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

HXQ.TO vs. CEW.TO

Last updated Jun 13, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and CEW.TO (iShares Equal Weight Banc & Lifeco ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while CEW.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 16.02%/yr for CEW.TO. At a 0.35 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.61%/yr for CEW.TO.

Performance

HXQ.TO vs. CEW.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 iShares Equal Weight Banc & Lifeco ETF (CEW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HXQ.TO achieves a 19.67% return, which is significantly lower than CEW.TO's 22.02% return. Over the past 10 years, HXQ.TO has outperformed CEW.TO with an annualized return of 22.27%, while CEW.TO has yielded a comparatively lower 16.02% annualized return.

HXQ.TO

1D
0.78%
1M
3.00%
YTD
19.67%
6M
19.59%
1Y
39.46%
3Y*
28.29%
5Y*
19.92%
10Y*
22.27%

CEW.TO

1D
1.03%
1M
9.08%
YTD
22.02%
6M
20.13%
1Y
51.89%
3Y*
31.90%
5Y*
19.14%
10Y*
16.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. CEW.TO - 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%
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		22.02%32.70%29.62%17.18%-6.76%29.51%-0.38%25.64%-12.71%12.06%

Correlation

The correlation between HXQ.TO and CEW.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.38

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

0.40

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

0.36

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

0.35

HXQ.TO vs. CEW.TO - Sectors Allocation Comparison

Sectors
HXQ.TO
CEW.TO

Technology

55.9%

-

Communication Services

15.8%

-

Consumer Cyclical

13.2%

-

Healthcare

4.4%

-

Consumer Defensive

4.4%

-

Industrials

3.1%

-

Utilities

1.4%

-

Basic Materials

1.0%

-

Energy

0.5%

-

Financial Services

0.3%
100.0%

Real Estate

0.2%

-

Technology

HXQ.TO
55.9%
CEW.TO

-

Communication Services

HXQ.TO
15.8%
CEW.TO

-

Consumer Cyclical

HXQ.TO
13.2%
CEW.TO

-

Healthcare

HXQ.TO
4.4%
CEW.TO

-

Consumer Defensive

HXQ.TO
4.4%
CEW.TO

-

Industrials

HXQ.TO
3.1%
CEW.TO

-

Utilities

HXQ.TO
1.4%
CEW.TO

-

Basic Materials

HXQ.TO
1.0%
CEW.TO

-

Energy

HXQ.TO
0.5%
CEW.TO

-

Financial Services

HXQ.TO
0.3%
CEW.TO
100.0%

Real Estate

HXQ.TO
0.2%
CEW.TO

-

Compare stocks, funds, or ETFs

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Horizons NASDAQ-100 Index ETF

iShares Equal Weight Banc & Lifeco 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 CEW.TO:
CEW.TO vs. XFN.TOCEW.TO vs. BMOCEW.TO vs. XDIV.TOCEW.TO vs. TEC.TOCEW.TO vs. VFV.TOCEW.TO vs. RY.TOCEW.TO vs. SPY

Return for Risk

HXQ.TO vs. CEW.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: 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
CEW.TO
CEW.TO Risk / Return Rank: 9696
Overall Rank
CEW.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CEW.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
CEW.TO Omega Ratio Rank: 9797
Omega Ratio Rank
CEW.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
CEW.TO Martin Ratio Rank: 9595
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. CEW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and iShares Equal Weight Banc & Lifeco ETF (CEW.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.

HXQ.TOCEW.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
4.44

-2.07

Sortino ratioReturn per unit of downside risk
3.07
5.95

-2.88

Omega ratioGain probability vs. loss probability

1.42

1.82

-0.40

Calmar ratioReturn relative to maximum drawdown

3.19

7.32

-4.13

Martin ratioReturn relative to average drawdown

10.12

27.01

-16.89

HXQ.TO vs. CEW.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.37, which is lower than the CEW.TO Sharpe Ratio of 4.44. The chart below compares the historical Sharpe Ratios of HXQ.TO and CEW.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

HXQ.TO vs. CEW.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum CEW.TO drawdown of -53.50%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and CEW.TO.

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Drawdown Indicators

HXQ.TOCEW.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-53.50%

+21.90%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-7.13%

-5.30%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-12.72%

-9.86%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-22.41%

-9.19%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-43.66%

+12.06%

Current Drawdown

Current decline from peak

-2.58%

0.00%

-2.58%

Average Drawdown

Average peak-to-trough decline

-5.74%

-6.94%

+1.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

1.93%

+1.98%

Volatility

HXQ.TO vs. CEW.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 7.27% compared to iShares Equal Weight Banc & Lifeco ETF (CEW.TO) at 3.79%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than CEW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TOCEW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

3.79%

+3.48%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

10.17%

+3.15%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

11.74%

+4.96%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.92%

13.57%

+7.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

17.06%

+3.86%

HXQ.TO vs. CEW.TO - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than CEW.TO's 0.61% expense ratio.

Dividends

HXQ.TO vs. CEW.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while CEW.TO's dividend yield for the trailing twelve months is around 2.34%.

PositionTTM20252024202320222021202020192018201720162015
CEW.TO
iShares Equal Weight Banc & Lifeco ETF		2.34%2.82%3.41%3.98%3.95%3.10%3.83%3.39%3.13%2.62%2.70%2.91%
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 CEW.TO have a correlation of 0.44, 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 0.61% for CEW.TO.

HXQ.TO is categorized as Nasdaq-100, while CEW.TO is Financials Equities. HXQ.TO tracks NASDAQ-100 Index, while CEW.TO tracks Morningstar Gbl Fin Svc GR CAD. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.25% for HXQ.TO and 0.61% for CEW.TO.

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