FHQ.TO vs. INAI.TO

Last updated Jul 16, 2026

FHQ.TO (First Trust AlphaDEX U.S. Technology Sector Index ETF) and INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) are both Technology Equities funds - FHQ.TO tracks the StrataQuant Technology Index while INAI.TO tracks the Morningstar Global Next Gen AI Index. Both are passively managed. Over the past year, FHQ.TO returned 33.63% vs 39.33% for INAI.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

FHQ.TO vs. INAI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.TO) and Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHQ.TO achieves a 24.19% return, which is significantly lower than INAI.TO's 27.50% return.

FHQ.TO

• 1D: 0.39%
• 1M: -4.66%
• 6M: 18.60%
• YTD: 24.19%
• 1Y: 33.63%
• 3Y*: 22.48%
• 5Y*: 13.16%
• 10Y*: 19.80%

INAI.TO

• 1D: -1.15%
• 1M: -5.79%
• 6M: 21.81%
• YTD: 27.50%
• 1Y: 39.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHQ.TO vs. INAI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHQ.TO First Trust AlphaDEX U.S. Technology Sector Index ETF	24.19%	8.42%	21.55%
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	27.50%	24.92%	36.26%

Correlation

The correlation between FHQ.TO and INAI.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	0.47

Return for Risk

FHQ.TO vs. INAI.TO — Risk / Return Rank

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

FHQ.TO

FHQ.TO Risk / Return Rank: 50
FHQ.TO Sharpe Ratio Rank: 47
FHQ.TO Sortino Ratio Rank: 45
FHQ.TO Omega Ratio Rank: 48
FHQ.TO Calmar Ratio Rank: 60
FHQ.TO Martin Ratio Rank: 49

INAI.TO

INAI.TO Risk / Return Rank: 41
INAI.TO Sharpe Ratio Rank: 47
INAI.TO Sortino Ratio Rank: 42
INAI.TO Omega Ratio Rank: 46
INAI.TO Calmar Ratio Rank: 37
INAI.TO Martin Ratio Rank: 33

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.

FHQ.TO vs. INAI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.TO) and Invesco Morningstar Global Next Gen AI Index ETF (INAI.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FHQ.TO	INAI.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.34	+0.02
Sortino ratio: Return per unit of downside risk	1.92	1.79	+0.13
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	2.44	1.56	+0.88
Martin ratio: Return relative to average drawdown	6.72	4.02	+2.70

FHQ.TO vs. INAI.TO - Sharpe Ratio Comparison

The current FHQ.TO Sharpe Ratio is 1.37, which is comparable to the INAI.TO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of FHQ.TO and INAI.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.

Drawdowns

FHQ.TO vs. INAI.TO - Drawdown Comparison

The maximum FHQ.TO drawdown since its inception was -32.05%, which is greater than INAI.TO's maximum drawdown of -26.78%. Use the drawdown chart below to compare losses from any high point for FHQ.TO and INAI.TO.

Drawdown Indicators

	FHQ.TO	INAI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.05%	-26.78%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.13%	-25.34%	+11.21%
Max Drawdown (3Y) Largest decline over 3 years	-27.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.05%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.05%	—	—
Current Drawdown Current decline from peak	-6.70%	-9.12%	+2.42%
Average Drawdown Average peak-to-trough decline	-7.63%	-5.69%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.11%	9.81%	-4.70%

Volatility

FHQ.TO vs. INAI.TO - Volatility Comparison

First Trust AlphaDEX U.S. Technology Sector Index ETF (FHQ.TO) has a higher volatility of 10.35% compared to Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) at 9.38%. This indicates that FHQ.TO's price experiences larger fluctuations and is considered to be riskier than INAI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHQ.TO	INAI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.35%	9.38%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	20.95%	23.47%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	25.24%	29.45%	-4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.62%	27.98%	-4.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.37%	27.98%	-4.61%

Dividends

FHQ.TO vs. INAI.TO - Dividend Comparison

FHQ.TO has not paid dividends to shareholders, while INAI.TO's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FHQ.TO First Trust AlphaDEX U.S. Technology Sector Index ETF	0.00%	0.00%	0.02%	0.00%	0.00%	1.18%	0.43%	0.50%	0.80%	0.83%	1.20%	0.43%
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	0.02%	0.07%	0.14%	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 FHQ.TO and INAI.TO in my portfolio?

FHQ.TO and INAI.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FHQ.TO and INAI.TO?

FHQ.TO tracks StrataQuant Technology Index, while INAI.TO tracks Morningstar Global Next Gen AI Index. They also come from different issuers: First Trust and Invesco.