HXQ.TO vs. FEZ

Last updated Jun 9, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and FEZ (SPDR EURO STOXX 50 ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.16%/yr vs 11.68%/yr for FEZ. At a 0.45 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.29%/yr for FEZ.

Performance

HXQ.TO vs. FEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HXQ.TO is traded in CAD, while FEZ is traded in USD. To make them comparable, the FEZ 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 18.52% return, which is significantly higher than FEZ's 6.59% return. Over the past 10 years, HXQ.TO has outperformed FEZ with an annualized return of 22.16%, while FEZ has yielded a comparatively lower 11.68% annualized return.

HXQ.TO

• 1D: 1.44%
• 1M: 2.69%
• YTD: 18.52%
• 6M: 15.98%
• 1Y: 38.04%
• 3Y*: 28.80%
• 5Y*: 20.09%
• 10Y*: 22.16%

FEZ

• 1D: 0.91%
• 1M: 2.41%
• YTD: 6.59%
• 6M: 7.34%
• 1Y: 17.54%
• 3Y*: 19.45%
• 5Y*: 12.92%
• 10Y*: 11.68%

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

HXQ.TO vs. FEZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXQ.TO Horizons NASDAQ-100 Index ETF	18.52%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%
FEZ SPDR EURO STOXX 50 ETF	6.59%	31.52%	12.34%	24.14%	-8.84%	14.79%	2.35%	20.85%	-8.78%	16.35%

Correlation

The correlation between HXQ.TO and FEZ is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.45

The correlation between HXQ.TO and FEZ has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

HXQ.TO vs. FEZ - Sectors Allocation Comparison

Sectors	HXQ.TO	FEZ
Technology	55.9%	16.1%
Communication Services	15.8%	2.3%
Consumer Cyclical	13.2%	9.8%
Healthcare	4.4%	5.4%
Consumer Defensive	4.4%	5.5%
Industrials	3.1%	22.1%
Utilities	1.4%	4.8%
Basic Materials	1.0%	3.7%
Energy	0.5%	5.2%
Financial Services	0.3%	25.1%
Real Estate	0.2%	-

Return for Risk

HXQ.TO vs. FEZ — 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: 73
HXQ.TO Sharpe Ratio Rank: 81
HXQ.TO Sortino Ratio Rank: 75
HXQ.TO Omega Ratio Rank: 79
HXQ.TO Calmar Ratio Rank: 68
HXQ.TO Martin Ratio Rank: 61

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 25
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

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. FEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and SPDR EURO STOXX 50 ETF (FEZ). 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	FEZ	Difference
Sharpe ratio: Return per unit of total volatility	2.35	0.95	+1.40
Sortino ratio: Return per unit of downside risk	3.03	1.44	+1.59
Omega ratio: Gain probability vs. loss probability	1.42	1.17	+0.25
Calmar ratio: Return relative to maximum drawdown	3.08	1.33	+1.75
Martin ratio: Return relative to average drawdown	9.84	4.49	+5.36
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. FEZ - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.35, which is higher than the FEZ Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of HXQ.TO and FEZ, 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	FEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	0.95	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.60	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	0.53	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.29	+0.76

Drawdowns

HXQ.TO vs. FEZ - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum FEZ drawdown of -53.81%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and FEZ.

Drawdown Indicators

	HXQ.TO	FEZ	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-53.81%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-13.25%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-16.21%	-6.37%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-28.89%	-2.71%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-33.95%	+2.35%
Current Drawdown Current decline from peak	-3.52%	-1.27%	-2.25%
Average Drawdown Average peak-to-trough decline	-5.75%	-13.55%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	3.92%	-0.04%

Volatility

HXQ.TO vs. FEZ - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 6.67% compared to SPDR EURO STOXX 50 ETF (FEZ) at 5.93%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	FEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	5.93%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	12.75%	15.44%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.27%	18.51%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	21.52%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.89%	22.00%	-1.11%

HXQ.TO vs. FEZ - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than FEZ's 0.29% expense ratio.

Dividends

HXQ.TO vs. FEZ - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while FEZ's dividend yield for the trailing twelve months is around 2.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ SPDR EURO STOXX 50 ETF	2.58%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
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

Can I hold both HXQ.TO and FEZ in my portfolio?

HXQ.TO and FEZ have a correlation of 0.55, 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 FEZ?

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 FEZ?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.29% for FEZ.

What is the main difference between HXQ.TO and FEZ?

HXQ.TO is categorized as Nasdaq-100, while FEZ is Europe Equities. HXQ.TO tracks NASDAQ-100 Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: Horizons and State Street. Their fees differ too: 0.25% for HXQ.TO and 0.29% for FEZ.