QUU.TO vs. XUU-U.TO

Last updated Jun 5, 2026

QUU.TO (Mackenzie US Large Cap Equity Index ETF) and XUU-U.TO (iShares Core S&P U.S. Total Market Index ETF) are both Large Cap Blend Equities funds - QUU.TO tracks the Solactive US Large Cap CAD Index while XUU-U.TO tracks the S&P Total Market Index. Both are passively managed. Over the past 5 years, QUU.TO returned 16.94%/yr vs 15.85%/yr for XUU-U.TO. At a 0.37 correlation, their price movements are largely independent. QUU.TO charges 0.07%/yr vs 0.08%/yr for XUU-U.TO.

Performance

QUU.TO vs. XUU-U.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 iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QUU.TO is traded in CAD, while XUU-U.TO is traded in USD. To make them comparable, the XUU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with QUU.TO having a 13.03% return and XUU-U.TO slightly higher at 13.11%.

QUU.TO

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

XUU-U.TO

• 1D: 0.57%
• 1M: 7.20%
• YTD: 13.11%
• 6M: 10.82%
• 1Y: 30.84%
• 3Y*: 22.94%
• 5Y*: 15.85%
• 10Y*: —

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

QUU.TO vs. XUU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QUU.TO Mackenzie US Large Cap Equity Index ETF	13.03%	13.08%	35.77%	25.01%	-15.10%	26.45%	18.85%	6.55%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	13.11%	11.00%	33.03%	23.73%	-14.72%	26.98%	16.71%	6.48%

Correlation

The correlation between QUU.TO and XUU-U.TO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.37

Over the past year, QUU.TO and XUU-U.TO have become more correlated (0.70) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

QUU.TO vs. XUU-U.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: 76
QUU.TO Sharpe Ratio Rank: 79
QUU.TO Sortino Ratio Rank: 78
QUU.TO Omega Ratio Rank: 79
QUU.TO Calmar Ratio Rank: 71
QUU.TO Martin Ratio Rank: 71

XUU-U.TO

XUU-U.TO Risk / Return Rank: 76
XUU-U.TO Sharpe Ratio Rank: 76
XUU-U.TO Sortino Ratio Rank: 73
XUU-U.TO Omega Ratio Rank: 84
XUU-U.TO Calmar Ratio Rank: 67
XUU-U.TO Martin Ratio Rank: 80

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. XUU-U.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 iShares Core S&P U.S. Total Market Index ETF (XUU-U.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.TO	XUU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.60	-0.08
Sortino ratio: Return per unit of downside risk	3.46	3.44	+0.01
Omega ratio: Gain probability vs. loss probability	1.46	1.51	-0.04
Calmar ratio: Return relative to maximum drawdown	3.51	3.61	-0.11
Martin ratio: Return relative to average drawdown	13.05	13.77	-0.71
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. XUU-U.TO - Sharpe Ratio Comparison

The current QUU.TO Sharpe Ratio is 2.53, which is comparable to the XUU-U.TO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of QUU.TO and XUU-U.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.

Sharpe Ratios by Period

	QUU.TO	XUU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.60	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.98	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.97	-0.05

Drawdowns

QUU.TO vs. XUU-U.TO - Drawdown Comparison

The maximum QUU.TO drawdown since its inception was -26.86%, which is greater than XUU-U.TO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for QUU.TO and XUU-U.TO.

Drawdown Indicators

	QUU.TO	XUU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.86%	-24.77%	-2.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.81%	-8.58%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.23%	-20.06%	+0.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-22.68%	-1.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.42%	-4.88%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	2.25%	+0.11%

Volatility

QUU.TO vs. XUU-U.TO - Volatility Comparison

Mackenzie US Large Cap Equity Index ETF (QUU.TO) has a higher volatility of 3.73% compared to iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO) at 2.72%. This indicates that QUU.TO's price experiences larger fluctuations and is considered to be riskier than XUU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QUU.TO	XUU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	2.72%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	9.17%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	11.90%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.30%	16.25%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	17.35%	-0.06%

QUU.TO vs. XUU-U.TO - Expense Ratio Comparison

QUU.TO has a 0.07% expense ratio, which is lower than XUU-U.TO's 0.08% 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

QUU.TO vs. XUU-U.TO - Dividend Comparison

QUU.TO's dividend yield for the trailing twelve months is around 0.88%, more than XUU-U.TO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	0.74%	0.83%	0.76%	0.85%	1.01%	0.77%	0.90%	0.38%	0.00%

Frequently Asked Questions

Can I hold both QUU.TO and XUU-U.TO in my portfolio?

QUU.TO and XUU-U.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QUU.TO or XUU-U.TO?

On fees, QUU.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QUU.TO or XUU-U.TO?

QUU.TO is cheaper with a 0.07% expense ratio, compared with 0.08% for XUU-U.TO.

What is the main difference between QUU.TO and XUU-U.TO?

QUU.TO tracks Solactive US Large Cap CAD Index, while XUU-U.TO tracks S&P Total Market Index. They also come from different issuers: Mackenzie and iShares. Their fees differ too: 0.07% for QUU.TO and 0.08% for XUU-U.TO.