QDX.TO vs. FLUR.NEO

Last updated Jun 4, 2026

QDX.TO (Mackenzie International Equity Index ETF) and FLUR.NEO (Franklin International Equity Index ETF) are both Foreign Large Cap Equities funds - QDX.TO tracks the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index while FLUR.NEO tracks the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index-NR. Both are passively managed. Over the past 5 years, QDX.TO returned 11.33%/yr vs 11.12%/yr for FLUR.NEO. A 0.57 correlation means they provide meaningful diversification when combined. QDX.TO charges 0.17%/yr vs 0.27%/yr for FLUR.NEO.

Performance

QDX.TO vs. FLUR.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie International Equity Index ETF (QDX.TO) and Franklin International Equity Index ETF (FLUR.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QDX.TO having a 10.16% return and FLUR.NEO slightly lower at 10.14%.

QDX.TO

• 1D: -0.28%
• 1M: 5.44%
• YTD: 10.16%
• 6M: 10.81%
• 1Y: 23.43%
• 3Y*: 17.81%
• 5Y*: 11.33%
• 10Y*: —

FLUR.NEO

• 1D: -0.65%
• 1M: 4.00%
• YTD: 10.14%
• 6M: 10.78%
• 1Y: 23.20%
• 3Y*: 18.11%
• 5Y*: 11.12%
• 10Y*: —

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

QDX.TO vs. FLUR.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QDX.TO Mackenzie International Equity Index ETF	10.16%	25.29%	12.93%	13.66%	-8.61%	11.24%	5.06%	13.08%
FLUR.NEO Franklin International Equity Index ETF	10.14%	25.68%	12.42%	12.87%	-9.30%	14.74%	9.77%	14.40%

Correlation

The correlation between QDX.TO and FLUR.NEO is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 14, 2019	0.57

Over the past year, QDX.TO and FLUR.NEO have become more correlated (0.86) than their long-term average of 0.57, meaning their price movements have been converging.

Return for Risk

QDX.TO vs. FLUR.NEO — 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: 48
QDX.TO Sharpe Ratio Rank: 48
QDX.TO Sortino Ratio Rank: 50
QDX.TO Omega Ratio Rank: 48
QDX.TO Calmar Ratio Rank: 44
QDX.TO Martin Ratio Rank: 51

FLUR.NEO

FLUR.NEO Risk / Return Rank: 47
FLUR.NEO Sharpe Ratio Rank: 46
FLUR.NEO Sortino Ratio Rank: 45
FLUR.NEO Omega Ratio Rank: 50
FLUR.NEO Calmar Ratio Rank: 43
FLUR.NEO Martin Ratio Rank: 49

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. FLUR.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) and Franklin International Equity Index ETF (FLUR.NEO). 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.

	QDX.TO	FLUR.NEO	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.58	+0.07
Sortino ratio: Return per unit of downside risk	2.41	2.19	+0.21
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.16	2.08	+0.08
Martin ratio: Return relative to average drawdown	8.46	8.04	+0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDX.TO vs. FLUR.NEO - Sharpe Ratio Comparison

The current QDX.TO Sharpe Ratio is 1.65, which is comparable to the FLUR.NEO Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of QDX.TO and FLUR.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QDX.TO	FLUR.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.58	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.75	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.71	-0.16

Drawdowns

QDX.TO vs. FLUR.NEO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, smaller than the maximum FLUR.NEO drawdown of -30.20%. Use the drawdown chart below to compare losses from any high point for QDX.TO and FLUR.NEO.

Drawdown Indicators

	QDX.TO	FLUR.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-28.08%	-30.20%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-10.88%	-11.21%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-14.64%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	-26.55%	+3.55%
Current Drawdown Current decline from peak	-0.72%	-2.15%	+1.43%
Average Drawdown Average peak-to-trough decline	-4.54%	-4.83%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.89%	-0.11%

Volatility

QDX.TO vs. FLUR.NEO - Volatility Comparison

The current volatility for Mackenzie International Equity Index ETF (QDX.TO) is 4.80%, while Franklin International Equity Index ETF (FLUR.NEO) has a volatility of 5.55%. This indicates that QDX.TO experiences smaller price fluctuations and is considered to be less risky than FLUR.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDX.TO	FLUR.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	5.55%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	11.27%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	14.75%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.94%	15.01%	-1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.48%	16.96%	-1.48%

QDX.TO vs. FLUR.NEO - Expense Ratio Comparison

QDX.TO has a 0.17% expense ratio, which is lower than FLUR.NEO's 0.27% 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%.

Dividends

QDX.TO vs. FLUR.NEO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.63%, more than FLUR.NEO's 2.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FLUR.NEO Franklin International Equity Index ETF	2.18%	2.40%	2.76%	2.71%	4.16%	1.85%	1.97%	3.07%	0.00%
QDX.TO Mackenzie International Equity Index ETF	2.63%	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 FLUR.NEO in my portfolio?

QDX.TO and FLUR.NEO have a correlation of 0.86, 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 FLUR.NEO?

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 FLUR.NEO?

QDX.TO is cheaper with a 0.17% expense ratio, compared with 0.27% for FLUR.NEO.

What is the main difference between QDX.TO and FLUR.NEO?

QDX.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index, while FLUR.NEO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index-NR. They also come from different issuers: Mackenzie and Franklin Templeton. Their fees differ too: 0.17% for QDX.TO and 0.27% for FLUR.NEO.