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

HXQ.TO vs. AIRR

Last updated Jun 14, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 23.10%/yr for AIRR. At a 0.42 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.69%/yr for AIRR.

Performance

HXQ.TO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, HXQ.TO achieves a 19.67% return, which is significantly lower than AIRR's 34.41% return. Both investments have delivered pretty close results over the past 10 years, with HXQ.TO having a 22.27% annualized return and AIRR not far ahead at 23.10%.

HXQ.TO

1D
0.78%
1M
3.46%
YTD
19.67%
6M
19.59%
1Y
41.51%
3Y*
28.29%
5Y*
19.92%
10Y*
22.27%

AIRR

1D
1.01%
1M
0.67%
YTD
34.41%
6M
30.61%
1Y
71.74%
3Y*
37.32%
5Y*
29.14%
10Y*
23.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. AIRR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HXQ.TO
Horizons NASDAQ-100 Index ETF		19.67%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%
AIRR
First Trust RBA American Industrial Renaissance ETF		34.41%22.08%44.75%28.31%4.12%32.95%14.39%28.45%-13.89%8.40%

Correlation

The correlation between HXQ.TO and AIRR is 0.54, 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

0.54

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

0.48

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

0.51

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

0.42

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

0.42

The correlation between HXQ.TO and AIRR shifts across timeframes, from 0.42 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

HXQ.TO vs. AIRR - Sectors Allocation Comparison

Sectors
HXQ.TO
AIRR

Technology

55.9%
0.7%

Communication Services

15.8%

-

Consumer Cyclical

13.2%

-

Healthcare

4.4%

-

Consumer Defensive

4.4%

-

Industrials

3.1%
92.4%

Utilities

1.4%

-

Basic Materials

1.0%

-

Energy

0.5%
3.8%

Financial Services

0.3%
6.9%

Real Estate

0.2%

-

Technology

HXQ.TO
55.9%
AIRR
0.7%

Communication Services

HXQ.TO
15.8%
AIRR

-

Consumer Cyclical

HXQ.TO
13.2%
AIRR

-

Healthcare

HXQ.TO
4.4%
AIRR

-

Consumer Defensive

HXQ.TO
4.4%
AIRR

-

Industrials

HXQ.TO
3.1%
AIRR
92.4%

Utilities

HXQ.TO
1.4%
AIRR

-

Basic Materials

HXQ.TO
1.0%
AIRR

-

Energy

HXQ.TO
0.5%
AIRR
3.8%

Financial Services

HXQ.TO
0.3%
AIRR
6.9%

Real Estate

HXQ.TO
0.2%
AIRR

-

Compare stocks, funds, or ETFs

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

Horizons NASDAQ-100 Index ETF

First Trust RBA American Industrial Renaissance ETF

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
Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID

Return for Risk

HXQ.TO vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
AIRR
AIRR Risk / Return Rank: 8686
Overall Rank
AIRR Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 8383
Sortino Ratio Rank
AIRR Omega Ratio Rank: 7878
Omega Ratio Rank
AIRR Calmar Ratio Rank: 9191
Calmar Ratio Rank
AIRR Martin Ratio Rank: 9090
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.

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

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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.

HXQ.TOAIRRDifference
Sharpe ratioReturn per unit of total volatility
2.37
2.60

-0.22

Sortino ratioReturn per unit of downside risk
3.07
3.35

-0.28

Omega ratioGain probability vs. loss probability

1.42

1.40

+0.02

Calmar ratioReturn relative to maximum drawdown

3.19

5.91

-2.72

Martin ratioReturn relative to average drawdown

10.12

20.40

-10.28

HXQ.TO vs. AIRR - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.37, which is comparable to the AIRR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of HXQ.TO and AIRR, 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

HXQ.TO vs. AIRR - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum AIRR drawdown of -37.96%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and AIRR.

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Drawdown Indicators

HXQ.TOAIRRDifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-37.96%

+6.36%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-11.74%

-0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-27.05%

+4.47%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-27.05%

-4.55%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-37.96%

+6.36%

Current Drawdown

Current decline from peak

-2.58%

-1.22%

-1.36%

Average Drawdown

Average peak-to-trough decline

-5.74%

-6.53%

+0.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.39%

+0.52%

Volatility

HXQ.TO vs. AIRR - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 7.27%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.52%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TOAIRRDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

9.52%

-2.25%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

21.31%

-7.99%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

26.67%

-9.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.92%

26.12%

-5.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

27.01%

-6.09%

HXQ.TO vs. AIRR - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

HXQ.TO vs. AIRR - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while AIRR's dividend yield for the trailing twelve months is around 0.13%.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.13%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
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

HXQ.TO and AIRR have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.69% for AIRR.

HXQ.TO is categorized as Nasdaq-100, while AIRR is Building & Construction. HXQ.TO tracks NASDAQ-100 Index, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: Horizons and First Trust. Their fees differ too: 0.25% for HXQ.TO and 0.69% for AIRR.

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