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QUU.TO vs. QCE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUU.TO vs. QCE.TO

Last updated Jul 16, 2026
Documentation

QUU.TO (Mackenzie US Large Cap Equity Index ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both exchange-traded funds - QUU.TO is a Large Cap Blend Equities fund tracking the Solactive US Large Cap CAD Index, while QCE.TO is a Canada Equities fund actively managed by Mackenzie. QUU.TO is passively managed, while QCE.TO is actively managed. Over the past 5 years, QUU.TO returned 15.31%/yr vs 15.45%/yr for QCE.TO. At a 0.35 correlation, their price movements are largely independent.

Performance

QUU.TO vs. QCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie US Large Cap Equity Index ETF (QUU.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.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 investments are quite close, with QUU.TO having a 13.61% return and QCE.TO slightly higher at 14.14%.

QUU.TO

1D
0.02%
1M
0.47%
6M
11.27%
YTD
13.61%
1Y
25.09%
3Y*
23.11%
5Y*
15.31%
10Y*
—

QCE.TO

1D
0.28%
1M
1.65%
6M
10.77%
YTD
14.14%
1Y
33.07%
3Y*
23.92%
5Y*
15.45%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUU.TO vs. QCE.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QUU.TO
Mackenzie US Large Cap Equity Index ETF		13.61%13.08%35.77%25.01%-15.10%26.45%18.85%24.81%-1.02%
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		14.14%29.43%21.54%12.44%-6.08%24.89%4.28%22.10%-7.38%

Correlation

The correlation between QUU.TO and QCE.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

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

0.40

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2018

0.35

The correlation between QUU.TO and QCE.TO shifts across timeframes, from 0.35 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Mackenzie US Large Cap Equity Index ETF

Mackenzie Canadian Large Cap Equity Index ETF

Often compared with QUU.TO:
QUU.TO vs. XEQT.TOQUU.TO vs. VOOQUU.TO vs. VUN.TOQUU.TO vs. VTIQUU.TO vs. XUS.TOQUU.TO vs. ZNQ.TOQUU.TO vs. ZEA.TO

Return for Risk

QUU.TO vs. QCE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUU.TO
QUU.TO Risk / Return Rank: 7575
Overall Rank
QUU.TO Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
QUU.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
QUU.TO Omega Ratio Rank: 7676
Omega Ratio Rank
QUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
QUU.TO Martin Ratio Rank: 7171
Martin Ratio Rank
QCE.TO
QCE.TO Risk / Return Rank: 9393
Overall Rank
QCE.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
QCE.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
QCE.TO Omega Ratio Rank: 9393
Omega Ratio Rank
QCE.TO Calmar Ratio Rank: 9191
Calmar Ratio Rank
QCE.TO Martin Ratio Rank: 9393
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.

QUU.TO vs. QCE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie US Large Cap Equity Index ETF (QUU.TO) and Mackenzie Canadian Large Cap Equity Index ETF (QCE.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.

QUU.TOQCE.TODifference
Sharpe ratioReturn per unit of total volatility
1.98
2.87

-0.89

Sortino ratioReturn per unit of downside risk
2.73
3.95

-1.22

Omega ratioGain probability vs. loss probability

1.36

1.52

-0.17

Calmar ratioReturn relative to maximum drawdown

2.86

4.41

-1.55

Martin ratioReturn relative to average drawdown

10.44

18.62

-8.18

QUU.TO vs. QCE.TO - Sharpe Ratio Comparison

The current QUU.TO Sharpe Ratio is 1.98, which is lower than the QCE.TO Sharpe Ratio of 2.87. The chart below compares the historical Sharpe Ratios of QUU.TO and QCE.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

QUU.TO vs. QCE.TO - Drawdown Comparison

The maximum QUU.TO drawdown since its inception was -26.86%, smaller than the maximum QCE.TO drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for QUU.TO and QCE.TO.

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Drawdown Indicators

QUU.TOQCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.86%

-35.47%

+8.61%

Max Drawdown (1Y)

Largest decline over 1 year

-8.81%

-7.54%

-1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-19.23%

-12.48%

-6.75%

Max Drawdown (5Y)

Largest decline over 5 years

-24.00%

-16.27%

-7.73%

Current Drawdown

Current decline from peak

-1.12%

0.00%

-1.12%

Average Drawdown

Average peak-to-trough decline

-4.37%

-3.68%

-0.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

1.78%

+0.63%

Volatility

QUU.TO vs. QCE.TO - Volatility Comparison

Mackenzie US Large Cap Equity Index ETF (QUU.TO) has a higher volatility of 3.18% compared to Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) at 2.09%. This indicates that QUU.TO's price experiences larger fluctuations and is considered to be riskier than QCE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QUU.TOQCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.18%

2.09%

+1.09%

Volatility (6M)

Calculated over the trailing 6-month period

10.13%

8.88%

+1.25%

Volatility (1Y)

Calculated over the trailing 1-year period

12.73%

11.57%

+1.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.42%

12.88%

+2.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.24%

15.79%

+1.45%

Dividends

QUU.TO vs. QCE.TO - Dividend Comparison

QUU.TO's dividend yield for the trailing twelve months is around 0.88%, less than QCE.TO's 2.03% yield.

PositionTTM20252024202320222021202020192018
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		2.03%2.30%3.01%3.49%3.38%2.57%3.17%3.18%2.78%
QUU.TO
Mackenzie US Large Cap Equity Index ETF		0.88%0.97%1.00%1.21%1.59%0.98%1.34%1.59%1.55%

Frequently Asked Questions

QUU.TO and QCE.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QUU.TO is categorized as Large Cap Blend Equities, while QCE.TO is Canada Equities.

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