VS
Mackenzie Canadian Ultra Short Bond Index ETF (QASH) and iShares Core S&P/TSX Capped Composite Index ETF (XIC) offer distinct profiles for Canadian ETF investors. A direct comparison shows that QASH focuses its top 3 sector exposures on Municipal, Banks, and Other financial institutions, while XIC leans towards Finance, Energy, and Non-Energy Materials. When evaluating costs, QASH features a management fee (MER) of 0.15%, compared to 0.05% for XIC. Performance-wise, QASH has returned 1.34% year-to-date with -$4 M in net flows, whereas XIC is at 12.84% with +$7 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
QASH
XIC
| AuM | $147.10 M | $31,505.57 M |
| Management Fees | 0.15% | 0.05% |
| Exp. ratio | 0.17% | 0.06% |
| Tracking Difference | 0.08% | -0.10% |
Historical performance and flows
As of July 20, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QASH | +0.19% | +0.62% | +1.34% | +2.76% | - |
XIC | +1.25% | +5.17% | +12.84% | +32.43% | +86.89% | |
| Flows | QASH | -$5 M | +$4 M | -$4 M | +$9 M | - |
XIC | +$718 M | +$1,969 M | +$6,631 M | +$7,896 M | +$12,726 M |
QASH vs XIC exposure
Countries
QASH
Canada
89.61%
USA
10.34%
XIC
Canada
96.25%
Sectors
QASH
Municipal
38.75%
Banks
33.99%
Other financial institutions
11.19%
Education
8.62%
Other
7.46%
XIC
Finance
42.08%
Energy
16.27%
Non-Energy Materials
15.91%
Industrials
8.25%
Other
17.49%
As of July 20, 2026
Top 10 Holdings
QASH
Montreal, 2.75% 1sep2026, CAD
25.84%
Toronto, 2.4% 7jun2027, CAD
12.91%
OPB Finance Trust, 2.98% 25jan2027, CAD (F)
9.66%
University of Guelph, 2.25% 21jul2026, CAD
8.62%
Bank of America Corporation, 1.978% 15sep2027, CAD (N)
4.98%
Morgan Stanley, 1.779% 4aug2027, CAD (I)
4.42%
Toronto-Dominion Bank, 2.26% 7jan2027, CAD
3.00%
Royal Bank of Canada, 4.256% 21dec2026, CAD (CB93)
2.57%
Royal Bank of Canada, 5.235% 2nov2026, CAD
2.52%
Bank of Nova Scotia, FRN 4aug2026, CAD
2.14%
XIC
Royal Bank of Canada
8.22%
The Toronto-Dominion Bank
5.77%
Shopify, Inc.
3.97%
Bank of Montreal
3.52%
Enbridge, Inc.
3.36%
The Bank of Nova Scotia
3.04%
Canadian Imperial Bank of Commerce
3.01%
Brookfield Corp.
2.59%
Canadian Natural Resources Ltd.
2.35%
Agnico Eagle Mines Ltd.
2.25%
Diversification
QASH
Total weight of top 10 holdings out of 42 total
76.66%
XIC
Total weight of top 10 holdings out of 221 total
38.08%
Characteristics
Compare
QASH
XIC
| Provider | Mackenzie Investments | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | Solactive Canadian Ultra Short Bond GTR Index - CAD | S&P/TSX Capped Composite Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Fixed Income | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 3.49% | 1.99% |
| Meets ESG criteria | No | No |
| Inception Date | November 20, 2023 | February 16, 2001 |
Frequently asked questions about QASH and XIC
Which ETF has performed better year to date: QASH or XIC?
As of July 20, 2026, QASH has returned 1.34% year to date, while XIC has returned 12.84%. XIC is ahead on YTD performance.
Which ETF is larger by assets under management: QASH or XIC?
As of July 20, 2026, QASH manages $147.10 M in assets, while XIC manages $31.51 B. XIC is the larger fund by AUM.
How are QASH and XIC managed?
QASH is passively managed by Mackenzie Investments. It tracks the Solactive Canadian Ultra Short Bond GTR Index - CAD benchmark. XIC is passively managed by iShares. It tracks the S&P/TSX Capped Composite Total Return Index - CAD benchmark.
What sectors do QASH and XIC emphasize?
QASH is most exposed to Municipal, Banks, and Other financial institutions. XIC is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: QASH or XIC?
Year to date, QASH has seen -$4.02 M in net flows, compared with +$6,631.12 M for XIC. XIC has attracted more net investor money so far.
How do the fees of QASH and XIC compare?
QASH has an expense ratio of 0.17%, while XIC has an expense ratio of 0.06%.
What are the top holdings of QASH and XIC?
QASH's largest holdings include Montreal, 2.75% 1sep2026, CAD, Toronto, 2.4% 7jun2027, CAD, and OPB Finance Trust, 2.98% 25jan2027, CAD (F). XIC's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: QASH or XIC?
QASH holds 42 securities, while XIC holds 219. On holdings count, XIC is the more diversified portfolio.
Recent articles about QASH and XIC
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Posted on 1/11/2023 by Tony Dong inETFs
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