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VIU.TO vs. QCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIU.TO vs. QCN.TO

Last updated Jun 13, 2026

VIU.TO (Vanguard FTSE Developed All Cap ex North America Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both exchange-traded funds - VIU.TO is a International Equity fund tracking the FTSE Developed All Cap ex North America Index, while QCN.TO is a Canada Equities fund tracking the Solactive Canada Broad Market Index. Both are passively managed. Over the past 5 years, VIU.TO returned 12.03%/yr vs 15.02%/yr for QCN.TO. At a 0.49 correlation, their price movements are largely independent. VIU.TO charges 0.23%/yr vs 0.04%/yr for QCN.TO.

Performance

VIU.TO vs. QCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) and Mackenzie Canadian Equity Index ETF (QCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIU.TO achieves a 17.39% return, which is significantly higher than QCN.TO's 11.18% return.

VIU.TO

1D
0.58%
1M
3.39%
YTD
17.39%
6M
19.18%
1Y
34.91%
3Y*
20.42%
5Y*
12.03%
10Y*
11.21%

QCN.TO

1D
0.57%
1M
2.01%
YTD
11.18%
6M
11.97%
1Y
34.87%
3Y*
23.95%
5Y*
15.02%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIU.TO vs. QCN.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		17.39%28.36%10.73%15.67%-10.63%9.76%7.57%15.31%-11.20%
QCN.TO
Mackenzie Canadian Equity Index ETF		11.18%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.85%

Correlation

The correlation between VIU.TO and QCN.TO is 0.64, 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

0.64

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

0.63

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

0.62

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

0.49

The correlation between VIU.TO and QCN.TO shifts across timeframes, from 0.49 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

VIU.TO vs. QCN.TO - Sectors Allocation Comparison

Sectors
VIU.TO
QCN.TO

Financial Services

22.7%
33.2%

Industrials

19.0%
10.5%

Technology

15.0%
7.3%

Healthcare

9.2%
0.2%

Consumer Cyclical

7.6%
3.7%

Consumer Defensive

6.3%
2.9%

Basic Materials

6.2%
17.9%

Energy

3.8%
18.3%

Communication Services

3.5%
1.8%

Utilities

3.5%
2.7%

Real Estate

2.4%
1.6%

Financial Services

VIU.TO
22.7%
QCN.TO
33.2%

Industrials

VIU.TO
19.0%
QCN.TO
10.5%

Technology

VIU.TO
15.0%
QCN.TO
7.3%

Healthcare

VIU.TO
9.2%
QCN.TO
0.2%

Consumer Cyclical

VIU.TO
7.6%
QCN.TO
3.7%

Consumer Defensive

VIU.TO
6.3%
QCN.TO
2.9%

Basic Materials

VIU.TO
6.2%
QCN.TO
17.9%

Energy

VIU.TO
3.8%
QCN.TO
18.3%

Communication Services

VIU.TO
3.5%
QCN.TO
1.8%

Utilities

VIU.TO
3.5%
QCN.TO
2.7%

Real Estate

VIU.TO
2.4%
QCN.TO
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard FTSE Developed All Cap ex North America Index ETF

Mackenzie Canadian Equity Index ETF

Often compared with VIU.TO:
VIU.TO vs. XEF.TOVIU.TO vs. VIDY.TOVIU.TO vs. VCN.TOVIU.TO vs. VFV.TOVIU.TO vs. VDU.TOVIU.TO vs. XEQT.TOVIU.TO vs. VEQT.TO
Often compared with QCN.TO:
QCN.TO vs. VCN.TOQCN.TO vs. XIC.TOQCN.TO vs. XIU.TOQCN.TO vs. VCE.TOQCN.TO vs. VOOQCN.TO vs. 3NIE.LQCN.TO vs. ZLB.TO

Return for Risk

VIU.TO vs. QCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIU.TO
VIU.TO Risk / Return Rank: 7171
Overall Rank
VIU.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VIU.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
VIU.TO Omega Ratio Rank: 7575
Omega Ratio Rank
VIU.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VIU.TO Martin Ratio Rank: 7070
Martin Ratio Rank
QCN.TO
QCN.TO Risk / Return Rank: 8787
Overall Rank
QCN.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 8787
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8888
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.

VIU.TO vs. QCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) and Mackenzie Canadian Equity Index ETF (QCN.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.

VIU.TOQCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.03
2.64

-0.61

Sortino ratioReturn per unit of downside risk
2.81
3.41

-0.60

Omega ratioGain probability vs. loss probability

1.38

1.47

-0.09

Calmar ratioReturn relative to maximum drawdown

2.82

3.69

-0.88

Martin ratioReturn relative to average drawdown

11.26

16.90

-5.65

VIU.TO vs. QCN.TO - Sharpe Ratio Comparison

The current VIU.TO Sharpe Ratio is 2.03, which is comparable to the QCN.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of VIU.TO and QCN.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

VIU.TO vs. QCN.TO - Drawdown Comparison

The maximum VIU.TO drawdown since its inception was -29.15%, smaller than the maximum QCN.TO drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for VIU.TO and QCN.TO.

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Drawdown Indicators

VIU.TOQCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.15%

-36.90%

+7.75%

Max Drawdown (1Y)

Largest decline over 1 year

-11.74%

-9.43%

-2.31%

Max Drawdown (3Y)

Largest decline over 3 years

-14.26%

-12.26%

-2.00%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-16.37%

-8.97%

Max Drawdown (10Y)

Largest decline over 10 years

-29.15%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.94%

+0.94%

Average Drawdown

Average peak-to-trough decline

-5.32%

-3.66%

-1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.94%

2.06%

+0.88%

Volatility

VIU.TO vs. QCN.TO - Volatility Comparison

Vanguard FTSE Developed All Cap ex North America Index ETF (VIU.TO) has a higher volatility of 6.89% compared to Mackenzie Canadian Equity Index ETF (QCN.TO) at 4.50%. This indicates that VIU.TO's price experiences larger fluctuations and is considered to be riskier than QCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VIU.TOQCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.89%

4.50%

+2.39%

Volatility (6M)

Calculated over the trailing 6-month period

14.19%

10.94%

+3.25%

Volatility (1Y)

Calculated over the trailing 1-year period

16.29%

13.21%

+3.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.11%

13.24%

+0.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.19%

15.73%

-0.54%

VIU.TO vs. QCN.TO - Expense Ratio Comparison

VIU.TO has a 0.23% expense ratio, which is higher than QCN.TO's 0.04% 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

VIU.TO vs. QCN.TO - Dividend Comparison

VIU.TO's dividend yield for the trailing twelve months is around 2.15%, more than QCN.TO's 1.96% yield.

PositionTTM20252024202320222021202020192018201720162015
QCN.TO
Mackenzie Canadian Equity Index ETF		1.96%2.19%2.74%3.37%3.26%2.45%3.03%3.07%2.73%0.00%0.00%0.00%
VIU.TO
Vanguard FTSE Developed All Cap ex North America Index ETF		2.15%2.48%2.56%2.66%2.76%2.38%1.98%2.68%2.76%2.13%1.72%0.28%

Frequently Asked Questions

VIU.TO and QCN.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QCN.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QCN.TO is cheaper with a 0.04% expense ratio, compared with 0.23% for VIU.TO.

VIU.TO is categorized as International Equity, while QCN.TO is Canada Equities. VIU.TO tracks FTSE Developed All Cap ex North America Index, while QCN.TO tracks Solactive Canada Broad Market Index. They also come from different issuers: Vanguard and Mackenzie. Their fees differ too: 0.23% for VIU.TO and 0.04% for QCN.TO.

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