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

XIC.TO vs. QCE.TO

Last updated Aug 4, 2026
Documentation

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and QCE.TO (Mackenzie Canadian Large Cap Equity Index ETF) are both Canada Equities funds - XIC.TO tracks the S&P/TSX Capped Composite Index while QCE.TO tracks the Solactive Canada Large Cap Index. Both are passively managed. Over the past 5 years, XIC.TO returned 14.56%/yr vs 15.31%/yr for QCE.TO. Their 0.53 correlation means they have sometimes moved together and sometimes differently. XIC.TO charges 0.06%/yr vs 0.04%/yr for QCE.TO.

Performance

XIC.TO vs. QCE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P/TSX Capped Composite Index ETF (XIC.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

In the year-to-date period, XIC.TO achieves a 12.55% return, which is significantly lower than QCE.TO's 14.37% return.

XIC.TO

1D
-0.76%
1M
0.04%
6M
10.65%
YTD
12.55%
1Y
33.33%
3Y*
23.01%
5Y*
14.56%
10Y*
12.41%
ALL TIME*
9.28%

QCE.TO

1D
0.15%
1M
2.10%
6M
13.58%
YTD
14.37%
1Y
33.86%
3Y*
23.38%
5Y*
15.31%
10Y*
—
ALL TIME*
12.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

QCE.TO

Mackenzie Canadian Large Cap Equity Index ETF
CA$55.32KCA$69.28KCA$101.71K

XIC.TO

iShares Core S&P/TSX Capped Composite Index ETF
CA$23.72MCA$28.51MCA$27.00M

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

2026 (YTD)20252024202320222021202020192018
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		12.55%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-9.32%
QCE.TO
Mackenzie Canadian Large Cap Equity Index ETF		14.37%29.43%21.54%12.44%-6.08%24.89%4.28%22.10%-7.38%

Correlation

The correlation between XIC.TO and QCE.TO is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.76

Correlation (3Y)
Balances recent behavior with more history.

0.79

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.65

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

0.53

Over the past year, XIC.TO and QCE.TO have become more correlated (0.76) than their long-term average of 0.53, meaning their price movements have been converging.

XIC.TO vs. QCE.TO - Sectors Allocation Comparison

Sectors
XIC.TO
QCE.TO

Financial Services

36.2%
43.6%

Energy

16.6%
16.5%

Basic Materials

16.0%
13.4%

Industrials

10.5%
9.3%

Technology

7.2%
8.0%

Consumer Cyclical

3.9%
3.0%

Utilities

3.3%
2.0%

Consumer Defensive

2.9%
2.6%

Communication Services

1.6%
1.7%

Real Estate

1.5%

-

Healthcare

0.2%

-

Financial Services

XIC.TO
36.2%
QCE.TO
43.6%

Energy

XIC.TO
16.6%
QCE.TO
16.5%

Basic Materials

XIC.TO
16.0%
QCE.TO
13.4%

Industrials

XIC.TO
10.5%
QCE.TO
9.3%

Technology

XIC.TO
7.2%
QCE.TO
8.0%

Consumer Cyclical

XIC.TO
3.9%
QCE.TO
3.0%

Utilities

XIC.TO
3.3%
QCE.TO
2.0%

Consumer Defensive

XIC.TO
2.9%
QCE.TO
2.6%

Communication Services

XIC.TO
1.6%
QCE.TO
1.7%

Real Estate

XIC.TO
1.5%
QCE.TO

-

Healthcare

XIC.TO
0.2%
QCE.TO

-

Compare stocks, funds, or ETFs

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

iShares Core S&P/TSX Capped Composite Index ETF

Mackenzie Canadian Large Cap Equity Index ETF

Often compared with XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. XUS-U.TO
Often compared with QCE.TO:
QCE.TO vs. MCSB.TOQCE.TO vs. QCN.TOQCE.TO vs. QDXH.TOQCE.TO vs. CLSA.TOQCE.TO vs. MGB.TOQCE.TO vs. QEBL.TOQCE.TO vs. MKB.TO

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.
XIC.TO
XIC.TO Risk / Return Rank: 9090
Overall Rank
XIC.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 9191
Martin Ratio Rank
QCE.TO
QCE.TO Risk / Return Rank: 9393
Overall Rank
QCE.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
QCE.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
QCE.TO Omega Ratio Rank: 9494
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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.

XIC.TOQCE.TODifference
Sharpe ratioReturn per unit of total volatility
2.42
2.85

-0.43

Sortino ratioReturn per unit of downside risk
3.13
3.91

-0.78

Omega ratioGain probability vs. loss probability

1.42

1.52

-0.10

Calmar ratioReturn relative to maximum drawdown

3.47

4.38

-0.91

Martin ratioReturn relative to average drawdown

15.70

18.51

-2.81

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

The current XIC.TO Sharpe Ratio is 2.42, which is comparable to the QCE.TO Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of XIC.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

XIC.TO vs. QCE.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -47.27%, which is greater than QCE.TO's maximum drawdown of -35.47%. Use the drawdown chart below to compare losses from any high point for XIC.TO and QCE.TO.

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Drawdown Indicators

XIC.TOQCE.TODifference

Max Drawdown

Largest peak-to-trough decline

-47.27%

-35.47%

-11.80%

Max Drawdown (1Y)

Largest decline over 1 year

-9.29%

-7.54%

-1.75%

Max Drawdown (3Y)

Largest decline over 3 years

-12.27%

-12.48%

+0.21%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-16.27%

+0.03%

Max Drawdown (10Y)

Largest decline over 10 years

-37.21%

—

—

Current Drawdown

Current decline from peak

-1.56%

-0.81%

-0.75%

Average Drawdown

Average peak-to-trough decline

-6.72%

-3.66%

-3.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.78%

+0.27%

Volatility

XIC.TO vs. QCE.TO - Volatility Comparison

iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) has a higher volatility of 3.10% compared to Mackenzie Canadian Large Cap Equity Index ETF (QCE.TO) at 2.54%. This indicates that XIC.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

XIC.TOQCE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.10%

2.54%

+0.56%

Volatility (6M)

Calculated over the trailing 6-month period

10.35%

8.37%

+1.98%

Volatility (1Y)

Calculated over the trailing 1-year period

13.34%

11.60%

+1.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.23%

12.87%

+0.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.96%

15.76%

-0.80%

XIC.TO vs. QCE.TO - Expense Ratio Comparison

XIC.TO has a 0.06% expense ratio, which is higher than QCE.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

XIC.TO vs. QCE.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.00%, less than QCE.TO's 2.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.00%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%

Frequently Asked Questions

XIC.TO and QCE.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

QCE.TO is cheaper with a 0.04% expense ratio, compared with 0.06% for XIC.TO.

XIC.TO tracks S&P/TSX Capped Composite Index, while QCE.TO tracks Solactive Canada Large Cap Index. They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.06% for XIC.TO and 0.04% for QCE.TO.

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