XESG.TO vs. QCN.TO
XESG.TO (iShares ESG Aware MSCI Canada Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both Canada Equities funds - XESG.TO tracks the Morningstar Canada GR CAD while QCN.TO tracks the Solactive Canada Broad Market Index. Both are passively managed. Over the past 5 years, XESG.TO returned 12.42%/yr vs 15.11%/yr for QCN.TO. A 0.74 correlation means they provide meaningful diversification when combined. XESG.TO charges 0.16%/yr vs 0.04%/yr for QCN.TO.
Performance
XESG.TO vs. QCN.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XESG.TO having a 10.34% return and QCN.TO slightly higher at 10.85%.
XESG.TO
- 1D
- -0.94%
- 1M
- 3.12%
- YTD
- 10.34%
- 6M
- 9.25%
- 1Y
- 29.31%
- 3Y*
- 20.90%
- 5Y*
- 12.42%
- 10Y*
- —
QCN.TO
- 1D
- -0.97%
- 1M
- 3.64%
- YTD
- 10.85%
- 6M
- 13.08%
- 1Y
- 35.02%
- 3Y*
- 23.88%
- 5Y*
- 15.11%
- 10Y*
- —
XESG.TO vs. QCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XESG.TO iShares ESG Aware MSCI Canada Index ETF | 10.34% | 26.25% | 20.05% | 10.13% | -7.77% | 22.91% | 4.80% | 15.28% |
QCN.TO Mackenzie Canadian Equity Index ETF | 10.85% | 31.83% | 21.95% | 11.28% | -5.45% | 24.65% | 5.84% | 7.66% |
Correlation
The correlation between XESG.TO and QCN.TO is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2019 | 0.74 |
Over the past year, XESG.TO and QCN.TO have become more correlated (0.96) than their long-term average of 0.74, meaning their price movements have been converging.
XESG.TO vs. QCN.TO - Sectors Allocation Comparison
Sectors
XESG.TO
QCN.TO
Financial Services
Energy
Basic Materials
Industrials
Technology
Utilities
Consumer Cyclical
Consumer Defensive
Real Estate
Communication Services
Healthcare
Financial Services
XESG.TO
QCN.TO
Energy
XESG.TO
QCN.TO
Basic Materials
XESG.TO
QCN.TO
Industrials
XESG.TO
QCN.TO
Technology
XESG.TO
QCN.TO
Utilities
XESG.TO
QCN.TO
Consumer Cyclical
XESG.TO
QCN.TO
Consumer Defensive
XESG.TO
QCN.TO
Real Estate
XESG.TO
QCN.TO
Communication Services
XESG.TO
QCN.TO
Healthcare
XESG.TO
QCN.TO
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Return for Risk
XESG.TO vs. QCN.TO — Risk / Return Rank
XESG.TO
QCN.TO
XESG.TO vs. QCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI Canada Index ETF (XESG.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.
| XESG.TO | QCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.50 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 3.73 | -0.56 |
| Martin ratioReturn relative to average drawdown | 14.11 | 17.33 | -3.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XESG.TO | QCN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.24 | 2.75 | -0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.92 | 1.15 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.82 | 0.00 |
Drawdowns
XESG.TO vs. QCN.TO - Drawdown Comparison
The maximum XESG.TO drawdown since its inception was -37.36%, roughly equal to the maximum QCN.TO drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for XESG.TO and QCN.TO.
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Drawdown Indicators
| XESG.TO | QCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.36% | -36.90% | -0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -9.28% | -9.43% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -14.18% | -12.26% | -1.92% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -16.30% | -1.61% |
Current DrawdownCurrent decline from peak | -0.94% | -0.97% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -4.55% | -3.65% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 2.03% | +0.05% |
Volatility
XESG.TO vs. QCN.TO - Volatility Comparison
iShares ESG Aware MSCI Canada Index ETF (XESG.TO) and Mackenzie Canadian Equity Index ETF (QCN.TO) have volatilities of 3.37% and 3.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XESG.TO | QCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.37% | 3.35% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 10.51% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.15% | 12.80% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 13.24% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 15.75% | +1.08% |
XESG.TO vs. QCN.TO - Expense Ratio Comparison
XESG.TO has a 0.16% 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
XESG.TO vs. QCN.TO - Dividend Comparison
XESG.TO's dividend yield for the trailing twelve months is around 1.96%, which matches QCN.TO's 1.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
QCN.TO Mackenzie Canadian Equity Index ETF | 1.96% | 2.19% | 2.74% | 3.37% | 3.26% | 2.45% | 3.02% | 3.07% | 2.73% |
XESG.TO iShares ESG Aware MSCI Canada Index ETF | 1.96% | 2.13% | 2.45% | 2.74% | 2.63% | 1.88% | 2.15% | 1.05% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, XESG.TO and QCN.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, 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 0.16% for XESG.TO.
XESG.TO tracks Morningstar Canada GR CAD, while QCN.TO tracks Solactive Canada Broad Market Index. They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.16% for XESG.TO and 0.04% for QCN.TO.
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