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

HXQ.TO vs. XSP.TO

Last updated Jun 9, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.16%/yr vs 13.25%/yr for XSP.TO. A 0.75 correlation means they provide meaningful diversification when combined. HXQ.TO charges 0.25%/yr vs 0.09%/yr for XSP.TO.

Performance

HXQ.TO vs. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HXQ.TO achieves a 18.52% return, which is significantly higher than XSP.TO's 7.46% return. Over the past 10 years, HXQ.TO has outperformed XSP.TO with an annualized return of 22.16%, while XSP.TO has yielded a comparatively lower 13.25% annualized return.

HXQ.TO

1D
1.44%
1M
2.69%
YTD
18.52%
6M
15.98%
1Y
38.04%
3Y*
28.80%
5Y*
20.09%
10Y*
22.16%

XSP.TO

1D
0.25%
1M
0.19%
YTD
7.46%
6M
7.38%
1Y
22.08%
3Y*
19.32%
5Y*
11.15%
10Y*
13.25%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
HXQ.TO
Horizons NASDAQ-100 Index ETF		18.52%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		7.46%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%

Correlation

The correlation between HXQ.TO and XSP.TO is 0.85, 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

0.85

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

0.84

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

0.85

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

0.75

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

0.75

The correlation between HXQ.TO and XSP.TO shifts across timeframes, from 0.75 (all time) to 0.85 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
HXQ.TO
XSP.TO

Technology

55.9%
36.2%

Communication Services

15.8%
10.9%

Consumer Cyclical

13.2%
10.1%

Healthcare

4.4%
8.4%

Consumer Defensive

4.4%
4.9%

Industrials

3.1%
8.1%

Utilities

1.4%
2.3%

Basic Materials

1.0%
1.8%

Energy

0.5%
3.5%

Financial Services

0.3%
11.9%

Real Estate

0.2%
1.9%

Technology

HXQ.TO
55.9%
XSP.TO
36.2%

Communication Services

HXQ.TO
15.8%
XSP.TO
10.9%

Consumer Cyclical

HXQ.TO
13.2%
XSP.TO
10.1%

Healthcare

HXQ.TO
4.4%
XSP.TO
8.4%

Consumer Defensive

HXQ.TO
4.4%
XSP.TO
4.9%

Industrials

HXQ.TO
3.1%
XSP.TO
8.1%

Utilities

HXQ.TO
1.4%
XSP.TO
2.3%

Basic Materials

HXQ.TO
1.0%
XSP.TO
1.8%

Energy

HXQ.TO
0.5%
XSP.TO
3.5%

Financial Services

HXQ.TO
0.3%
XSP.TO
11.9%

Real Estate

HXQ.TO
0.2%
XSP.TO
1.9%

Compare stocks, funds, or ETFs

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Horizons NASDAQ-100 Index ETF

iShares Core S&P 500 Index ETF (CAD-Hedged)

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 XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO

Return for Risk

HXQ.TO vs. XSP.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: 7373
Overall Rank
HXQ.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 7979
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 6161
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 6060
Overall Rank
XSP.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
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. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
2.35
1.85

+0.51

Sortino ratioReturn per unit of downside risk
3.03
2.52

+0.51

Omega ratioGain probability vs. loss probability

1.42

1.33

+0.09

Calmar ratioReturn relative to maximum drawdown

3.08

2.36

+0.72

Martin ratioReturn relative to average drawdown

9.84

10.81

-0.97

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. XSP.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.35, which is comparable to the XSP.TO Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of HXQ.TO and XSP.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.

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Sharpe Ratios by Period

HXQ.TOXSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.35

1.85

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

0.67

+0.30

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.07

0.73

+0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

0.49

+0.57

Drawdowns

HXQ.TO vs. XSP.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, smaller than the maximum XSP.TO drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and XSP.TO.

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Drawdown Indicators

HXQ.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.60%

-57.71%

+26.11%

Max Drawdown (1Y)

Largest decline over 1 year

-12.43%

-9.41%

-3.02%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-18.77%

-3.81%

Max Drawdown (5Y)

Largest decline over 5 years

-31.60%

-27.51%

-4.09%

Max Drawdown (10Y)

Largest decline over 10 years

-31.60%

-36.05%

+4.45%

Current Drawdown

Current decline from peak

-3.52%

-2.71%

-0.81%

Average Drawdown

Average peak-to-trough decline

-5.75%

-9.46%

+3.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.88%

2.05%

+1.83%

Volatility

HXQ.TO vs. XSP.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 6.67% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 4.07%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HXQ.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.67%

4.07%

+2.60%

Volatility (6M)

Calculated over the trailing 6-month period

12.75%

9.40%

+3.35%

Volatility (1Y)

Calculated over the trailing 1-year period

16.27%

12.04%

+4.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.85%

16.85%

+4.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.89%

18.24%

+2.65%

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

HXQ.TO has a 0.25% expense ratio, which is higher than XSP.TO's 0.09% 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. XSP.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while XSP.TO's dividend yield for the trailing twelve months is around 1.14%.

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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.14%1.23%1.09%1.18%1.37%1.01%1.31%1.73%1.86%1.45%1.76%1.88%

Frequently Asked Questions

HXQ.TO and XSP.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.25% for HXQ.TO.

HXQ.TO is categorized as Nasdaq-100, while XSP.TO is S&P 500. HXQ.TO tracks NASDAQ-100 Index, while XSP.TO tracks S&P 500 Index. They also come from different issuers: Horizons and iShares. Their fees differ too: 0.25% for HXQ.TO and 0.09% for XSP.TO.

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