HXQ.TO vs. BTCX-B.TO

Last updated Jun 3, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and BTCX-B.TO (CI Galaxy Bitcoin ETF C$ Unhedged Series Units) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while BTCX-B.TO is a Cryptocurrency fund managed by CI Global Asset Management. Over the past 5 years, HXQ.TO returned 21.43%/yr vs 13.68%/yr for BTCX-B.TO. At a 0.34 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.80%/yr for BTCX-B.TO.

Performance

HXQ.TO vs. BTCX-B.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXQ.TO achieves a 22.53% return, which is significantly higher than BTCX-B.TO's -22.96% return.

HXQ.TO

• 1D: 0.48%
• 1M: 12.65%
• YTD: 22.53%
• 6M: 18.96%
• 1Y: 44.49%
• 3Y*: 29.97%
• 5Y*: 21.43%
• 10Y*: 22.56%

BTCX-B.TO

• 1D: -5.98%
• 1M: -12.94%
• YTD: -22.96%
• 6M: -27.39%
• 1Y: -35.71%
• 3Y*: 35.45%
• 5Y*: 13.68%
• 10Y*: —

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

HXQ.TO vs. BTCX-B.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HXQ.TO Horizons NASDAQ-100 Index ETF	22.53%	15.05%	35.98%	51.16%	-27.84%	28.01%
BTCX-B.TO CI Galaxy Bitcoin ETF C$ Unhedged Series Units	-22.96%	-11.32%	139.01%	149.40%	-62.06%	-16.98%

Correlation

The correlation between HXQ.TO and BTCX-B.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.34

The correlation between HXQ.TO and BTCX-B.TO shifts across timeframes, from 0.31 (3 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HXQ.TO vs. BTCX-B.TO — 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: 77
HXQ.TO Sharpe Ratio Rank: 86
HXQ.TO Sortino Ratio Rank: 82
HXQ.TO Omega Ratio Rank: 82
HXQ.TO Calmar Ratio Rank: 72
HXQ.TO Martin Ratio Rank: 64

BTCX-B.TO

BTCX-B.TO Risk / Return Rank: 2
BTCX-B.TO Sharpe Ratio Rank: 2
BTCX-B.TO Sortino Ratio Rank: 2
BTCX-B.TO Omega Ratio Rank: 2
BTCX-B.TO Calmar Ratio Rank: 3
BTCX-B.TO Martin Ratio Rank: 2

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. BTCX-B.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.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.

	HXQ.TO	BTCX-B.TO	Difference
Sharpe ratio Return per unit of total volatility	2.86	-0.84	+3.70
Sortino ratio Return per unit of downside risk	3.72	-1.11	+4.84
Omega ratio Gain probability vs. loss probability	1.50	0.87	+0.63
Calmar ratio Return relative to maximum drawdown	3.64	-0.71	+4.35
Martin ratio Return relative to average drawdown	11.73	-1.24	+12.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXQ.TO vs. BTCX-B.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.86, which is higher than the BTCX-B.TO Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of HXQ.TO and BTCX-B.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

	HXQ.TO	BTCX-B.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	-0.84	+3.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.25	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.09	+0.99

Drawdowns

HXQ.TO vs. BTCX-B.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum BTCX-B.TO drawdown of -75.26%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and BTCX-B.TO.

Drawdown Indicators

	HXQ.TO	BTCX-B.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-75.26%	+43.66%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-50.41%	+37.98%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-50.41%	+27.83%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-75.26%	+43.66%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	0.00%	-47.25%	+47.25%
Average Drawdown Average peak-to-trough decline	-5.75%	-32.94%	+27.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	28.92%	-25.06%

Volatility

HXQ.TO vs. BTCX-B.TO - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 4.66%, while CI Galaxy Bitcoin ETF C$ Unhedged Series Units (BTCX-B.TO) has a volatility of 10.16%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than BTCX-B.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	BTCX-B.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	10.16%	-5.50%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	34.43%	-22.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	42.84%	-27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	54.13%	-33.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	55.00%	-34.17%

HXQ.TO vs. BTCX-B.TO - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than BTCX-B.TO's 0.80% expense ratio.

Dividends

HXQ.TO vs. BTCX-B.TO - Dividend Comparison

Neither HXQ.TO nor BTCX-B.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HXQ.TO and BTCX-B.TO in my portfolio?

HXQ.TO and BTCX-B.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXQ.TO or BTCX-B.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, HXQ.TO or BTCX-B.TO?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.80% for BTCX-B.TO.

What is the main difference between HXQ.TO and BTCX-B.TO?

HXQ.TO is categorized as Nasdaq-100, while BTCX-B.TO is Cryptocurrency. They also come from different issuers: Horizons and CI Global Asset Management. Their fees differ too: 0.25% for HXQ.TO and 0.80% for BTCX-B.TO.