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Compare CI Morningstar National Bank Québec Index ETF (QXM) vs NBI Sustainable Canadian Equity ETF (NSCE) to find the best fit for your portfolio. QXM provides Industrials, Finance, and Consumer Non-Cyclicals exposures, while NSCE is primarily weighted in Finance, Industrials, and Consumer Non-Cyclicals. When evaluating costs, QXM features a management fee (MER) of 0.5%, compared to 0.69% for NSCE. Performance-wise, QXM has returned 4.96% year-to-date with +$2 M in net flows, whereas NSCE is at 7.7% with -$159 M. 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
QXM
NSCE
| AuM | $90.77 M | $2,436.99 M |
| Management Fees | 0.50% | 0.69% |
| Exp. ratio | 0.55% | 0.64% |
| Tracking Difference | -0.22% | - |
Historical performance and flows
As of October 16, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | QXM | -0.25% | -2.41% | +4.96% | +12.05% | +64.11% |
NSCE | +2.21% | -2.80% | +7.70% | +10.45% | +52.72% | |
| Flows | QXM | +$0 M | +$0 M | +$2 M | +$2 M | -$8 M |
NSCE | +$23 M | +$1 M | -$159 M | -$171 M | -$169 M |
QXM vs NSCE exposure
Countries
QXM
Canada
99.98%
NSCE
Canada
92.36%
USA
7.64%
Sectors
QXM
Industrials
30.57%
Finance
16.97%
Consumer Non-Cyclicals
12.85%
Non-Energy Materials
12.73%
Consumer Cyclicals
11.29%
Telecommunications
8.40%
Other
7.19%
NSCE
Finance
36.60%
Industrials
15.56%
Consumer Non-Cyclicals
13.58%
Technology
10.85%
Telecommunications
7.97%
Business Services
7.35%
Other
8.09%
As of October 16, 2026
Top 10 Holdings
QXM
iA Financial Corp., Inc.
5.54%
CGI, Inc.
5.52%
Power Corp of Canada
5.42%
National Bank of Canada
5.10%
WSP Global, Inc.
5.05%
Canadian National Railway Co.
5.03%
Alimentation Couche-Tard, Inc.
5.01%
Bombardier, Inc.
4.86%
Dollarama, Inc.
4.81%
BCE, Inc.
4.74%
NSCE
Royal Bank of Canada
5.96%
Canadian National Railway Co.
5.09%
Canadian Pacific Kansas City Ltd.
4.82%
Restaurant Brands International, Inc.
4.70%
National Bank of Canada
4.63%
Intact Financial Corp.
4.52%
The Toronto-Dominion Bank
4.46%
Bank of Montreal
4.33%
Loblaw Cos. Ltd.
4.25%
Waste Connections, Inc.
4.00%
Diversification
QXM
Total weight of top 10 holdings out of 49 total
51.07%
NSCE
Total weight of top 10 holdings out of 31 total
46.76%
Characteristics
Compare
QXM
NSCE
| Provider | CI | National Bank Investments |
| Management | Passively managed | Actively managed |
| Benchmark | Morningstar National Bank Quebec Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | - |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.99% | 0.00% |
| Meets ESG criteria | No | Yes |
| Inception Date | February 2, 2012 | January 23, 2020 |
Frequently asked questions about QXM and NSCE
Which ETF has performed better year to date: QXM or NSCE?
As of October 16, 2026, QXM has returned 4.96% year to date, while NSCE has returned 7.70%. NSCE is ahead on YTD performance.
Which ETF is larger by assets under management: QXM or NSCE?
As of October 16, 2026, QXM manages $90.77 M in assets, while NSCE manages $2.44 B. NSCE is the larger fund by AUM.
How are QXM and NSCE managed?
QXM is passively managed by CI. It tracks the Morningstar National Bank Quebec Total Return Index - CAD benchmark. NSCE is actively managed by National Bank Investments. It does not track an index.
What sectors do QXM and NSCE emphasize?
QXM is most exposed to Industrials, Finance, and Consumer Non-Cyclicals. NSCE is most exposed to Finance, Industrials, and Consumer Non-Cyclicals.
Which ETF is attracting more investor flows: QXM or NSCE?
Year to date, QXM has seen +$1.95 M in net flows, compared with -$159.00 M for NSCE. QXM has attracted more net investor money so far.
How do the fees of QXM and NSCE compare?
QXM has an expense ratio of 0.55%, while NSCE has an expense ratio of 0.64%.
What are the top holdings of QXM and NSCE?
QXM's largest holdings include iA Financial Corp., Inc., CGI, Inc., and Power Corp of Canada. NSCE's top holdings include Royal Bank of Canada, Canadian National Railway Co., and Canadian Pacific Kansas City Ltd..
Which ETF is more diversified: QXM or NSCE?
QXM holds 49 securities, while NSCE holds 31. On holdings count, QXM is the more diversified portfolio.
Recent articles about QXM and NSCE
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