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

QUU.TO vs. TPU.TO

Last updated Jun 5, 2026

QUU.TO (Mackenzie US Large Cap Equity Index ETF) and TPU.TO (TD U.S. Equity Index ETF) are both Large Cap Blend Equities funds tracking the Solactive US Large Cap CAD Index, from Mackenzie and TD respectively. Both are passively managed. Over the past 5 years, QUU.TO returned 16.94%/yr vs 16.68%/yr for TPU.TO. Their correlation of 0.82 suggests significant overlap in exposure. QUU.TO charges 0.07%/yr vs 0.06%/yr for TPU.TO.

Performance

QUU.TO vs. TPU.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 TD U.S. Equity Index ETF (TPU.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 stocks are quite close, with QUU.TO having a 13.03% return and TPU.TO slightly lower at 13.02%.

QUU.TO

1D
0.43%
1M
6.93%
YTD
13.03%
6M
11.12%
1Y
30.75%
3Y*
24.45%
5Y*
16.94%
10Y*
—

TPU.TO

1D
0.48%
1M
6.94%
YTD
13.02%
6M
10.99%
1Y
30.63%
3Y*
24.07%
5Y*
16.68%
10Y*
16.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
QUU.TO
Mackenzie US Large Cap Equity Index ETF		13.03%13.08%35.77%25.01%-15.10%26.45%18.85%24.81%-1.07%
TPU.TO
TD U.S. Equity Index ETF		13.02%12.69%34.82%24.24%-14.31%26.02%18.73%25.02%-1.37%

Correlation

The correlation between QUU.TO and TPU.TO is 0.94, 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

0.94

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

0.93

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

0.92

Correlation (All Time)
Calculated using the full available price history since Jan 26, 2018

0.82

The correlation between QUU.TO and TPU.TO shifts across timeframes, from 0.82 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

QUU.TO vs. TPU.TO - Sectors Allocation Comparison

Sectors
QUU.TO
TPU.TO

Technology

35.3%
35.3%

Communication Services

11.5%
11.5%

Financial Services

11.5%
11.5%

Consumer Cyclical

10.0%
10.0%

Healthcare

8.8%
8.8%

Industrials

8.6%
8.6%

Consumer Defensive

4.8%
4.8%

Energy

3.6%
3.6%

Utilities

2.3%
2.3%

Basic Materials

1.8%
1.8%

Real Estate

1.8%
1.8%

Technology

QUU.TO
35.3%
TPU.TO
35.3%

Communication Services

QUU.TO
11.5%
TPU.TO
11.5%

Financial Services

QUU.TO
11.5%
TPU.TO
11.5%

Consumer Cyclical

QUU.TO
10.0%
TPU.TO
10.0%

Healthcare

QUU.TO
8.8%
TPU.TO
8.8%

Industrials

QUU.TO
8.6%
TPU.TO
8.6%

Consumer Defensive

QUU.TO
4.8%
TPU.TO
4.8%

Energy

QUU.TO
3.6%
TPU.TO
3.6%

Utilities

QUU.TO
2.3%
TPU.TO
2.3%

Basic Materials

QUU.TO
1.8%
TPU.TO
1.8%

Real Estate

QUU.TO
1.8%
TPU.TO
1.8%

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Mackenzie US Large Cap Equity Index ETF

TD U.S. 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. MSTR
Often compared with TPU.TO:
TPU.TO vs. VFV.TOTPU.TO vs. TTP.TOTPU.TO vs. ZSP.TOTPU.TO vs. VOOTPU.TO vs. VUN.TOTPU.TO vs. XUU.TOTPU.TO vs. XUS.TO

Return for Risk

QUU.TO vs. TPU.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: 7676
Overall Rank
QUU.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
QUU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
QUU.TO Omega Ratio Rank: 7979
Omega Ratio Rank
QUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
QUU.TO Martin Ratio Rank: 7171
Martin Ratio Rank
TPU.TO
TPU.TO Risk / Return Rank: 7777
Overall Rank
TPU.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
TPU.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
TPU.TO Omega Ratio Rank: 8181
Omega Ratio Rank
TPU.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
TPU.TO Martin Ratio Rank: 7272
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. TPU.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 TD U.S. Equity Index ETF (TPU.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.

QUU.TOTPU.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
2.61

-0.08

Sortino ratioReturn per unit of downside risk
3.46
3.51

-0.05

Omega ratioGain probability vs. loss probability

1.46

1.48

-0.01

Calmar ratioReturn relative to maximum drawdown

3.51

3.55

-0.04

Martin ratioReturn relative to average drawdown

13.05

13.26

-0.21

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current QUU.TO Sharpe Ratio is 2.53, which is comparable to the TPU.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of QUU.TO and TPU.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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Sharpe Ratios by Period

QUU.TOTPU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.53

2.61

-0.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.11

1.10

+0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.98

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.98

-0.05

Drawdowns

QUU.TO vs. TPU.TO - Drawdown Comparison

The maximum QUU.TO drawdown since its inception was -26.86%, roughly equal to the maximum TPU.TO drawdown of -27.96%. Use the drawdown chart below to compare losses from any high point for QUU.TO and TPU.TO.

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Drawdown Indicators

QUU.TOTPU.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.86%

-27.96%

+1.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.81%

-8.68%

-0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-19.23%

-19.30%

+0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-24.00%

-23.73%

-0.27%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.96%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.42%

-3.96%

-0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

2.32%

+0.04%

Volatility

QUU.TO vs. TPU.TO - Volatility Comparison

Mackenzie US Large Cap Equity Index ETF (QUU.TO) has a higher volatility of 3.73% compared to TD U.S. Equity Index ETF (TPU.TO) at 3.19%. This indicates that QUU.TO's price experiences larger fluctuations and is considered to be riskier than TPU.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.TOTPU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

3.19%

+0.54%

Volatility (6M)

Calculated over the trailing 6-month period

9.22%

8.84%

+0.38%

Volatility (1Y)

Calculated over the trailing 1-year period

12.23%

11.80%

+0.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.30%

15.31%

-0.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.29%

16.60%

+0.69%

QUU.TO vs. TPU.TO - Expense Ratio Comparison

QUU.TO has a 0.07% expense ratio, which is higher than TPU.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QUU.TO vs. TPU.TO - Dividend Comparison

QUU.TO's dividend yield for the trailing twelve months is around 0.88%, more than TPU.TO's 0.84% yield.

PositionTTM2025202420232022202120202019201820172016
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%0.00%0.00%
TPU.TO
TD U.S. Equity Index ETF		0.84%0.96%0.90%1.22%1.34%0.99%1.23%1.23%1.57%1.59%1.33%

Frequently Asked Questions

With a correlation of 0.94, QUU.TO and TPU.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.07% for QUU.TO.

Both ETFs track Solactive US Large Cap CAD Index. They also come from different issuers: Mackenzie and TD. Their fees differ too: 0.07% for QUU.TO and 0.06% for TPU.TO.

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