HXQ.TO vs. QQQQ.TO

Last updated Jun 24, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and QQQQ.TO (Mackenzie NASDAQ 100 Index ETF) are both Nasdaq-100 funds tracking the NASDAQ-100 Index, from Horizons and Mackenzie respectively. Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.25% expense ratio.

Performance

HXQ.TO vs. QQQQ.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 Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HXQ.TO having a 20.53% return and QQQQ.TO slightly higher at 20.59%.

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%

QQQQ.TO

• 1D: -2.71%
• 1M: 2.61%
• YTD: 20.59%
• 6M: 19.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HXQ.TO vs. QQQQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025
HXQ.TO Horizons NASDAQ-100 Index ETF	20.53%	5.95%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	20.59%	7.09%

Correlation

The correlation between HXQ.TO and QQQQ.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.63

Return for Risk

HXQ.TO vs. QQQQ.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: 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

QQQQ.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QQQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and Mackenzie NASDAQ 100 Index ETF (QQQQ.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.TO	QQQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	2.97	—	—
Omega ratio: Gain probability vs. loss probability	1.41	—	—
Calmar ratio: Return relative to maximum drawdown	3.18	—	—
Martin ratio: Return relative to average drawdown	10.07	—	—

Drawdowns

HXQ.TO vs. QQQQ.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than QQQQ.TO's maximum drawdown of -12.27%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and QQQQ.TO.

Drawdown Indicators

	HXQ.TO	QQQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-12.27%	-19.33%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	-3.00%	-2.77%	-0.23%
Average Drawdown Average peak-to-trough decline	-5.73%	-3.16%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	—	—

Volatility

Volatility by Period

	HXQ.TO	QQQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	19.23%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	19.23%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	19.23%	+1.76%

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

Both HXQ.TO and QQQQ.TO have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HXQ.TO vs. QQQQ.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while QQQQ.TO's dividend yield for the trailing twelve months is around 0.09%.

Position	TTM	2025
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.09%	0.11%

Frequently Asked Questions

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

HXQ.TO and QQQQ.TO have a correlation of 0.63, 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 QQQQ.TO?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXQ.TO or QQQQ.TO?

HXQ.TO and QQQQ.TO have the same expense ratio: 0.25% per year.

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

Both ETFs track NASDAQ-100 Index. They also come from different issuers: Horizons and Mackenzie.