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

XIC.TO vs. QCN.TO

Last updated Jun 4, 2026

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both Canada Equities funds - XIC.TO tracks the S&P/TSX Capped Composite Index while QCN.TO tracks the Solactive Canada Broad Market Index. Both are passively managed. Over the past 5 years, XIC.TO returned 14.60%/yr vs 15.11%/yr for QCN.TO. A 0.71 correlation means they provide meaningful diversification when combined. XIC.TO charges 0.06%/yr vs 0.04%/yr for QCN.TO.

Performance

XIC.TO vs. QCN.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 Equity Index ETF (QCN.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 investments are quite close, with XIC.TO having a 10.75% return and QCN.TO slightly higher at 10.85%.

XIC.TO

1D
-1.05%
1M
3.59%
YTD
10.75%
6M
12.90%
1Y
34.79%
3Y*
23.62%
5Y*
14.60%
10Y*
12.48%

QCN.TO

1D
-0.97%
1M
3.64%
YTD
10.85%
6M
13.08%
1Y
35.02%
3Y*
23.88%
5Y*
15.11%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		10.75%31.51%21.48%11.73%-5.82%23.42%5.61%22.76%-8.90%
QCN.TO
Mackenzie Canadian Equity Index ETF		10.85%31.83%21.95%11.28%-5.45%24.65%5.84%24.53%-10.84%

Correlation

The correlation between XIC.TO and QCN.TO is 0.98 - 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

0.98

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

0.93

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

0.89

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

0.71

Over the past year, XIC.TO and QCN.TO have become more correlated (0.98) than their long-term average of 0.71, meaning their price movements have been converging.

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

Sectors
XIC.TO
QCN.TO

Financial Services

34.0%
33.2%

Energy

18.1%
18.3%

Basic Materials

17.2%
17.9%

Industrials

10.0%
10.5%

Technology

6.7%
7.3%

Consumer Cyclical

3.7%
3.7%

Utilities

2.9%
2.7%

Consumer Defensive

2.9%
2.9%

Communication Services

1.8%
1.8%

Real Estate

1.5%
1.6%

Healthcare

0.1%
0.2%

Financial Services

XIC.TO
34.0%
QCN.TO
33.2%

Energy

XIC.TO
18.1%
QCN.TO
18.3%

Basic Materials

XIC.TO
17.2%
QCN.TO
17.9%

Industrials

XIC.TO
10.0%
QCN.TO
10.5%

Technology

XIC.TO
6.7%
QCN.TO
7.3%

Consumer Cyclical

XIC.TO
3.7%
QCN.TO
3.7%

Utilities

XIC.TO
2.9%
QCN.TO
2.7%

Consumer Defensive

XIC.TO
2.9%
QCN.TO
2.9%

Communication Services

XIC.TO
1.8%
QCN.TO
1.8%

Real Estate

XIC.TO
1.5%
QCN.TO
1.6%

Healthcare

XIC.TO
0.1%
QCN.TO
0.2%

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 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. VO
Often compared with QCN.TO:
QCN.TO vs. VCN.TOQCN.TO vs. XIU.TOQCN.TO vs. VCE.TOQCN.TO vs. VOOQCN.TO vs. 3NIE.LQCN.TO vs. ZLB.TOQCN.TO vs. ACWV

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIC.TO
XIC.TO Risk / Return Rank: 8080
Overall Rank
XIC.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
QCN.TO
QCN.TO Risk / Return Rank: 8080
Overall Rank
QCN.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
QCN.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
QCN.TO Omega Ratio Rank: 8181
Omega Ratio Rank
QCN.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
QCN.TO Martin Ratio Rank: 8484
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.

XIC.TO vs. QCN.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 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.

XIC.TOQCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.76
2.75

+0.01

Sortino ratioReturn per unit of downside risk
3.57
3.58

-0.01

Omega ratioGain probability vs. loss probability

1.50

1.50

0.00

Calmar ratioReturn relative to maximum drawdown

3.76

3.73

+0.03

Martin ratioReturn relative to average drawdown

17.44

17.33

+0.11

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

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

The current XIC.TO Sharpe Ratio is 2.76, which is comparable to the QCN.TO Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of XIC.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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Sharpe Ratios by Period

XIC.TOQCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

2.75

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

1.15

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.82

-0.28

Drawdowns

XIC.TO vs. QCN.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -48.21%, which is greater than QCN.TO's maximum drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for XIC.TO and QCN.TO.

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Drawdown Indicators

XIC.TOQCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-48.21%

-36.90%

-11.31%

Max Drawdown (1Y)

Largest decline over 1 year

-9.29%

-9.43%

+0.14%

Max Drawdown (3Y)

Largest decline over 3 years

-12.27%

-12.26%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-16.30%

+0.06%

Max Drawdown (10Y)

Largest decline over 10 years

-37.21%

—

—

Current Drawdown

Current decline from peak

-1.05%

-0.97%

-0.08%

Average Drawdown

Average peak-to-trough decline

-7.04%

-3.65%

-3.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.00%

2.03%

-0.03%

Volatility

XIC.TO vs. QCN.TO - Volatility Comparison

iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and Mackenzie Canadian Equity Index ETF (QCN.TO) have volatilities of 3.48% 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

XIC.TOQCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

3.35%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

10.33%

10.51%

-0.18%

Volatility (1Y)

Calculated over the trailing 1-year period

12.67%

12.80%

-0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.13%

13.24%

-0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.96%

15.75%

-0.79%

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

XIC.TO has a 0.06% 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

XIC.TO vs. QCN.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.02%, 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%3.02%3.07%2.73%0.00%0.00%0.00%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.02%2.23%2.64%2.95%3.10%2.44%3.03%3.01%3.19%2.49%2.72%3.21%

Frequently Asked Questions

With a correlation of 0.98, XIC.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 0.06% for XIC.TO.

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

Portfolio Optimizer

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