TO.