FEZ vs. HXQ.TO

Last updated Jun 9, 2026

FEZ (SPDR EURO STOXX 50 ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, FEZ returned 10.66%/yr vs 21.05%/yr for HXQ.TO. At a 0.45 correlation, their price movements are largely independent. FEZ charges 0.29%/yr vs 0.25%/yr for HXQ.TO.

Performance

FEZ vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR EURO STOXX 50 ETF (FEZ) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FEZ is traded in USD, while HXQ.TO is traded in CAD. To make them comparable, the HXQ.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FEZ achieves a 4.68% return, which is significantly lower than HXQ.TO's 16.40% return. Over the past 10 years, FEZ has underperformed HXQ.TO with an annualized return of 10.66%, while HXQ.TO has yielded a comparatively higher 21.05% annualized return.

FEZ

• 1D: 0.63%
• 1M: 0.33%
• YTD: 4.68%
• 6M: 6.49%
• 1Y: 15.20%
• 3Y*: 17.76%
• 5Y*: 9.78%
• 10Y*: 10.66%

HXQ.TO

• 1D: 1.16%
• 1M: 0.60%
• YTD: 16.40%
• 6M: 15.07%
• 1Y: 35.29%
• 3Y*: 26.98%
• 5Y*: 16.75%
• 10Y*: 21.05%

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

FEZ vs. HXQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEZ SPDR EURO STOXX 50 ETF	4.68%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-15.85%	24.80%
HXQ.TO Horizons NASDAQ-100 Index ETF	16.40%	20.55%	25.37%	54.85%	-32.14%	26.26%	49.12%	37.94%	-1.57%	32.06%

Correlation

The correlation between FEZ and HXQ.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.45

The correlation between FEZ and HXQ.TO has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.

FEZ vs. HXQ.TO - Sectors Allocation Comparison

Sectors	FEZ	HXQ.TO
Financial Services	25.1%	0.3%
Industrials	22.1%	3.1%
Technology	16.1%	55.9%
Consumer Cyclical	9.8%	13.2%
Consumer Defensive	5.5%	4.4%
Healthcare	5.4%	4.4%
Energy	5.2%	0.5%
Utilities	4.8%	1.4%
Basic Materials	3.7%	1.0%
Communication Services	2.3%	15.8%
Real Estate	-	0.2%

Return for Risk

FEZ vs. HXQ.TO — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 25
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

HXQ.TO

HXQ.TO Risk / Return Rank: 73
HXQ.TO Sharpe Ratio Rank: 81
HXQ.TO Sortino Ratio Rank: 75
HXQ.TO Omega Ratio Rank: 79
HXQ.TO Calmar Ratio Rank: 68
HXQ.TO Martin Ratio Rank: 61

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.

FEZ vs. HXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) and Horizons NASDAQ-100 Index ETF (HXQ.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.

	FEZ	HXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.84	2.09	-1.24
Sortino ratio: Return per unit of downside risk	1.29	2.71	-1.42
Omega ratio: Gain probability vs. loss probability	1.16	1.38	-0.22
Calmar ratio: Return relative to maximum drawdown	1.12	2.96	-1.84
Martin ratio: Return relative to average drawdown	3.81	11.09	-7.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. HXQ.TO - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.84, which is lower than the HXQ.TO Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of FEZ and HXQ.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

	FEZ	HXQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	2.09	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.78	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.98	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.97	-0.67

Drawdowns

FEZ vs. HXQ.TO - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than HXQ.TO's maximum drawdown of -35.78%. Use the drawdown chart below to compare losses from any high point for FEZ and HXQ.TO.

Drawdown Indicators

	FEZ	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-35.78%	-28.43%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-11.98%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-22.85%	+7.00%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-35.78%	+0.73%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-35.78%	-3.91%
Current Drawdown Current decline from peak	-2.79%	-4.21%	+1.42%
Average Drawdown Average peak-to-trough decline	-17.07%	-6.35%	-10.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.00%	3.19%	+0.81%

Volatility

FEZ vs. HXQ.TO - Volatility Comparison

The current volatility for SPDR EURO STOXX 50 ETF (FEZ) is 5.64%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 6.64%. This indicates that FEZ experiences smaller price fluctuations and is considered to be less risky than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEZ	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.64%	6.64%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	15.06%	13.11%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	17.01%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.64%	21.59%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.12%	21.56%	-0.44%

FEZ vs. HXQ.TO - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is higher than HXQ.TO's 0.25% expense ratio.

Dividends

FEZ vs. HXQ.TO - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.58%, while HXQ.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ SPDR EURO STOXX 50 ETF	2.58%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FEZ and HXQ.TO in my portfolio?

FEZ and HXQ.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FEZ or HXQ.TO?

On fees, HXQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FEZ or HXQ.TO?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.29% for FEZ.

What is the main difference between FEZ and HXQ.TO?

FEZ is categorized as Europe Equities, while HXQ.TO is Nasdaq-100. FEZ tracks EURO STOXX 50 Index, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: State Street and Horizons. Their fees differ too: 0.29% for FEZ and 0.25% for HXQ.TO.