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

HXQ.TO vs. DXJ

Last updated Jun 13, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 19.75%/yr for DXJ. At a 0.41 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.48%/yr for DXJ.

Performance

HXQ.TO vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 DXJ is traded in USD. To make them comparable, the DXJ 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 DXJ's 21.27% return. Over the past 10 years, HXQ.TO has outperformed DXJ with an annualized return of 22.27%, while DXJ has yielded a comparatively lower 19.75% 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%

DXJ

1D
1.03%
1M
1.91%
YTD
21.27%
6M
21.68%
1Y
56.95%
3Y*
32.92%
5Y*
29.73%
10Y*
19.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. DXJ - 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%
DXJ
WisdomTree Japan Hedged Equity Fund		21.27%26.72%40.82%38.66%12.68%17.93%1.47%14.04%-13.04%14.49%

Correlation

The correlation between HXQ.TO and DXJ is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.42

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

0.40

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

0.42

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

0.41

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

0.41

HXQ.TO vs. DXJ - Sectors Allocation Comparison

Sectors
HXQ.TO
DXJ

Technology

55.9%
12.9%

Communication Services

15.8%
2.7%

Consumer Cyclical

13.2%
15.6%

Healthcare

4.4%
6.8%

Consumer Defensive

4.4%
4.7%

Industrials

3.1%
27.4%

Utilities

1.4%
0.1%

Basic Materials

1.0%
8.5%

Energy

0.5%
1.7%

Financial Services

0.3%
18.3%

Real Estate

0.2%

-

Technology

HXQ.TO
55.9%
DXJ
12.9%

Communication Services

HXQ.TO
15.8%
DXJ
2.7%

Consumer Cyclical

HXQ.TO
13.2%
DXJ
15.6%

Healthcare

HXQ.TO
4.4%
DXJ
6.8%

Consumer Defensive

HXQ.TO
4.4%
DXJ
4.7%

Industrials

HXQ.TO
3.1%
DXJ
27.4%

Utilities

HXQ.TO
1.4%
DXJ
0.1%

Basic Materials

HXQ.TO
1.0%
DXJ
8.5%

Energy

HXQ.TO
0.5%
DXJ
1.7%

Financial Services

HXQ.TO
0.3%
DXJ
18.3%

Real Estate

HXQ.TO
0.2%
DXJ

-

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

WisdomTree Japan Hedged Equity Fund

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 DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP

Return for Risk

HXQ.TO vs. DXJ — 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
DXJ
DXJ Risk / Return Rank: 9292
Overall Rank
DXJ Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 9393
Sortino Ratio Rank
DXJ Omega Ratio Rank: 9292
Omega Ratio Rank
DXJ Calmar Ratio Rank: 9090
Calmar Ratio Rank
DXJ Martin Ratio Rank: 9191
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. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.TODXJDifference
Sharpe ratioReturn per unit of total volatility
2.37
3.16

-0.79

Sortino ratioReturn per unit of downside risk
3.07
4.17

-1.09

Omega ratioGain probability vs. loss probability

1.42

1.55

-0.13

Calmar ratioReturn relative to maximum drawdown

3.19

5.32

-2.13

Martin ratioReturn relative to average drawdown

10.12

20.05

-9.94

HXQ.TO vs. DXJ - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.37, which is comparable to the DXJ Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of HXQ.TO and DXJ, 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. DXJ - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum DXJ drawdown of -51.50%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and DXJ.

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Drawdown Indicators

HXQ.TODXJDifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-51.50%

+19.90%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-10.75%

-1.68%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-20.75%

-1.83%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-20.75%

-10.85%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-32.56%

+0.96%

Current Drawdown

Current decline from peak

-2.58%

-0.67%

-1.91%

Average Drawdown

Average peak-to-trough decline

-5.74%

-15.95%

+10.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

2.85%

+1.06%

Volatility

HXQ.TO vs. DXJ - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 7.27% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.86%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TODXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

4.86%

+2.41%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

14.05%

-0.73%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

18.09%

-1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.92%

20.06%

+0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

21.25%

-0.33%

HXQ.TO vs. DXJ - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

HXQ.TO vs. DXJ - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while DXJ's dividend yield for the trailing twelve months is around 1.09%.

PositionTTM20252024202320222021202020192018201720162015
DXJ
WisdomTree Japan Hedged Equity Fund		1.09%1.29%3.48%3.44%3.02%2.64%2.53%2.47%2.92%2.30%1.98%5.95%
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 DXJ have a correlation of 0.42, 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 0.48% for DXJ.

HXQ.TO is categorized as Nasdaq-100, while DXJ is Japan Equities. HXQ.TO tracks NASDAQ-100 Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: Horizons and WisdomTree. Their fees differ too: 0.25% for HXQ.TO and 0.48% for DXJ.

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