HXQ.TO vs. XEF-U.TO

Last updated Jun 3, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and XEF-U.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XEF-U.TO is a Global Equities fund tracking the MSCI EAFE® Investable Market Index. Both are passively managed. Over the past 5 years, HXQ.TO returned 21.43%/yr vs 10.46%/yr for XEF-U.TO. At a 0.27 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.21%/yr for XEF-U.TO.

Performance

HXQ.TO vs. XEF-U.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 iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HXQ.TO is traded in CAD, while XEF-U.TO is traded in USD. To make them comparable, the XEF-U.TO 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 higher than XEF-U.TO's 10.22% 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%

XEF-U.TO

• 1D: 0.51%
• 1M: 4.21%
• YTD: 10.22%
• 6M: 11.30%
• 1Y: 22.00%
• 3Y*: 17.44%
• 5Y*: 10.46%
• 10Y*: —

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

HXQ.TO vs. XEF-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HXQ.TO Horizons NASDAQ-100 Index ETF	22.53%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	7.52%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	10.22%	25.22%	11.01%	13.32%	-9.54%	9.81%	6.64%	2.91%

Correlation

The correlation between HXQ.TO and XEF-U.TO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Oct 30, 2019	0.27

Over the past year, HXQ.TO and XEF-U.TO have become more correlated (0.61) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

HXQ.TO vs. XEF-U.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: 77
HXQ.TO Sharpe Ratio Rank: 86
HXQ.TO Sortino Ratio Rank: 82
HXQ.TO Omega Ratio Rank: 82
HXQ.TO Calmar Ratio Rank: 72
HXQ.TO Martin Ratio Rank: 64

XEF-U.TO

XEF-U.TO Risk / Return Rank: 40
XEF-U.TO Sharpe Ratio Rank: 39
XEF-U.TO Sortino Ratio Rank: 38
XEF-U.TO Omega Ratio Rank: 39
XEF-U.TO Calmar Ratio Rank: 38
XEF-U.TO Martin Ratio Rank: 45

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. XEF-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF-U.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.

	HXQ.TO	XEF-U.TO	Difference
Sharpe ratio Return per unit of total volatility	2.86	1.56	+1.30
Sortino ratio Return per unit of downside risk	3.72	2.18	+1.54
Omega ratio Gain probability vs. loss probability	1.50	1.29	+0.21
Calmar ratio Return relative to maximum drawdown	3.64	1.96	+1.68
Martin ratio Return relative to average drawdown	11.73	7.89	+3.83
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. XEF-U.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.86, which is higher than the XEF-U.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of HXQ.TO and XEF-U.TO, 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	XEF-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	1.56	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.92	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.92	+0.16

Drawdowns

HXQ.TO vs. XEF-U.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than XEF-U.TO's maximum drawdown of -27.28%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and XEF-U.TO.

Drawdown Indicators

	HXQ.TO	XEF-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-27.28%	-4.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-11.37%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-13.81%	-8.77%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-25.05%	-6.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	0.00%	-0.56%	+0.56%
Average Drawdown Average peak-to-trough decline	-5.75%	-3.90%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.81%	+1.05%

Volatility

HXQ.TO vs. XEF-U.TO - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 4.66%, while iShares Core MSCI EAFE IMI Index ETF (XEF-U.TO) has a volatility of 5.11%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than XEF-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	XEF-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	5.11%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	11.82%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	14.27%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	17.81%	+2.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	20.35%	+0.48%

HXQ.TO vs. XEF-U.TO - Expense Ratio Comparison

HXQ.TO has a 0.25% expense ratio, which is higher than XEF-U.TO's 0.21% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HXQ.TO vs. XEF-U.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while XEF-U.TO's dividend yield for the trailing twelve months is around 1.62%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XEF-U.TO iShares Core MSCI EAFE IMI Index ETF	1.62%	1.77%	2.05%	2.09%	2.27%	1.94%	1.41%	0.77%

Frequently Asked Questions

Can I hold both HXQ.TO and XEF-U.TO in my portfolio?

HXQ.TO and XEF-U.TO have a correlation of 0.61, 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 XEF-U.TO?

On fees, XEF-U.TO is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HXQ.TO or XEF-U.TO?

XEF-U.TO is cheaper with a 0.21% expense ratio, compared with 0.25% for HXQ.TO.

What is the main difference between HXQ.TO and XEF-U.TO?

HXQ.TO is categorized as Nasdaq-100, while XEF-U.TO is Global Equities. HXQ.TO tracks NASDAQ-100 Index, while XEF-U.TO tracks MSCI EAFE® Investable Market Index. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.25% for HXQ.TO and 0.21% for XEF-U.TO.