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

HXQ.TO vs. SMH

Last updated Jun 13, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 38.68%/yr for SMH. A 0.69 correlation means they provide meaningful diversification when combined. HXQ.TO charges 0.25%/yr vs 0.35%/yr for SMH.

Performance

HXQ.TO vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and VanEck Semiconductor ETF (SMH). 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 SMH is traded in USD. To make them comparable, the SMH 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 SMH's 75.82% return. Over the past 10 years, HXQ.TO has underperformed SMH with an annualized return of 22.27%, while SMH has yielded a comparatively higher 38.68% 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%

SMH

1D
2.02%
1M
10.59%
YTD
75.82%
6M
78.31%
1Y
141.88%
3Y*
62.51%
5Y*
42.51%
10Y*
38.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. SMH - 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%
SMH
VanEck Semiconductor ETF		75.82%42.36%50.88%69.25%-29.32%42.06%51.84%57.67%-1.41%29.10%

Correlation

The correlation between HXQ.TO and SMH is 0.76, 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

0.76

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

0.77

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

0.78

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

0.69

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

0.69

The correlation between HXQ.TO and SMH has been stable across timeframes, ranging from 0.69 to 0.78 - a consistent structural relationship.

HXQ.TO vs. SMH - Sectors Allocation Comparison

Sectors
HXQ.TO
SMH

Technology

55.9%
100.0%

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%

-

Real Estate

0.2%

-

Technology

HXQ.TO
55.9%
SMH
100.0%

Communication Services

HXQ.TO
15.8%
SMH

-

Consumer Cyclical

HXQ.TO
13.2%
SMH

-

Healthcare

HXQ.TO
4.4%
SMH

-

Consumer Defensive

HXQ.TO
4.4%
SMH

-

Industrials

HXQ.TO
3.1%
SMH

-

Utilities

HXQ.TO
1.4%
SMH

-

Basic Materials

HXQ.TO
1.0%
SMH

-

Energy

HXQ.TO
0.5%
SMH

-

Financial Services

HXQ.TO
0.3%
SMH

-

Real Estate

HXQ.TO
0.2%
SMH

-

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

VanEck Semiconductor 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 SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

HXQ.TO vs. SMH — 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
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
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. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and VanEck Semiconductor ETF (SMH). 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.TOSMHDifference
Sharpe ratioReturn per unit of total volatility
2.37
4.29

-1.91

Sortino ratioReturn per unit of downside risk
3.07
4.42

-1.35

Omega ratioGain probability vs. loss probability

1.42

1.62

-0.19

Calmar ratioReturn relative to maximum drawdown

3.19

10.42

-7.23

Martin ratioReturn relative to average drawdown

10.12

36.73

-26.62

HXQ.TO vs. SMH - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.37, which is lower than the SMH Sharpe Ratio of 4.29. The chart below compares the historical Sharpe Ratios of HXQ.TO and SMH, 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. SMH - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum SMH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and SMH.

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Drawdown Indicators

HXQ.TOSMHDifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-65.72%

+34.12%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-13.69%

+1.26%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-33.72%

+11.14%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-41.26%

+9.66%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-41.26%

+9.66%

Current Drawdown

Current decline from peak

-2.58%

-1.81%

-0.77%

Average Drawdown

Average peak-to-trough decline

-5.74%

-19.94%

+14.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.88%

+0.03%

Volatility

HXQ.TO vs. SMH - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 7.27%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.36%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TOSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

16.36%

-9.09%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

27.95%

-14.63%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

33.30%

-16.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.92%

36.05%

-15.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

33.59%

-12.67%

HXQ.TO vs. SMH - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than SMH's 0.35% expense ratio.

Dividends

HXQ.TO vs. SMH - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.

PositionTTM20252024202320222021202020192018201720162015
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%
SMH
VanEck Semiconductor ETF		0.18%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%

Frequently Asked Questions

HXQ.TO and SMH have a correlation of 0.76, 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 0.35% for SMH.

HXQ.TO is categorized as Nasdaq-100, while SMH is Semiconductors. HXQ.TO tracks NASDAQ-100 Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Horizons and VanEck. Their fees differ too: 0.25% for HXQ.TO and 0.35% for SMH.

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