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FNDF vs. HXQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FNDF vs. HXQ.TO

Last updated Jun 14, 2026

FNDF (Schwab Fundamental International Equity ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - FNDF is a Foreign Large Cap Equities fund tracking the RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, FNDF returned 12.34%/yr vs 21.23%/yr for HXQ.TO. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

FNDF vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental International Equity ETF (FNDF) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

FNDF 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, FNDF achieves a 19.66% return, which is significantly higher than HXQ.TO's 17.29% return. Over the past 10 years, FNDF has underperformed HXQ.TO with an annualized return of 12.34%, while HXQ.TO has yielded a comparatively higher 21.23% annualized return.

FNDF

1D
0.39%
1M
2.91%
YTD
19.66%
6M
21.60%
1Y
41.60%
3Y*
22.69%
5Y*
13.11%
10Y*
12.34%

HXQ.TO

1D
0.59%
1M
1.61%
YTD
17.29%
6M
17.91%
1Y
37.71%
3Y*
26.39%
5Y*
16.51%
10Y*
21.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FNDF vs. HXQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FNDF
Schwab Fundamental International Equity ETF		19.66%40.99%2.29%20.22%-7.78%14.97%3.61%18.46%-14.21%23.98%
HXQ.TO
Horizons NASDAQ-100 Index ETF		17.29%20.55%25.37%54.85%-32.14%26.26%49.12%37.94%-1.57%32.06%

Correlation

The correlation between FNDF and HXQ.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.41

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

0.44

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

0.40

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2016

0.40

FNDF vs. HXQ.TO - Sectors Allocation Comparison

Sectors
FNDF
HXQ.TO

Financial Services

16.2%
0.3%

Industrials

15.5%
3.1%

Technology

14.4%
55.9%

Basic Materials

11.3%
1.0%

Energy

10.9%
0.5%

Consumer Cyclical

10.8%
13.2%

Consumer Defensive

6.5%
4.4%

Healthcare

5.2%
4.4%

Communication Services

4.9%
15.8%

Utilities

3.5%
1.4%

Real Estate

0.8%
0.2%

Financial Services

FNDF
16.2%
HXQ.TO
0.3%

Industrials

FNDF
15.5%
HXQ.TO
3.1%

Technology

FNDF
14.4%
HXQ.TO
55.9%

Basic Materials

FNDF
11.3%
HXQ.TO
1.0%

Energy

FNDF
10.9%
HXQ.TO
0.5%

Consumer Cyclical

FNDF
10.8%
HXQ.TO
13.2%

Consumer Defensive

FNDF
6.5%
HXQ.TO
4.4%

Healthcare

FNDF
5.2%
HXQ.TO
4.4%

Communication Services

FNDF
4.9%
HXQ.TO
15.8%

Utilities

FNDF
3.5%
HXQ.TO
1.4%

Real Estate

FNDF
0.8%
HXQ.TO
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Schwab Fundamental International Equity ETF

Horizons NASDAQ-100 Index ETF

Often compared with FNDF:
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Often compared with HXQ.TO:
HXQ.TO vs. QQC.TOHXQ.TO vs. XQQ.TOHXQ.TO vs. VFV.TOHXQ.TO vs. QQQHXQ.TO vs. HXS.TOHXQ.TO vs. ZNQ.TOHXQ.TO vs. QQC-F.TO

Return for Risk

FNDF vs. HXQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FNDF
FNDF Risk / Return Rank: 8585
Overall Rank
FNDF Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
FNDF Sortino Ratio Rank: 8585
Sortino Ratio Rank
FNDF Omega Ratio Rank: 8686
Omega Ratio Rank
FNDF Calmar Ratio Rank: 8282
Calmar Ratio Rank
FNDF Martin Ratio Rank: 8282
Martin Ratio Rank
HXQ.TO
HXQ.TO Risk / Return Rank: 7777
Overall Rank
HXQ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 8282
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 6464
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.

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

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental International Equity ETF (FNDF) 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.

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.

FNDFHXQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.53
2.10

+0.43

Sortino ratioReturn per unit of downside risk
3.30
2.74

+0.57

Omega ratioGain probability vs. loss probability

1.45

1.38

+0.08

Calmar ratioReturn relative to maximum drawdown

3.82

3.05

+0.77

Martin ratioReturn relative to average drawdown

14.27

11.20

+3.06

FNDF vs. HXQ.TO - Sharpe Ratio Comparison

The current FNDF Sharpe Ratio is 2.53, which is comparable to the HXQ.TO Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of FNDF 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.

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Drawdowns

FNDF vs. HXQ.TO - Drawdown Comparison

The maximum FNDF drawdown since its inception was -40.14%, 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 FNDF and HXQ.TO.

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Drawdown Indicators

FNDFHXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.14%

-35.78%

-4.36%

Max Drawdown (1Y)

Largest decline over 1 year

-10.60%

-11.98%

+1.38%

Max Drawdown (3Y)

Largest decline over 3 years

-13.89%

-22.85%

+8.96%

Max Drawdown (5Y)

Largest decline over 5 years

-25.56%

-35.78%

+10.22%

Max Drawdown (10Y)

Largest decline over 10 years

-40.14%

-35.78%

-4.36%

Current Drawdown

Current decline from peak

-1.94%

-3.48%

+1.54%

Average Drawdown

Average peak-to-trough decline

-7.63%

-6.35%

-1.28%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.84%

3.26%

-0.42%

Volatility

FNDF vs. HXQ.TO - Volatility Comparison

The current volatility for Schwab Fundamental International Equity ETF (FNDF) is 6.65%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 7.31%. This indicates that FNDF 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.

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Volatility by Period

FNDFHXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.65%

7.31%

-0.66%

Volatility (6M)

Calculated over the trailing 6-month period

13.64%

13.67%

-0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

16.00%

17.43%

-1.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.35%

21.64%

-5.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.71%

21.58%

-3.87%

FNDF vs. HXQ.TO - Expense Ratio Comparison

Both FNDF and HXQ.TO have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FNDF vs. HXQ.TO - Dividend Comparison

FNDF's dividend yield for the trailing twelve months is around 2.87%, while HXQ.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
FNDF
Schwab Fundamental International Equity ETF		2.87%3.44%4.01%3.41%3.10%3.54%2.17%3.20%3.47%2.32%2.42%2.08%
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

FNDF and HXQ.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

FNDF and HXQ.TO have the same expense ratio: 0.25% per year.

FNDF is categorized as Foreign Large Cap Equities, while HXQ.TO is Nasdaq-100. FNDF tracks RAFI Fundamental High Liquidity Developed ex US Large Index (Net), while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: Charles Schwab and Horizons.

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