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

XUU.TO vs. QCN.TO

Last updated Jun 13, 2026

XUU.TO (iShares Core S&P U.S. Total Market Index ETF) and QCN.TO (Mackenzie Canadian Equity Index ETF) are both exchange-traded funds - XUU.TO is a Large Cap Blend Equities fund tracking the S&P Total Market 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, XUU.TO returned 15.33%/yr vs 15.02%/yr for QCN.TO. At a 0.43 correlation, their price movements are largely independent. XUU.TO charges 0.07%/yr vs 0.04%/yr for QCN.TO.

Performance

XUU.TO vs. QCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P U.S. Total Market Index ETF (XUU.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 stocks are quite close, with XUU.TO having a 11.45% return and QCN.TO slightly lower at 11.18%.

XUU.TO

1D
0.63%
1M
1.53%
YTD
11.45%
6M
11.22%
1Y
29.10%
3Y*
22.22%
5Y*
15.33%
10Y*
15.61%

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)

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

2026 (YTD)20252024202320222021202020192018
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		11.45%11.25%34.07%23.11%-13.53%25.94%16.26%23.78%-1.38%
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 XUU.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

0.59

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

0.54

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

0.43

Over the past year, XUU.TO and QCN.TO have become more correlated (0.64) than their long-term average of 0.43, meaning their price movements have been converging.

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

Sectors
XUU.TO
QCN.TO

Technology

37.3%
7.3%

Financial Services

11.2%
33.2%

Consumer Cyclical

9.8%
3.7%

Communication Services

9.8%
1.8%

Industrials

8.8%
10.5%

Healthcare

8.4%
0.2%

Consumer Defensive

4.4%
2.9%

Energy

3.4%
18.3%

Utilities

2.5%
2.7%

Real Estate

2.2%
1.6%

Basic Materials

1.9%
17.9%

Technology

XUU.TO
37.3%
QCN.TO
7.3%

Financial Services

XUU.TO
11.2%
QCN.TO
33.2%

Consumer Cyclical

XUU.TO
9.8%
QCN.TO
3.7%

Communication Services

XUU.TO
9.8%
QCN.TO
1.8%

Industrials

XUU.TO
8.8%
QCN.TO
10.5%

Healthcare

XUU.TO
8.4%
QCN.TO
0.2%

Consumer Defensive

XUU.TO
4.4%
QCN.TO
2.9%

Energy

XUU.TO
3.4%
QCN.TO
18.3%

Utilities

XUU.TO
2.5%
QCN.TO
2.7%

Real Estate

XUU.TO
2.2%
QCN.TO
1.6%

Basic Materials

XUU.TO
1.9%
QCN.TO
17.9%

Compare stocks, funds, or ETFs

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iShares Core S&P U.S. Total Market Index ETF

Mackenzie Canadian Equity Index ETF

Often compared with XUU.TO:
XUU.TO vs. XUS.TOXUU.TO vs. VUN.TOXUU.TO vs. XAW.TOXUU.TO vs. XUU-U.TOXUU.TO vs. XIC.TOXUU.TO vs. VTIXUU.TO vs. VOO
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUU.TO
XUU.TO Risk / Return Rank: 7676
Overall Rank
XUU.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XUU.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XUU.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XUU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XUU.TO Martin Ratio Rank: 7373
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P U.S. Total Market Index ETF (XUU.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.

XUU.TOQCN.TODifference
Sharpe ratioReturn per unit of total volatility
2.22
2.64

-0.42

Sortino ratioReturn per unit of downside risk
3.00
3.41

-0.42

Omega ratioGain probability vs. loss probability

1.41

1.47

-0.06

Calmar ratioReturn relative to maximum drawdown

3.13

3.69

-0.56

Martin ratioReturn relative to average drawdown

11.81

16.90

-5.10

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

The current XUU.TO Sharpe Ratio is 2.22, which is comparable to the QCN.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of XUU.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

XUU.TO vs. QCN.TO - Drawdown Comparison

The maximum XUU.TO drawdown since its inception was -28.22%, smaller than the maximum QCN.TO drawdown of -36.90%. Use the drawdown chart below to compare losses from any high point for XUU.TO and QCN.TO.

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Drawdown Indicators

XUU.TOQCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.22%

-36.90%

+8.68%

Max Drawdown (1Y)

Largest decline over 1 year

-8.80%

-9.43%

+0.63%

Max Drawdown (3Y)

Largest decline over 3 years

-19.70%

-12.26%

-7.44%

Max Drawdown (5Y)

Largest decline over 5 years

-23.40%

-16.37%

-7.03%

Max Drawdown (10Y)

Largest decline over 10 years

-28.22%

—

—

Current Drawdown

Current decline from peak

-1.41%

-0.94%

-0.47%

Average Drawdown

Average peak-to-trough decline

-4.15%

-3.66%

-0.49%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.33%

2.06%

+0.27%

Volatility

XUU.TO vs. QCN.TO - Volatility Comparison

iShares Core S&P U.S. Total Market Index ETF (XUU.TO) and Mackenzie Canadian Equity Index ETF (QCN.TO) have volatilities of 4.57% and 4.50%, 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

XUU.TOQCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

4.50%

+0.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.69%

10.94%

-1.25%

Volatility (1Y)

Calculated over the trailing 1-year period

12.42%

13.21%

-0.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.50%

13.24%

+2.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.61%

15.73%

+0.88%

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

XUU.TO has a 0.07% 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

XUU.TO vs. QCN.TO - Dividend Comparison

XUU.TO's dividend yield for the trailing twelve months is around 1.02%, less 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%
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		1.02%1.16%1.02%1.22%1.38%1.01%1.33%1.68%1.74%1.49%1.65%1.53%

Frequently Asked Questions

XUU.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 0.07% for XUU.TO.

XUU.TO is categorized as Large Cap Blend Equities, while QCN.TO is Canada Equities. XUU.TO tracks S&P Total Market Index, while QCN.TO tracks Solactive Canada Broad Market Index. They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.07% for XUU.TO and 0.04% for QCN.TO.

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