HXQ.TO vs. XEI.TO

Last updated Jun 3, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.56%/yr vs 12.32%/yr for XEI.TO. At a 0.31 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.22%/yr for XEI.TO.

Performance

HXQ.TO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HXQ.TO having a 22.53% return and XEI.TO slightly lower at 22.21%. Over the past 10 years, HXQ.TO has outperformed XEI.TO with an annualized return of 22.56%, while XEI.TO has yielded a comparatively lower 12.32% 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%

XEI.TO

• 1D: 1.35%
• 1M: 3.16%
• YTD: 22.21%
• 6M: 23.91%
• 1Y: 44.20%
• 3Y*: 22.26%
• 5Y*: 15.69%
• 10Y*: 12.32%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	22.21%	25.96%	15.42%	6.69%	0.41%	35.88%	-7.53%	25.44%	-10.85%	7.24%

Correlation

The correlation between HXQ.TO and XEI.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.31

Over the past year, the correlation between HXQ.TO and XEI.TO has dropped to 0.07 - well below their long-term average of 0.31, suggesting their price drivers have been diverging.

HXQ.TO vs. XEI.TO - Sectors Allocation Comparison

Sectors	HXQ.TO	XEI.TO
Technology	55.9%	0.7%
Communication Services	15.8%	7.6%
Consumer Cyclical	13.2%	6.2%
Healthcare	4.4%	0.2%
Consumer Defensive	4.4%	0.5%
Industrials	3.1%	0.7%
Utilities	1.4%	11.2%
Basic Materials	1.0%	4.6%
Energy	0.5%	32.1%
Financial Services	0.3%	31.4%
Real Estate	0.2%	4.8%

Return for Risk

HXQ.TO vs. XEI.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

XEI.TO

XEI.TO Risk / Return Rank: 98
XEI.TO Sharpe Ratio Rank: 98
XEI.TO Sortino Ratio Rank: 99
XEI.TO Omega Ratio Rank: 98
XEI.TO Calmar Ratio Rank: 99
XEI.TO Martin Ratio Rank: 98

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. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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	XEI.TO	Difference
Sharpe ratio Return per unit of total volatility	2.86	6.16	-3.30
Sortino ratio Return per unit of downside risk	3.72	9.17	-5.45
Omega ratio Gain probability vs. loss probability	1.50	2.29	-0.79
Calmar ratio Return relative to maximum drawdown	3.64	20.05	-16.41
Martin ratio Return relative to average drawdown	11.73	68.19	-56.46
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. XEI.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.86, which is lower than the XEI.TO Sharpe Ratio of 6.16. The chart below compares the historical Sharpe Ratios of HXQ.TO and XEI.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	XEI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	6.16	-3.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	1.40	-0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	0.77	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.67	+0.41

Drawdowns

HXQ.TO vs. XEI.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and XEI.TO.

Drawdown Indicators

	HXQ.TO	XEI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-45.51%	+13.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-2.24%	-10.19%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-9.92%	-12.66%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-17.32%	-14.28%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-45.51%	+13.91%
Current Drawdown Current decline from peak	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-5.75%	-5.05%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	0.66%	+3.20%

Volatility

HXQ.TO vs. XEI.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 4.66% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.88%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	XEI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	2.88%	+1.78%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	6.01%	+5.80%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	7.22%	+8.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	11.24%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	16.01%	+4.82%

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

HXQ.TO has a 0.25% expense ratio, which is higher than XEI.TO's 0.22% 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. XEI.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while XEI.TO's dividend yield for the trailing twelve months is around 3.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	3.56%	4.39%	5.56%	5.08%	4.78%	3.65%	5.13%	4.71%	5.53%	4.37%	4.51%	5.75%

Frequently Asked Questions

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

HXQ.TO and XEI.TO have a correlation of 0.07, 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 XEI.TO?

On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.25% for HXQ.TO.

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

HXQ.TO is categorized as Nasdaq-100, while XEI.TO is Canada Equities. HXQ.TO tracks NASDAQ-100 Index, while XEI.TO tracks S&P/TSX Composite High Dividend Index. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.25% for HXQ.TO and 0.22% for XEI.TO.