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Compare iShares ESG MSCI Canada Index ETF (XESG) vs Mackenzie Canadian Equity Index ETF (QCN) to find the best fit for your portfolio. XESG provides Finance, Non-Energy Materials, and Energy exposures, while QCN is primarily weighted in Finance, Energy, and Non-Energy Materials. When evaluating costs, XESG features a management fee (MER) of 0.15%, compared to 0.04% for QCN. Performance-wise, XESG has returned 12.17% year-to-date with +$33 M in net flows, whereas QCN is at 12.48% with +$678 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
XESG
QCN
| AuM | $648.26 M | $5,731.73 M |
| Management Fees | 0.15% | 0.04% |
| Exp. ratio | 0.17% | 0.04% |
| Tracking Difference | -0.26% | -0.16% |
Historical performance and flows
As of July 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XESG | +0.62% | +2.59% | +12.17% | +30.61% | +86.90% |
QCN | +0.58% | +3.21% | +12.48% | +31.82% | +89.75% | |
| Flows | XESG | +$4 M | +$17 M | +$33 M | +$14 M | +$43 M |
QCN | +$163 M | +$247 M | +$678 M | +$2,612 M | +$3,064 M |
XESG vs QCN exposure
Countries
XESG
Canada
97.86%
QCN
Canada
97.27%
Sectors
XESG
Finance
46.84%
Non-Energy Materials
17.42%
Energy
16.87%
Other
18.87%
QCN
Finance
42.10%
Energy
16.46%
Non-Energy Materials
16.27%
Industrials
7.96%
Other
17.21%
As of July 17, 2026
Top 10 Holdings
XESG
Royal Bank of Canada
8.78%
The Toronto-Dominion Bank
6.35%
Enbridge, Inc.
4.15%
The Bank of Nova Scotia
4.07%
Shopify, Inc.
4.03%
Canadian Imperial Bank of Commerce
3.78%
Bank of Montreal
3.28%
Manulife Financial Corp.
3.03%
National Bank of Canada
2.74%
Wheaton Precious Metals Corp.
2.45%
QCN
Royal Bank of Canada
8.12%
The Toronto-Dominion Bank
5.77%
Shopify, Inc.
3.83%
Bank of Montreal
3.53%
Enbridge, Inc.
3.43%
The Bank of Nova Scotia
3.03%
Canadian Imperial Bank of Commerce
2.99%
Brookfield Corp.
2.62%
Canadian Natural Resources Ltd.
2.28%
Canadian Pacific Kansas City Ltd.
2.20%
Diversification
XESG
Total weight of top 10 holdings out of 135 total
42.66%
QCN
Total weight of top 10 holdings out of 330 total
37.80%
Characteristics
Compare
XESG
QCN
| Provider | iShares | Mackenzie Investments |
| Management | Passively managed | Passively managed |
| Benchmark | MSCI Canada IMI Extended ESG Focus Gross 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 | 1.90% | 1.96% |
| Meets ESG criteria | Yes | No |
| Inception Date | March 18, 2019 | January 24, 2018 |
Frequently asked questions about XESG and QCN
Which ETF has performed better year to date: XESG or QCN?
As of July 17, 2026, XESG has returned 12.17% year to date, while QCN has returned 12.48%. QCN is ahead on YTD performance.
Which ETF is larger by assets under management: XESG or QCN?
As of July 17, 2026, XESG manages $648.26 M in assets, while QCN manages $5.73 B. QCN is the larger fund by AUM.
How are XESG and QCN managed?
XESG is passively managed by iShares. It tracks the MSCI Canada IMI Extended ESG Focus Gross 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 XESG and QCN emphasize?
XESG is most exposed to Finance, Non-Energy Materials, and Energy. QCN is most exposed to Finance, Energy, and Non-Energy Materials.
Which ETF is attracting more investor flows: XESG or QCN?
Year to date, XESG has seen +$32.78 M in net flows, compared with +$678.03 M for QCN. QCN has attracted more net investor money so far.
How do the fees of XESG and QCN compare?
XESG has an expense ratio of 0.17%, while QCN has an expense ratio of 0.04%.
What are the top holdings of XESG and QCN?
XESG's largest holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Enbridge, Inc.. QCN's top holdings include Royal Bank of Canada, The Toronto-Dominion Bank, and Shopify, Inc..
Which ETF is more diversified: XESG or QCN?
XESG holds 135 securities, while QCN holds 323. On holdings count, QCN is the more diversified portfolio.
Recent articles about XESG and QCN
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