HXQ.TO vs. ZMMK.TO

Last updated Jun 24, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZMMK.TO is a Money Market fund actively managed by BMO. HXQ.TO is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, HXQ.TO returned 29.01%/yr vs 3.81%/yr for ZMMK.TO. At a 0.04 correlation, their price movements are largely independent. HXQ.TO charges 0.25%/yr vs 0.13%/yr for ZMMK.TO.

Performance

HXQ.TO vs. ZMMK.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 Money Market Fund ETF Series (ZMMK.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 20.53% return, which is significantly higher than ZMMK.TO's 1.09% return.

HXQ.TO

• 1D: -2.86%
• 1M: 2.47%
• YTD: 20.53%
• 6M: 19.26%
• 1Y: 39.36%
• 3Y*: 29.01%
• 5Y*: 19.15%
• 10Y*: 22.49%

ZMMK.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 1.09%
• 6M: 1.15%
• 1Y: 2.48%
• 3Y*: 3.81%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
HXQ.TO Horizons NASDAQ-100 Index ETF	20.53%	15.05%	35.98%	51.16%	-27.84%	1.50%
ZMMK.TO BMO Money Market Fund ETF Series	1.09%	2.77%	4.94%	4.86%	1.99%	0.04%

Correlation

The correlation between HXQ.TO and ZMMK.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	0.06
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021	0.04

Return for Risk

HXQ.TO vs. ZMMK.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: 68
HXQ.TO Sharpe Ratio Rank: 74
HXQ.TO Sortino Ratio Rank: 68
HXQ.TO Omega Ratio Rank: 72
HXQ.TO Calmar Ratio Rank: 66
HXQ.TO Martin Ratio Rank: 59

ZMMK.TO

ZMMK.TO Risk / Return Rank: 99
ZMMK.TO Sharpe Ratio Rank: 99
ZMMK.TO Sortino Ratio Rank: 99
ZMMK.TO Omega Ratio Rank: 99
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

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. ZMMK.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 Money Market Fund ETF Series (ZMMK.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.TO	ZMMK.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.28	9.14	-6.86
Sortino ratio: Return per unit of downside risk	2.97	22.01	-19.04
Omega ratio: Gain probability vs. loss probability	1.41	5.22	-3.81
Calmar ratio: Return relative to maximum drawdown	3.18	62.17	-58.99
Martin ratio: Return relative to average drawdown	10.07	348.18	-338.11

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

The current HXQ.TO Sharpe Ratio is 2.28, which is lower than the ZMMK.TO Sharpe Ratio of 9.14. The chart below compares the historical Sharpe Ratios of HXQ.TO and ZMMK.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.

Drawdowns

HXQ.TO vs. ZMMK.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and ZMMK.TO.

Drawdown Indicators

	HXQ.TO	ZMMK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-0.16%	-31.44%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-0.04%	-12.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-0.08%	-22.50%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	-3.00%	0.00%	-3.00%
Average Drawdown Average peak-to-trough decline	-5.73%	-0.00%	-5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	0.01%	+3.91%

Volatility

HXQ.TO vs. ZMMK.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 8.43% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.07%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	ZMMK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	0.07%	+8.36%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	0.19%	+13.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.40%	0.27%	+17.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.03%	0.34%	+20.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	0.34%	+20.65%

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

HXQ.TO has a 0.25% expense ratio, which is higher than ZMMK.TO's 0.13% 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. ZMMK.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%.

Position	TTM	2025	2024	2023	2022	2021
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZMMK.TO BMO Money Market Fund ETF Series	2.53%	3.02%	4.66%	4.98%	1.95%	0.04%

Frequently Asked Questions

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

HXQ.TO and ZMMK.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 ZMMK.TO?

On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.25% for HXQ.TO.

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

HXQ.TO is categorized as Nasdaq-100, while ZMMK.TO is Money Market. They also come from different issuers: Horizons and BMO. Their fees differ too: 0.25% for HXQ.TO and 0.13% for ZMMK.TO.