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

HXQ.TO vs. TQQQ

Last updated Jun 3, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, HXQ.TO returned 22.56%/yr vs 46.44%/yr for TQQQ. Their correlation of 0.86 suggests significant overlap in exposure. HXQ.TO charges 0.25%/yr vs 0.95%/yr for TQQQ.

Performance

HXQ.TO vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Horizons NASDAQ-100 Index ETF (HXQ.TO) and ProShares UltraPro QQQ (TQQQ). 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 TQQQ is traded in USD. To make them comparable, the TQQQ 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 22.53% return, which is significantly lower than TQQQ's 67.14% return. Over the past 10 years, HXQ.TO has underperformed TQQQ with an annualized return of 22.56%, while TQQQ has yielded a comparatively higher 46.44% annualized return.

HXQ.TO

1D
0.48%
1M
12.65%
YTD
22.53%
6M
18.96%
1Y
44.49%
3Y*
29.97%
5Y*
21.43%
10Y*
22.56%

TQQQ

1D
1.37%
1M
36.07%
YTD
67.14%
6M
56.80%
1Y
147.58%
3Y*
71.66%
5Y*
33.39%
10Y*
46.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. TQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HXQ.TO
Horizons NASDAQ-100 Index ETF		22.53%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%
TQQQ
ProShares UltraPro QQQ		67.14%28.19%71.87%191.48%-77.60%81.33%106.50%122.34%-12.99%104.18%

Correlation

The correlation between HXQ.TO and TQQQ is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

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

0.93

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

0.93

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

0.86

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2016

0.86

The correlation between HXQ.TO and TQQQ has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

HXQ.TO vs. TQQQ - Sectors Allocation Comparison

Sectors
HXQ.TO
TQQQ

Technology

55.9%
53.8%

Communication Services

15.8%
15.8%

Consumer Cyclical

13.2%
12.3%

Healthcare

4.4%
4.2%

Consumer Defensive

4.4%
7.7%

Industrials

3.1%
2.8%

Utilities

1.4%
1.4%

Basic Materials

1.0%
1.1%

Energy

0.5%
0.6%

Financial Services

0.3%
0.2%

Real Estate

0.2%
0.1%

Technology

HXQ.TO
55.9%
TQQQ
53.8%

Communication Services

HXQ.TO
15.8%
TQQQ
15.8%

Consumer Cyclical

HXQ.TO
13.2%
TQQQ
12.3%

Healthcare

HXQ.TO
4.4%
TQQQ
4.2%

Consumer Defensive

HXQ.TO
4.4%
TQQQ
7.7%

Industrials

HXQ.TO
3.1%
TQQQ
2.8%

Utilities

HXQ.TO
1.4%
TQQQ
1.4%

Basic Materials

HXQ.TO
1.0%
TQQQ
1.1%

Energy

HXQ.TO
0.5%
TQQQ
0.6%

Financial Services

HXQ.TO
0.3%
TQQQ
0.2%

Real Estate

HXQ.TO
0.2%
TQQQ
0.1%

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

ProShares UltraPro QQQ

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 TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. SPXLTQQQ vs. UPROTQQQ vs. TECL

Return for Risk

HXQ.TO vs. TQQQ — 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: 8686
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 8282
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
TQQQ
TQQQ Risk / Return Rank: 7575
Overall Rank
TQQQ Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 6969
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 6868
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 7979
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 7171
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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and ProShares UltraPro QQQ (TQQQ). 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.TOTQQQDifference

Sharpe ratio

Return per unit of total volatility

2.86

3.17

-0.31

Sortino ratio

Return per unit of downside risk

3.72

3.26

+0.46

Omega ratio

Gain probability vs. loss probability

1.50

1.43

+0.07

Calmar ratio

Return relative to maximum drawdown

3.64

4.12

-0.49

Martin ratio

Return relative to average drawdown

11.73

12.93

-1.20

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. TQQQ - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.86, which is comparable to the TQQQ Sharpe Ratio of 3.17. The chart below compares the historical Sharpe Ratios of HXQ.TO and TQQQ, 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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Sharpe Ratios by Period

HXQ.TOTQQQDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

3.17

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

0.52

+0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.09

0.73

+0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

0.82

+0.26

Drawdowns

HXQ.TO vs. TQQQ - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum TQQQ drawdown of -80.26%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and TQQQ.

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Drawdown Indicators

HXQ.TOTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-80.26%

+48.66%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-37.06%

+24.63%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-57.97%

+35.39%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-80.26%

+48.66%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-80.26%

+48.66%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.75%

-17.78%

+12.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.86%

11.82%

-7.96%

Volatility

HXQ.TO vs. TQQQ - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 4.66%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.08%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TOTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.66%

13.08%

-8.42%

Volatility (6M)

Calculated over the trailing 6-month period

11.81%

35.41%

-23.60%

Volatility (1Y)

Calculated over the trailing 1-year period

15.62%

46.86%

-31.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.76%

64.44%

-43.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.83%

63.93%

-43.10%

HXQ.TO vs. TQQQ - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

HXQ.TO vs. TQQQ - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.36%.

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%
TQQQ
ProShares UltraPro QQQ		0.36%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%

Frequently Asked Questions

HXQ.TO and TQQQ have a correlation of 0.89, 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 0.95% for TQQQ.

HXQ.TO is categorized as Nasdaq-100, while TQQQ is Leveraged Equities. HXQ.TO tracks NASDAQ-100 Index, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Horizons and ProShares. Their fees differ too: 0.25% for HXQ.TO and 0.95% for TQQQ.

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