CNQ.TO vs. ZQQ.TO

Last updated Jun 5, 2026

CNQ.TO (Canadian Natural Resources Limited) is a stock, while ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, CNQ.TO returned 18.54%/yr vs 19.97%/yr for ZQQ.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. ZQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Natural Resources Limited (CNQ.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ.TO achieves a 43.73% return, which is significantly higher than ZQQ.TO's 19.23% return. Over the past 10 years, CNQ.TO has underperformed ZQQ.TO with an annualized return of 18.54%, while ZQQ.TO has yielded a comparatively higher 19.97% annualized return.

CNQ.TO

• 1D: -0.21%
• 1M: 1.47%
• YTD: 43.73%
• 6M: 40.76%
• 1Y: 64.26%
• 3Y*: 27.06%
• 5Y*: 30.18%
• 10Y*: 18.54%

ZQQ.TO

• 1D: -0.49%
• 1M: 8.68%
• YTD: 19.23%
• 6M: 17.57%
• 1Y: 37.46%
• 3Y*: 26.20%
• 5Y*: 16.01%
• 10Y*: 19.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNQ.TO vs. ZQQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNQ.TO Canadian Natural Resources Limited	43.73%	10.42%	7.11%	21.06%	49.65%	82.41%	-20.75%	32.78%	-24.17%	7.75%
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged)	19.23%	18.38%	24.00%	52.52%	-33.75%	26.68%	45.33%	37.08%	-2.29%	31.51%

Correlation

The correlation between CNQ.TO and ZQQ.TO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010	0.30

The correlation between CNQ.TO and ZQQ.TO shifts across timeframes, from -0.20 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNQ.TO vs. ZQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNQ.TO

CNQ.TO Risk / Return Rank: 88
CNQ.TO Sharpe Ratio Rank: 90
CNQ.TO Sortino Ratio Rank: 85
CNQ.TO Omega Ratio Rank: 86
CNQ.TO Calmar Ratio Rank: 89
CNQ.TO Martin Ratio Rank: 89

ZQQ.TO

ZQQ.TO Risk / Return Rank: 68
ZQQ.TO Sharpe Ratio Rank: 75
ZQQ.TO Sortino Ratio Rank: 71
ZQQ.TO Omega Ratio Rank: 70
ZQQ.TO Calmar Ratio Rank: 60
ZQQ.TO Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNQ.TO vs. ZQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CNQ.TO	ZQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.39	-0.13
Sortino ratio: Return per unit of downside risk	2.73	3.17	-0.44
Omega ratio: Gain probability vs. loss probability	1.37	1.41	-0.04
Calmar ratio: Return relative to maximum drawdown	4.21	2.93	+1.29
Martin ratio: Return relative to average drawdown	11.05	10.93	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNQ.TO vs. ZQQ.TO - Sharpe Ratio Comparison

The current CNQ.TO Sharpe Ratio is 2.26, which is comparable to the ZQQ.TO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of CNQ.TO and ZQQ.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNQ.TO	ZQQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.39	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.71	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.90	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.91	-0.27

Drawdowns

CNQ.TO vs. ZQQ.TO - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -76.20%, which is greater than ZQQ.TO's maximum drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and ZQQ.TO.

Drawdown Indicators

	CNQ.TO	ZQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-76.20%	-36.39%	-39.81%
Max Drawdown (1Y) Largest decline over 1 year	-15.33%	-12.86%	-2.47%
Max Drawdown (3Y) Largest decline over 3 years	-33.11%	-22.79%	-10.32%
Max Drawdown (5Y) Largest decline over 5 years	-33.11%	-36.39%	+3.28%
Max Drawdown (10Y) Largest decline over 10 years	-76.20%	-36.39%	-39.81%
Current Drawdown Current decline from peak	-4.66%	-0.77%	-3.89%
Average Drawdown Average peak-to-trough decline	-18.90%	-5.37%	-13.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.83%	3.44%	+2.39%

Volatility

CNQ.TO vs. ZQQ.TO - Volatility Comparison

Canadian Natural Resources Limited (CNQ.TO) has a higher volatility of 9.59% compared to BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) at 4.56%. This indicates that CNQ.TO's price experiences larger fluctuations and is considered to be riskier than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ.TO	ZQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.59%	4.56%	+5.03%
Volatility (6M) Calculated over the trailing 6-month period	23.65%	12.02%	+11.63%
Volatility (1Y) Calculated over the trailing 1-year period	28.61%	15.73%	+12.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.46%	22.56%	+7.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.02%	22.41%	+15.61%

Dividends

CNQ.TO vs. ZQQ.TO - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.61%, more than ZQQ.TO's 0.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQ.TO Canadian Natural Resources Limited	3.61%	5.06%	4.82%	4.26%	6.12%	3.66%	5.44%	3.50%	3.98%	2.40%	2.15%	3.02%
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged)	0.22%	0.27%	0.37%	0.32%	0.45%	0.14%	0.41%	0.51%	0.64%	0.57%	1.60%	0.81%

Frequently Asked Questions

Can I hold both CNQ.TO and ZQQ.TO in my portfolio?

CNQ.TO and ZQQ.TO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.