HXQ.TO vs. ZEA.TO

Last updated Jun 4, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZEA.TO is a Global Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.59%/yr vs 9.78%/yr for ZEA.TO. A 0.58 correlation means they provide meaningful diversification when combined. HXQ.TO charges 0.25%/yr vs 0.22%/yr for ZEA.TO.

Performance

HXQ.TO vs. ZEA.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 BMO MSCI EAFE Index ETF (ZEA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXQ.TO achieves a 22.84% return, which is significantly higher than ZEA.TO's 10.01% return. Over the past 10 years, HXQ.TO has outperformed ZEA.TO with an annualized return of 22.59%, while ZEA.TO has yielded a comparatively lower 9.78% annualized return.

HXQ.TO

• 1D: 0.25%
• 1M: 13.01%
• YTD: 22.84%
• 6M: 19.20%
• 1Y: 43.40%
• 3Y*: 30.08%
• 5Y*: 21.13%
• 10Y*: 22.59%

ZEA.TO

• 1D: -0.45%
• 1M: 5.71%
• YTD: 10.01%
• 6M: 10.15%
• 1Y: 22.06%
• 3Y*: 17.46%
• 5Y*: 11.02%
• 10Y*: 9.78%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXQ.TO Horizons NASDAQ-100 Index ETF	22.84%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%
ZEA.TO BMO MSCI EAFE Index ETF	10.01%	24.28%	11.56%	16.02%	-8.51%	10.64%	5.13%	16.71%	-6.24%	16.77%

Correlation

The correlation between HXQ.TO and ZEA.TO is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.58

The correlation between HXQ.TO and ZEA.TO has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.

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

Sectors	HXQ.TO	ZEA.TO
Technology	55.9%	10.5%
Communication Services	15.8%	4.6%
Consumer Cyclical	13.2%	7.6%
Healthcare	4.4%	10.5%
Consumer Defensive	4.4%	6.8%
Industrials	3.1%	20.0%
Utilities	1.4%	3.9%
Basic Materials	1.0%	6.0%
Energy	0.5%	3.9%
Financial Services	0.3%	24.4%
Real Estate	0.2%	1.9%

Return for Risk

HXQ.TO vs. ZEA.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: 75
HXQ.TO Sharpe Ratio Rank: 84
HXQ.TO Sortino Ratio Rank: 80
HXQ.TO Omega Ratio Rank: 80
HXQ.TO Calmar Ratio Rank: 69
HXQ.TO Martin Ratio Rank: 62

ZEA.TO

ZEA.TO Risk / Return Rank: 44
ZEA.TO Sharpe Ratio Rank: 45
ZEA.TO Sortino Ratio Rank: 45
ZEA.TO Omega Ratio Rank: 46
ZEA.TO Calmar Ratio Rank: 40
ZEA.TO Martin Ratio Rank: 47

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. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizons NASDAQ-100 Index ETF (HXQ.TO) and BMO MSCI EAFE Index ETF (ZEA.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	ZEA.TO	Difference
Sharpe ratio Return per unit of total volatility	2.80	1.59	+1.20
Sortino ratio Return per unit of downside risk	3.65	2.28	+1.36
Omega ratio Gain probability vs. loss probability	1.49	1.30	+0.19
Calmar ratio Return relative to maximum drawdown	3.51	2.03	+1.48
Martin ratio Return relative to average drawdown	11.28	7.92	+3.37
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. ZEA.TO - Sharpe Ratio Comparison

The current HXQ.TO Sharpe Ratio is 2.80, which is higher than the ZEA.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HXQ.TO and ZEA.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	ZEA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	1.59	+1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	0.82	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	0.66	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.59	+0.49

Drawdowns

HXQ.TO vs. ZEA.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than ZEA.TO's maximum drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and ZEA.TO.

Drawdown Indicators

	HXQ.TO	ZEA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-27.80%	-3.80%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-10.91%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-14.11%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-23.67%	-7.93%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-27.80%	-3.80%
Current Drawdown Current decline from peak	0.00%	-2.13%	+2.13%
Average Drawdown Average peak-to-trough decline	-5.75%	-4.63%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	2.79%	+1.07%

Volatility

HXQ.TO vs. ZEA.TO - Volatility Comparison

The current volatility for Horizons NASDAQ-100 Index ETF (HXQ.TO) is 4.63%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 5.70%. This indicates that HXQ.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	ZEA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	5.70%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	11.68%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	13.94%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	13.51%	+7.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	14.92%	+5.91%

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

HXQ.TO has a 0.25% expense ratio, which is higher than ZEA.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. ZEA.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while ZEA.TO's dividend yield for the trailing twelve months is around 1.94%.

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%
ZEA.TO BMO MSCI EAFE Index ETF	1.94%	2.17%	2.77%	3.00%	3.06%	2.48%	2.72%	2.93%	3.03%	2.39%	2.78%	2.42%

Frequently Asked Questions

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

HXQ.TO and ZEA.TO have a correlation of 0.63, 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 ZEA.TO?

On fees, ZEA.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 ZEA.TO?

ZEA.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 ZEA.TO?

HXQ.TO is categorized as Nasdaq-100, while ZEA.TO is Global Equities. HXQ.TO tracks NASDAQ-100 Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: Horizons and BMO. Their fees differ too: 0.25% for HXQ.TO and 0.22% for ZEA.TO.