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

XUU.TO vs. QUU.TO

Last updated Jun 4, 2026

XUU.TO (iShares Core S&P U.S. Total Market Index ETF) and QUU.TO (Mackenzie US Large Cap Equity Index ETF) are both Large Cap Blend Equities funds - XUU.TO tracks the Morningstar US Market TR CAD while QUU.TO tracks the Solactive US Large Cap CAD Index. Both are passively managed. Over the past 5 years, XUU.TO returned 15.81%/yr vs 16.84%/yr for QUU.TO. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.07% expense ratio.

Performance

XUU.TO vs. QUU.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 US Large Cap Equity Index ETF (QUU.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 XUU.TO having a 12.48% return and QUU.TO slightly higher at 12.55%.

XUU.TO

1D
-0.29%
1M
7.40%
YTD
12.48%
6M
10.56%
1Y
29.05%
3Y*
23.13%
5Y*
15.81%
10Y*
15.46%

QUU.TO

1D
-0.02%
1M
7.58%
YTD
12.55%
6M
10.69%
1Y
30.09%
3Y*
24.23%
5Y*
16.84%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		12.48%11.25%34.07%23.11%-13.53%25.93%16.25%23.77%-1.75%
QUU.TO
Mackenzie US Large Cap Equity Index ETF		12.55%13.08%35.77%25.01%-15.10%26.45%18.85%24.81%-1.07%

Correlation

The correlation between XUU.TO and QUU.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

0.93

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

0.92

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

0.82

The correlation between XUU.TO and QUU.TO shifts across timeframes, from 0.82 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XUU.TO
QUU.TO

Technology

37.3%
35.3%

Financial Services

11.2%
11.5%

Consumer Cyclical

9.8%
10.0%

Communication Services

9.8%
11.5%

Industrials

8.8%
8.6%

Healthcare

8.4%
8.8%

Consumer Defensive

4.4%
4.8%

Energy

3.4%
3.6%

Utilities

2.5%
2.3%

Real Estate

2.2%
1.8%

Basic Materials

1.9%
1.8%

Technology

XUU.TO
37.3%
QUU.TO
35.3%

Financial Services

XUU.TO
11.2%
QUU.TO
11.5%

Consumer Cyclical

XUU.TO
9.8%
QUU.TO
10.0%

Communication Services

XUU.TO
9.8%
QUU.TO
11.5%

Industrials

XUU.TO
8.8%
QUU.TO
8.6%

Healthcare

XUU.TO
8.4%
QUU.TO
8.8%

Consumer Defensive

XUU.TO
4.4%
QUU.TO
4.8%

Energy

XUU.TO
3.4%
QUU.TO
3.6%

Utilities

XUU.TO
2.5%
QUU.TO
2.3%

Real Estate

XUU.TO
2.2%
QUU.TO
1.8%

Basic Materials

XUU.TO
1.9%
QUU.TO
1.8%

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

Mackenzie US Large Cap 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 QUU.TO:
QUU.TO vs. XEQT.TOQUU.TO vs. VOOQUU.TO vs. VUN.TOQUU.TO vs. VTIQUU.TO vs. XUS.TOQUU.TO vs. ZNQ.TOQUU.TO vs. MSTR

Return for Risk

XUU.TO vs. QUU.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: 7070
Overall Rank
XUU.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
XUU.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
XUU.TO Omega Ratio Rank: 7373
Omega Ratio Rank
XUU.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
XUU.TO Martin Ratio Rank: 6767
Martin Ratio Rank
QUU.TO
QUU.TO Risk / Return Rank: 7272
Overall Rank
QUU.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QUU.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUU.TO Omega Ratio Rank: 7575
Omega Ratio Rank
QUU.TO Calmar Ratio Rank: 6969
Calmar Ratio Rank
QUU.TO Martin Ratio Rank: 6969
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. QUU.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 US Large Cap Equity Index ETF (QUU.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.

XUU.TOQUU.TODifference
Sharpe ratioReturn per unit of total volatility
2.42
2.47

-0.05

Sortino ratioReturn per unit of downside risk
3.32
3.39

-0.07

Omega ratioGain probability vs. loss probability

1.45

1.46

-0.01

Calmar ratioReturn relative to maximum drawdown

3.32

3.43

-0.11

Martin ratioReturn relative to average drawdown

12.64

12.77

-0.13

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

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

The current XUU.TO Sharpe Ratio is 2.42, which is comparable to the QUU.TO Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of XUU.TO and QUU.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

XUU.TOQUU.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

2.47

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.03

1.11

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.92

-0.06

Drawdowns

XUU.TO vs. QUU.TO - Drawdown Comparison

The maximum XUU.TO drawdown since its inception was -28.22%, which is greater than QUU.TO's maximum drawdown of -26.86%. Use the drawdown chart below to compare losses from any high point for XUU.TO and QUU.TO.

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Drawdown Indicators

XUU.TOQUU.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.22%

-26.86%

-1.36%

Max Drawdown (1Y)

Largest decline over 1 year

-8.80%

-8.81%

+0.01%

Max Drawdown (3Y)

Largest decline over 3 years

-19.70%

-19.23%

-0.47%

Max Drawdown (5Y)

Largest decline over 5 years

-23.41%

-24.00%

+0.59%

Max Drawdown (10Y)

Largest decline over 10 years

-28.22%

—

—

Current Drawdown

Current decline from peak

-0.29%

-0.14%

-0.15%

Average Drawdown

Average peak-to-trough decline

-4.09%

-4.42%

+0.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.30%

2.36%

-0.06%

Volatility

XUU.TO vs. QUU.TO - Volatility Comparison

The current volatility for iShares Core S&P U.S. Total Market Index ETF (XUU.TO) is 3.29%, while Mackenzie US Large Cap Equity Index ETF (QUU.TO) has a volatility of 3.79%. This indicates that XUU.TO experiences smaller price fluctuations and is considered to be less risky than QUU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUU.TOQUU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.29%

3.79%

-0.50%

Volatility (6M)

Calculated over the trailing 6-month period

9.08%

9.22%

-0.14%

Volatility (1Y)

Calculated over the trailing 1-year period

12.06%

12.24%

-0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.45%

15.30%

+0.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.59%

17.29%

-0.70%

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

Both XUU.TO and QUU.TO have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XUU.TO vs. QUU.TO - Dividend Comparison

XUU.TO's dividend yield for the trailing twelve months is around 1.01%, more than QUU.TO's 0.88% yield.

PositionTTM20252024202320222021202020192018201720162015
QUU.TO
Mackenzie US Large Cap Equity Index ETF		0.88%0.97%1.00%1.21%1.59%0.98%1.34%1.59%1.55%0.00%0.00%0.00%
XUU.TO
iShares Core S&P U.S. Total Market Index ETF		1.01%1.16%1.02%1.22%1.38%1.01%1.33%1.68%1.73%1.49%1.65%1.52%

Frequently Asked Questions

With a correlation of 0.96, XUU.TO and QUU.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.

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XUU.TO and QUU.TO have the same expense ratio: 0.07% per year.

XUU.TO tracks Morningstar US Market TR CAD, while QUU.TO tracks Solactive US Large Cap CAD Index. They also come from different issuers: iShares and Mackenzie.

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