PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HXQ.TO vs. XEU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HXQ.TO vs. XEU.TO

Last updated Jun 13, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and XEU.TO (iShares MSCI Europe IMI Index ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 10.87%/yr for XEU.TO. At a 0.49 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.28%/yr for XEU.TO.

Performance

HXQ.TO vs. XEU.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 MSCI Europe IMI Index ETF (XEU.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HXQ.TO achieves a 19.67% return, which is significantly higher than XEU.TO's 9.50% return. Over the past 10 years, HXQ.TO has outperformed XEU.TO with an annualized return of 22.27%, while XEU.TO has yielded a comparatively lower 10.87% 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%

XEU.TO

1D
0.56%
1M
4.42%
YTD
9.50%
6M
11.49%
1Y
20.26%
3Y*
18.05%
5Y*
11.14%
10Y*
10.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HXQ.TO vs. XEU.TO - 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%
XEU.TO
iShares MSCI Europe IMI Index ETF		9.50%29.40%9.34%17.38%-10.49%16.36%3.16%18.30%-8.11%18.47%

Correlation

The correlation between HXQ.TO and XEU.TO is 0.58, 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

0.58

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

0.49

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

0.51

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

0.50

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

0.49

The correlation between HXQ.TO and XEU.TO has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

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

Sectors
HXQ.TO
XEU.TO

Technology

55.9%
8.4%

Communication Services

15.8%
3.3%

Consumer Cyclical

13.2%
6.5%

Healthcare

4.4%
10.5%

Consumer Defensive

4.4%
8.0%

Industrials

3.1%
15.6%

Utilities

1.4%
3.5%

Basic Materials

1.0%
5.3%

Energy

0.5%
4.0%

Financial Services

0.3%
22.5%

Real Estate

0.2%
1.4%

Technology

HXQ.TO
55.9%
XEU.TO
8.4%

Communication Services

HXQ.TO
15.8%
XEU.TO
3.3%

Consumer Cyclical

HXQ.TO
13.2%
XEU.TO
6.5%

Healthcare

HXQ.TO
4.4%
XEU.TO
10.5%

Consumer Defensive

HXQ.TO
4.4%
XEU.TO
8.0%

Industrials

HXQ.TO
3.1%
XEU.TO
15.6%

Utilities

HXQ.TO
1.4%
XEU.TO
3.5%

Basic Materials

HXQ.TO
1.0%
XEU.TO
5.3%

Energy

HXQ.TO
0.5%
XEU.TO
4.0%

Financial Services

HXQ.TO
0.3%
XEU.TO
22.5%

Real Estate

HXQ.TO
0.2%
XEU.TO
1.4%

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

iShares MSCI Europe IMI Index 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 XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO

Return for Risk

HXQ.TO vs. XEU.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: 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
XEU.TO
XEU.TO Risk / Return Rank: 4444
Overall Rank
XEU.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 4545
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. XEU.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 MSCI Europe IMI Index ETF (XEU.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.TOXEU.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
1.38

+0.99

Sortino ratioReturn per unit of downside risk
3.07
2.00

+1.07

Omega ratioGain probability vs. loss probability

1.42

1.25

+0.17

Calmar ratioReturn relative to maximum drawdown

3.19

1.70

+1.49

Martin ratioReturn relative to average drawdown

10.12

6.57

+3.54

HXQ.TO vs. XEU.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.37, which is higher than the XEU.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of HXQ.TO and XEU.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.

Loading charts...

Drawdowns

HXQ.TO vs. XEU.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, roughly equal to the maximum XEU.TO drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and XEU.TO.

Loading charts...

Drawdown Indicators

HXQ.TOXEU.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-32.02%

+0.42%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-11.94%

-0.49%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-14.62%

-7.96%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-26.96%

-4.64%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-32.02%

+0.42%

Current Drawdown

Current decline from peak

-2.58%

0.00%

-2.58%

Average Drawdown

Average peak-to-trough decline

-5.74%

-5.45%

-0.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.91%

3.10%

+0.81%

Volatility

HXQ.TO vs. XEU.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 7.27% compared to iShares MSCI Europe IMI Index ETF (XEU.TO) at 5.29%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than XEU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HXQ.TOXEU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.27%

5.29%

+1.98%

Volatility (6M)

Calculated over the trailing 6-month period

13.32%

12.40%

+0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

16.70%

14.72%

+1.98%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.92%

14.80%

+6.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.92%

16.09%

+4.83%

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

HXQ.TO has a 0.25% expense ratio, which is lower than XEU.TO's 0.28% expense ratio.

Dividends

HXQ.TO vs. XEU.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while XEU.TO's dividend yield for the trailing twelve months is around 2.25%.

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%
XEU.TO
iShares MSCI Europe IMI Index ETF		2.25%2.47%2.68%2.96%3.02%2.42%1.98%3.56%3.28%2.26%2.91%2.33%

Frequently Asked Questions

HXQ.TO and XEU.TO have a correlation of 0.58, 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 0.28% for XEU.TO.

HXQ.TO is categorized as Nasdaq-100, while XEU.TO is Europe Equities. HXQ.TO tracks NASDAQ-100 Index, while XEU.TO tracks Morningstar Eur GR CAD. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.25% for HXQ.TO and 0.28% for XEU.TO.

Portfolio Optimizer

Find the right allocation for HXQ.TO and XEU.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer