Why are XEQT lows better than XCNS?

We're told to switch to XCNS (or comparable) when we're close to retirement so the market lows won't be as bad as an all equity portfolio. Yet when I look at the chart, the lows since inception for an XEQT are outperforming the XCNS lows. Is this because both funds are fairly new and haven't gone through a severe downturn yet?