QDX.TO vs. MAAA.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Mackenzie International Equity Index ETF (QDX.TO) and Mackenzie AAA CLO ETF (MAAA.TO).

QDX.TO and MAAA.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QDX.TO is a passively managed fund by Mackenzie that tracks the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index. It was launched on Jan 24, 2018. MAAA.TO is a passively managed fund by Mackenzie that tracks the performance of the JPM CLOIE AAA Index (CAD-hedged). It was launched on May 1, 2025. Both QDX.TO and MAAA.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

QDX.TO vs. MAAA.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 Mackenzie AAA CLO ETF (MAAA.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025
QDX.TO Mackenzie International Equity Index ETF	2.63%	16.72%
MAAA.TO Mackenzie AAA CLO ETF	0.28%	2.87%

Returns By Period

In the year-to-date period, QDX.TO achieves a 2.63% return, which is significantly higher than MAAA.TO's 0.28% return.

QDX.TO

• 1D: 3.07%
• 1M: -5.76%
• YTD: 2.63%
• 6M: 5.86%
• 1Y: 19.56%
• 3Y*: 15.55%
• 5Y*: 10.13%
• 10Y*: —

MAAA.TO

• 1D: -0.02%
• 1M: 0.17%
• YTD: 0.28%
• 6M: 1.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

QDX.TO has a 0.17% expense ratio, which is lower than MAAA.TO's 0.18% 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%.

MAAA.TO

Mackenzie AAA CLO ETF

QDX.TO

Mackenzie International Equity Index ETF

Return for Risk

QDX.TO vs. MAAA.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: 64
QDX.TO Sharpe Ratio Rank: 64
QDX.TO Sortino Ratio Rank: 65
QDX.TO Omega Ratio Rank: 63
QDX.TO Calmar Ratio Rank: 65
QDX.TO Martin Ratio Rank: 63

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. MAAA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) and Mackenzie AAA CLO ETF (MAAA.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.

	QDX.TO	MAAA.TO	Difference
Sharpe ratio Return per unit of total volatility	1.16	—	—
Sortino ratio Return per unit of downside risk	1.68	—	—
Omega ratio Gain probability vs. loss probability	1.24	—	—
Calmar ratio Return relative to maximum drawdown	1.68	—	—
Martin ratio Return relative to average drawdown	6.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QDX.TO	MAAA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.04	-0.52

Correlation

The correlation between QDX.TO and MAAA.TO is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QDX.TO vs. MAAA.TO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.82%, less than MAAA.TO's 3.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QDX.TO Mackenzie International Equity Index ETF	2.82%	2.51%	2.48%	2.61%	2.73%	2.25%	1.91%	2.76%	3.03%
MAAA.TO Mackenzie AAA CLO ETF	3.85%	3.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

QDX.TO vs. MAAA.TO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, which is greater than MAAA.TO's maximum drawdown of -1.87%. Use the drawdown chart below to compare losses from any high point for QDX.TO and MAAA.TO.

Drawdown Indicators

	QDX.TO	MAAA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.08%	-1.87%	-26.21%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.00%	—	—
Current Drawdown Current decline from peak	-6.59%	-0.25%	-6.34%
Average Drawdown Average peak-to-trough decline	-4.59%	-0.68%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	—	—

Volatility

Volatility by Period

	QDX.TO	MAAA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.94%	3.39%	+13.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	3.39%	+10.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	3.39%	+12.04%