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CNR.TO vs. XQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNR.TO vs. XQQ.TO

Last updated Jun 5, 2026

CNR.TO (Canadian National Railway Company) is a stock, while XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) is Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Over the past 10 years, CNR.TO returned 10.02%/yr vs 19.59%/yr for XQQ.TO. At a 0.40 correlation, their price movements are largely independent.

Performance

CNR.TO vs. XQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian National Railway Company (CNR.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CNR.TO achieves a 23.20% return, which is significantly higher than XQQ.TO's 19.17% return. Over the past 10 years, CNR.TO has underperformed XQQ.TO with an annualized return of 10.02%, while XQQ.TO has yielded a comparatively higher 19.59% annualized return.

CNR.TO

1D
0.14%
1M
10.90%
YTD
23.20%
6M
22.39%
1Y
17.48%
3Y*
4.22%
5Y*
6.30%
10Y*
10.02%

XQQ.TO

1D
-0.54%
1M
8.62%
YTD
19.17%
6M
17.53%
1Y
37.37%
3Y*
26.17%
5Y*
15.19%
10Y*
19.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNR.TO vs. XQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CNR.TO
Canadian National Railway Company		23.20%-4.60%-10.53%5.67%5.47%12.88%21.30%18.29%-0.77%16.60%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		19.17%18.38%24.23%52.23%-33.67%22.29%45.23%37.48%-2.33%31.83%

Correlation

The correlation between CNR.TO and XQQ.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.15

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.39

Correlation (All Time)
Calculated using the full available price history since May 11, 2011

0.40

Over the past year, the correlation between CNR.TO and XQQ.TO has dropped to 0.15 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

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Canadian National Railway Company

iShares NASDAQ 100 Index ETF (CAD-Hedged)

Often compared with CNR.TO:
CNR.TO vs. CPCNR.TO vs. CP.TOCNR.TO vs. RY.TOCNR.TO vs. ATD.TOCNR.TO vs. UNPCNR.TO vs. TRP.TOCNR.TO vs. MRU.TO
Often compared with XQQ.TO:
XQQ.TO vs. QQC.TOXQQ.TO vs. VFV.TOXQQ.TO vs. HXQ.TOXQQ.TO vs. XQQU.TOXQQ.TO vs. QQQXQQ.TO vs. ZQQ.TOXQQ.TO vs. TEC.TO

Return for Risk

CNR.TO vs. XQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CNR.TO
CNR.TO Risk / Return Rank: 6464
Overall Rank
CNR.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
CNR.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
CNR.TO Omega Ratio Rank: 6060
Omega Ratio Rank
CNR.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
CNR.TO Martin Ratio Rank: 6565
Martin Ratio Rank
XQQ.TO
XQQ.TO Risk / Return Rank: 6767
Overall Rank
XQQ.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 6969
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 6262
Martin Ratio Rank
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.

CNR.TO vs. XQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNR.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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.

CNR.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
0.83
2.37

-1.54

Sortino ratioReturn per unit of downside risk
1.20
3.12

-1.92

Omega ratioGain probability vs. loss probability

1.16

1.41

-0.25

Calmar ratioReturn relative to maximum drawdown

1.43

2.94

-1.52

Martin ratioReturn relative to average drawdown

2.74

10.98

-8.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNR.TO vs. XQQ.TO - Sharpe Ratio Comparison

The current CNR.TO Sharpe Ratio is 0.83, which is lower than the XQQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CNR.TO and XQQ.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.

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Sharpe Ratios by Period

CNR.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

2.37

-1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.68

-0.36

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.88

-0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.48

0.86

-1.34

Drawdowns

CNR.TO vs. XQQ.TO - Drawdown Comparison

The maximum CNR.TO drawdown since its inception was -99.99%, which is greater than XQQ.TO's maximum drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for CNR.TO and XQQ.TO.

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Drawdown Indicators

CNR.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-38.55%

-61.44%

Max Drawdown (1Y)

Largest decline over 1 year

-12.32%

-12.76%

+0.44%

Max Drawdown (3Y)

Largest decline over 3 years

-27.25%

-22.72%

-4.53%

Max Drawdown (5Y)

Largest decline over 5 years

-27.25%

-38.55%

+11.30%

Max Drawdown (10Y)

Largest decline over 10 years

-27.25%

-38.55%

+11.30%

Current Drawdown

Current decline from peak

-99.61%

-0.80%

-98.81%

Average Drawdown

Average peak-to-trough decline

-96.74%

-5.92%

-90.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.39%

3.41%

+2.98%

Volatility

CNR.TO vs. XQQ.TO - Volatility Comparison

Canadian National Railway Company (CNR.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) have volatilities of 4.37% and 4.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CNR.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

4.51%

-0.14%

Volatility (6M)

Calculated over the trailing 6-month period

17.05%

12.01%

+5.04%

Volatility (1Y)

Calculated over the trailing 1-year period

21.12%

15.82%

+5.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.12%

22.51%

-2.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.76%

22.34%

-1.58%

Dividends

CNR.TO vs. XQQ.TO - Dividend Comparison

CNR.TO's dividend yield for the trailing twelve months is around 2.15%, more than XQQ.TO's 0.21% yield.

PositionTTM20252024202320222021202020192018201720162015
CNR.TO
Canadian National Railway Company		2.15%2.62%2.32%1.90%1.82%1.58%1.64%1.83%1.80%1.59%1.66%1.62%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		0.21%0.25%0.32%0.31%0.43%0.17%0.26%0.46%0.52%0.53%0.76%0.62%

Frequently Asked Questions

CNR.TO and XQQ.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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