HXQ.TO vs. GBTC

Last updated Jun 24, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.49%/yr vs 46.31%/yr for GBTC. At a 0.22 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 1.50%/yr for GBTC.

Performance

HXQ.TO vs. GBTC - Performance Comparison

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

Different Trading Currencies

HXQ.TO is traded in CAD, while GBTC is traded in USD. To make them comparable, the GBTC 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 20.53% return, which is significantly higher than GBTC's -26.88% return. Over the past 10 years, HXQ.TO has underperformed GBTC with an annualized return of 22.49%, while GBTC has yielded a comparatively higher 46.31% annualized return.

HXQ.TO

• 1D: -2.86%
• 1M: 2.47%
• YTD: 20.53%
• 6M: 19.26%
• 1Y: 39.36%
• 3Y*: 29.01%
• 5Y*: 19.15%
• 10Y*: 22.49%

GBTC

• 1D: -3.33%
• 1M: -15.56%
• YTD: -26.88%
• 6M: -27.31%
• 1Y: -38.71%
• 3Y*: 39.48%
• 5Y*: 13.45%
• 10Y*: 46.31%

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

HXQ.TO vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXQ.TO Horizons NASDAQ-100 Index ETF	20.53%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%
GBTC Grayscale Bitcoin Trust ETF	-26.88%	-11.86%	131.91%	307.68%	-74.26%	6.98%	281.45%	98.04%	-80.60%	1,659.90%

Correlation

The correlation between HXQ.TO and GBTC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016	0.22

The correlation between HXQ.TO and GBTC shifts across timeframes, from 0.22 (all time) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HXQ.TO vs. GBTC — 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: 68
HXQ.TO Sharpe Ratio Rank: 74
HXQ.TO Sortino Ratio Rank: 68
HXQ.TO Omega Ratio Rank: 72
HXQ.TO Calmar Ratio Rank: 66
HXQ.TO Martin Ratio Rank: 59

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC 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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and Grayscale Bitcoin Trust ETF (GBTC). 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.TO	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.28	-0.87	+3.15
Sortino ratio: Return per unit of downside risk	2.97	-1.21	+4.18
Omega ratio: Gain probability vs. loss probability	1.41	0.87	+0.54
Calmar ratio: Return relative to maximum drawdown	3.18	-0.74	+3.92
Martin ratio: Return relative to average drawdown	10.07	-1.24	+11.30

HXQ.TO vs. GBTC - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.28, which is higher than the GBTC Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of HXQ.TO and GBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HXQ.TO vs. GBTC - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum GBTC drawdown of -89.71%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and GBTC.

Drawdown Indicators

	HXQ.TO	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-89.71%	+58.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-52.65%	+40.22%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-52.65%	+30.07%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-84.15%	+52.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-89.71%	+58.11%
Current Drawdown Current decline from peak	-3.00%	-50.20%	+47.20%
Average Drawdown Average peak-to-trough decline	-5.73%	-42.96%	+37.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	31.36%	-27.44%

Volatility

HXQ.TO vs. GBTC - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 8.43%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 12.99%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	12.99%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	34.60%	-20.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	44.47%	-27.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	62.50%	-41.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	81.88%	-60.89%

HXQ.TO vs. GBTC - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

HXQ.TO vs. GBTC - Dividend Comparison

Neither HXQ.TO nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
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%

Frequently Asked Questions

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

HXQ.TO and GBTC have a correlation of 0.41, 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 GBTC?

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 GBTC?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 1.50% for GBTC.

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

HXQ.TO is categorized as Nasdaq-100, while GBTC is Cryptocurrency. HXQ.TO tracks NASDAQ-100 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Horizons and Grayscale. Their fees differ too: 0.25% for HXQ.TO and 1.50% for GBTC.