QDXH.TO vs. QEBL.TO

Last updated Jul 18, 2026

QDXH.TO (Mackenzie International Equity Index ETF (CAD-Hedged)) and QEBL.TO (Mackenzie Emerging Markets Local Currency Bond Index ETF) are both exchange-traded funds - QDXH.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while QEBL.TO is a Emerging Markets Bonds fund actively managed by Mackenzie. QDXH.TO is passively managed, while QEBL.TO is actively managed. Over the past 5 years, QDXH.TO returned 12.05%/yr vs 5.70%/yr for QEBL.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

QDXH.TO vs. QEBL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie International Equity Index ETF (CAD-Hedged) (QDXH.TO) and Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDXH.TO achieves a 11.22% return, which is significantly higher than QEBL.TO's 1.78% return.

QDXH.TO

• 1D: -0.68%
• 1M: 0.47%
• 6M: 6.82%
• YTD: 11.22%
• 1Y: 24.48%
• 3Y*: 17.12%
• 5Y*: 12.05%
• 10Y*: —

QEBL.TO

• 1D: -1.07%
• 1M: -1.29%
• 6M: 0.05%
• YTD: 1.78%
• 1Y: 5.83%
• 3Y*: 9.60%
• 5Y*: 5.70%
• 10Y*: —

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

QDXH.TO vs. QEBL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QDXH.TO Mackenzie International Equity Index ETF (CAD-Hedged)	11.22%	21.99%	13.25%	14.25%	-2.55%	20.52%	-0.42%	4.71%
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	1.78%	12.49%	9.72%	12.50%	-4.11%	-9.10%	1.74%	2.04%

Correlation

The correlation between QDXH.TO and QEBL.TO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (All Time) Calculated using the full available price history since Oct 24, 2019	0.03

Return for Risk

QDXH.TO vs. QEBL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QDXH.TO

QDXH.TO Risk / Return Rank: 83
QDXH.TO Sharpe Ratio Rank: 84
QDXH.TO Sortino Ratio Rank: 92
QDXH.TO Omega Ratio Rank: 96
QDXH.TO Calmar Ratio Rank: 67
QDXH.TO Martin Ratio Rank: 76

QEBL.TO

QEBL.TO Risk / Return Rank: 26
QEBL.TO Sharpe Ratio Rank: 26
QEBL.TO Sortino Ratio Rank: 25
QEBL.TO Omega Ratio Rank: 24
QEBL.TO Calmar Ratio Rank: 25
QEBL.TO Martin Ratio Rank: 28

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.

QDXH.TO vs. QEBL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (CAD-Hedged) (QDXH.TO) and Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.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.

	QDXH.TO	QEBL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.05	0.69	+1.35
Sortino ratio: Return per unit of downside risk	3.48	1.07	+2.42
Omega ratio: Gain probability vs. loss probability	1.62	1.13	+0.49
Calmar ratio: Return relative to maximum drawdown	2.50	0.94	+1.56
Martin ratio: Return relative to average drawdown	10.44	2.85	+7.59

QDXH.TO vs. QEBL.TO - Sharpe Ratio Comparison

The current QDXH.TO Sharpe Ratio is 2.05, which is higher than the QEBL.TO Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of QDXH.TO and QEBL.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

QDXH.TO vs. QEBL.TO - Drawdown Comparison

The maximum QDXH.TO drawdown since its inception was -31.75%, which is greater than QEBL.TO's maximum drawdown of -21.90%. Use the drawdown chart below to compare losses from any high point for QDXH.TO and QEBL.TO.

Drawdown Indicators

	QDXH.TO	QEBL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-21.90%	-9.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-6.24%	-3.61%
Max Drawdown (3Y) Largest decline over 3 years	-13.49%	-7.01%	-6.48%
Max Drawdown (5Y) Largest decline over 5 years	-15.79%	-17.85%	+2.06%
Current Drawdown Current decline from peak	-1.66%	-2.54%	+0.88%
Average Drawdown Average peak-to-trough decline	-3.83%	-5.63%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.05%	+0.30%

Volatility

QDXH.TO vs. QEBL.TO - Volatility Comparison

The current volatility for Mackenzie International Equity Index ETF (CAD-Hedged) (QDXH.TO) is 2.04%, while Mackenzie Emerging Markets Local Currency Bond Index ETF (QEBL.TO) has a volatility of 2.74%. This indicates that QDXH.TO experiences smaller price fluctuations and is considered to be less risky than QEBL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDXH.TO	QEBL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.74%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	6.86%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	8.45%	+3.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.72%	10.14%	+2.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	10.62%	+4.81%

Dividends

QDXH.TO vs. QEBL.TO - Dividend Comparison

QDXH.TO's dividend yield for the trailing twelve months is around 2.31%, less than QEBL.TO's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
QDXH.TO Mackenzie International Equity Index ETF (CAD-Hedged)	2.31%	2.41%	2.64%	2.76%	2.92%	2.28%	1.96%	2.65%	3.13%
QEBL.TO Mackenzie Emerging Markets Local Currency Bond Index ETF	5.32%	5.45%	4.83%	22.34%	4.82%	4.64%	4.99%	0.69%	0.00%

Frequently Asked Questions

Can I hold both QDXH.TO and QEBL.TO in my portfolio?

QDXH.TO and QEBL.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between QDXH.TO and QEBL.TO?

QDXH.TO is categorized as International Equity, while QEBL.TO is Emerging Markets Bonds.