HWX.TO vs. QQQM

Last updated Apr 2, 2026

Compare and contrast key facts about Headwater Exploration Inc. (HWX.TO) and Invesco NASDAQ 100 ETF (QQQM).

QQQM is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Oct 13, 2020.

Performance

HWX.TO vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Headwater Exploration Inc. (HWX.TO) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

HWX.TO vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HWX.TO Headwater Exploration Inc.	28.95%	50.40%	12.08%	12.22%	16.95%	115.48%	83.85%
QQQM Invesco NASDAQ 100 ETF	-3.54%	15.31%	36.48%	51.60%	-27.71%	26.30%	3.58%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, HWX.TO achieves a 28.95% return, which is significantly higher than QQQM's -4.65% return.

HWX.TO

• 1D: -6.77%
• 1M: -6.19%
• YTD: 28.95%
• 6M: 62.34%
• 1Y: 95.34%
• 3Y*: 31.09%
• 5Y*: 28.27%
• 10Y*: 39.40%

QQQM

• 1D: 0.00%
• 1M: -3.33%
• YTD: -4.65%
• 6M: -4.25%
• 1Y: 19.37%
• 3Y*: 23.58%
• 5Y*: 15.31%
• 10Y*: —

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

Return for Risk

HWX.TO vs. QQQM — Risk / Return Rank

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

HWX.TO

HWX.TO Risk / Return Rank: 93
HWX.TO Sharpe Ratio Rank: 94
HWX.TO Sortino Ratio Rank: 91
HWX.TO Omega Ratio Rank: 92
HWX.TO Calmar Ratio Rank: 90
HWX.TO Martin Ratio Rank: 95

QQQM

QQQM Risk / Return Rank: 66
QQQM Sharpe Ratio Rank: 59
QQQM Sortino Ratio Rank: 63
QQQM Omega Ratio Rank: 63
QQQM Calmar Ratio Rank: 75
QQQM Martin Ratio Rank: 69

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.

HWX.TO vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Headwater Exploration Inc. (HWX.TO) and Invesco NASDAQ 100 ETF (QQQM). 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.

	HWX.TO	QQQM	Difference
Sharpe ratio Return per unit of total volatility	2.61	0.88	+1.73
Sortino ratio Return per unit of downside risk	3.06	1.35	+1.71
Omega ratio Gain probability vs. loss probability	1.44	1.20	+0.24
Calmar ratio Return relative to maximum drawdown	3.97	1.59	+2.38
Martin ratio Return relative to average drawdown	16.43	4.59	+11.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HWX.TO vs. QQQM - Sharpe Ratio Comparison

The current HWX.TO Sharpe Ratio is 2.61, which is higher than the QQQM Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of HWX.TO and QQQM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HWX.TO	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	0.88	+1.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.75	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.73	-0.63

Correlation

The correlation between HWX.TO and QQQM is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HWX.TO vs. QQQM - Dividend Comparison

HWX.TO's dividend yield for the trailing twelve months is around 3.67%, more than QQQM's 0.53% yield.

	TTM	2025	2024	2023	2022	2021	2020
HWX.TO Headwater Exploration Inc.	3.67%	4.70%	6.05%	6.40%	1.69%	0.00%	0.00%
QQQM Invesco NASDAQ 100 ETF	0.53%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%

Drawdowns

HWX.TO vs. QQQM - Drawdown Comparison

The maximum HWX.TO drawdown since its inception was -97.00%, which is greater than QQQM's maximum drawdown of -31.71%. Use the drawdown chart below to compare losses from any high point for HWX.TO and QQQM.

Drawdown Indicators

	HWX.TO	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-97.00%	-35.04%	-61.96%
Max Drawdown (1Y) Largest decline over 1 year	-23.99%	-12.55%	-11.44%
Max Drawdown (5Y) Largest decline over 5 years	-38.30%	-35.04%	-3.26%
Max Drawdown (10Y) Largest decline over 10 years	-40.00%	—	—
Current Drawdown Current decline from peak	-8.40%	-7.86%	-0.54%
Average Drawdown Average peak-to-trough decline	-61.28%	-8.47%	-52.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.80%	3.44%	+2.36%

Volatility

HWX.TO vs. QQQM - Volatility Comparison

Headwater Exploration Inc. (HWX.TO) has a higher volatility of 10.49% compared to Invesco NASDAQ 100 ETF (QQQM) at 6.30%. This indicates that HWX.TO's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HWX.TO	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	6.30%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	23.63%	12.63%	+11.00%
Volatility (1Y) Calculated over the trailing 1-year period	36.72%	22.10%	+14.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.88%	20.57%	+18.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.52%	20.60%	+30.92%