VS
Compare CI Morningstar Canada Value Index ETF (FXM) vs Mackenzie Canadian Equity Index ETF (QCN) to find the best fit for your portfolio. FXM provides Non-Energy Materials, Finance, and Energy exposures, while QCN is primarily weighted in Finance, Non-Energy Materials, and Energy. When evaluating costs, FXM features a management fee (MER) of 0.6%, compared to 0.04% for QCN. Performance-wise, FXM has returned 21.61% year-to-date with +$15 M in net flows, whereas QCN is at 15.17% with +$1 B. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
FXM
QCN
| AuM | $554.59 M | $6,387.04 M |
| Management Fees | 0.60% | 0.04% |
| Exp. ratio | 0.64% | 0.04% |
| Tracking Difference | -0.96% | -0.11% |
Historical performance and flows
As of October 19, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | FXM | +2.31% | +5.20% | +21.61% | +30.60% | +131.35% |
QCN | -0.16% | +3.28% | +15.17% | +20.85% | +101.00% | |
| Flows | FXM | +$10 M | +$42 M | +$15 M | -$2 M | -$30 M |
QCN | +$253 M | +$554 M | +$1,232 M | +$2,175 M | +$3,591 M |
FXM vs QCN exposure
Countries
FXM
Canada
99.86%
QCN
Canada
97.44%
Sectors
FXM
Non-Energy Materials
22.76%
Finance
16.61%
Energy
16.23%
Utilities
12.78%
Consumer Non-Cyclicals
9.39%
Telecommunications
8.76%
Other
13.46%
QCN
Finance
40.54%
Non-Energy Materials
19.48%
Energy
16.73%
Industrials
7.54%
Other
15.72%
As of October 19, 2026
Top 10 Holdings
FXM
Centerra Gold, Inc.
4.70%
Torex Gold Resources, Inc.
3.89%
Russel Metals, Inc.
3.78%
CGI, Inc.
3.62%
The Bank of Nova Scotia
3.61%
OceanaGold Corp.
3.60%
Nutrien Ltd.
3.57%
Cenovus Energy, Inc.
3.57%
Open Text Corp.
3.54%
Parex Resources, Inc.
3.46%
QCN
Royal Bank of Canada
7.56%
The Toronto-Dominion Bank
5.30%
Shopify, Inc.
4.61%
Bank of Montreal
3.20%
The Bank of Nova Scotia
3.00%
Enbridge, Inc.
2.94%
Canadian Imperial Bank of Commerce
2.80%
Agnico Eagle Mines Ltd.
2.75%
Canadian Natural Resources Ltd.
2.71%
Brookfield Corp.
2.40%
Diversification
FXM
Total weight of top 10 holdings out of 30 total
37.33%
QCN
Total weight of top 10 holdings out of 329 total
37.27%
Characteristics
Compare
FXM
QCN
| Provider | CI | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | Morningstar Canada Target Value Total Return Index - CAD | Solactive Canada Broad Market Index NTR - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.81% | 1.95% |
| Meets ESG criteria | No | No |
| Inception Date | February 13, 2012 | January 24, 2018 |
Frequently asked questions about FXM and QCN
Which ETF has performed better year to date: FXM or QCN?
As of October 19, 2026, FXM has returned 21.61% year to date, while QCN has returned 15.17%. FXM is ahead on YTD performance.
Which ETF is larger by assets under management: FXM or QCN?
As of October 19, 2026, FXM manages $554.59 M in assets, while QCN manages $6.39 B. QCN is the larger fund by AUM.
How are FXM and QCN managed?
FXM is passively managed by CI. It tracks the Morningstar Canada Target Value Total Return Index - CAD benchmark. QCN is passively managed by Mackenzie Investments. It tracks the Solactive Canada Broad Market Index NTR - CAD benchmark.
What sectors do FXM and QCN emphasize?
FXM is most exposed to Non-Energy Materials, Finance, and Energy. QCN is most exposed to Finance, Non-Energy Materials, and Energy.
Which ETF is attracting more investor flows: FXM or QCN?
Year to date, FXM has seen +$15.50 M in net flows, compared with +$1,231.60 M for QCN. QCN has attracted more net investor money so far.
How do the fees of FXM and QCN compare?
FXM has an expense ratio of 0.64%, while QCN has an expense ratio of 0.04%.
What are the top holdings of FXM and QCN?
FXM's largest holdings include Centerra Gold, Inc., Torex Gold Resources, Inc., and Russel Metals, Inc.. QCN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: FXM or QCN?
FXM holds 30 securities, while QCN holds 325. On holdings count, QCN is the more diversified portfolio.
Recent articles about FXM and QCN
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