HXQ.TO vs. ZUQ.TO

Last updated Jun 13, 2026

HXQ.TO (Horizons NASDAQ-100 Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Both are passively managed. Over the past 10 years, HXQ.TO returned 22.27%/yr vs 16.76%/yr for ZUQ.TO. Their correlation of 0.82 suggests significant overlap in exposure. HXQ.TO charges 0.25%/yr vs 0.33%/yr for ZUQ.TO.

Performance

HXQ.TO vs. ZUQ.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 USA High Quality Index ETF (ZUQ.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 19.67% return, which is significantly higher than ZUQ.TO's 10.46% return. Over the past 10 years, HXQ.TO has outperformed ZUQ.TO with an annualized return of 22.27%, while ZUQ.TO has yielded a comparatively lower 16.76% 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%

ZUQ.TO

• 1D: 0.51%
• 1M: 3.59%
• YTD: 10.46%
• 6M: 5.75%
• 1Y: 19.61%
• 3Y*: 20.68%
• 5Y*: 15.10%
• 10Y*: 16.76%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ZUQ.TO BMO MSCI USA High Quality Index ETF	10.46%	5.80%	34.06%	33.29%	-18.30%	26.45%	19.97%	31.80%	4.75%	17.02%

Correlation

The correlation between HXQ.TO and ZUQ.TO is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016	0.82

The correlation between HXQ.TO and ZUQ.TO has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

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

Sectors	HXQ.TO	ZUQ.TO
Technology	55.9%	33.5%
Communication Services	15.8%	14.5%
Consumer Cyclical	13.2%	2.7%
Healthcare	4.4%	14.8%
Consumer Defensive	4.4%	11.2%
Industrials	3.1%	10.8%
Utilities	1.4%	0.1%
Basic Materials	1.0%	1.6%
Energy	0.5%	0.2%
Financial Services	0.3%	10.6%
Real Estate	0.2%	-

Return for Risk

HXQ.TO vs. ZUQ.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: 85
HXQ.TO Sortino Ratio Rank: 80
HXQ.TO Omega Ratio Rank: 82
HXQ.TO Calmar Ratio Rank: 72
HXQ.TO Martin Ratio Rank: 64

ZUQ.TO

ZUQ.TO Risk / Return Rank: 48
ZUQ.TO Sharpe Ratio Rank: 52
ZUQ.TO Sortino Ratio Rank: 49
ZUQ.TO Omega Ratio Rank: 55
ZUQ.TO Calmar Ratio Rank: 42
ZUQ.TO Martin Ratio Rank: 43

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. ZUQ.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 USA High Quality Index ETF (ZUQ.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	ZUQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.57	+0.80
Sortino ratio: Return per unit of downside risk	3.07	2.16	+0.91
Omega ratio: Gain probability vs. loss probability	1.42	1.30	+0.12
Calmar ratio: Return relative to maximum drawdown	3.19	1.86	+1.33
Martin ratio: Return relative to average drawdown	10.12	6.05	+4.06

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

The current HXQ.TO Sharpe Ratio is 2.37, which is higher than the ZUQ.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of HXQ.TO and ZUQ.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. ZUQ.TO - Drawdown Comparison

The maximum HXQ.TO drawdown since its inception was -31.60%, which is greater than ZUQ.TO's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for HXQ.TO and ZUQ.TO.

Drawdown Indicators

	HXQ.TO	ZUQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-26.93%	-4.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-10.57%	-1.86%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-17.93%	-4.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.60%	-26.93%	-4.67%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-26.93%	-4.67%
Current Drawdown Current decline from peak	-2.58%	0.00%	-2.58%
Average Drawdown Average peak-to-trough decline	-5.74%	-4.57%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	3.26%	+0.65%

Volatility

HXQ.TO vs. ZUQ.TO - Volatility Comparison

Horizons NASDAQ-100 Index ETF (HXQ.TO) has a higher volatility of 7.27% compared to BMO MSCI USA High Quality Index ETF (ZUQ.TO) at 3.40%. This indicates that HXQ.TO's price experiences larger fluctuations and is considered to be riskier than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXQ.TO	ZUQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	3.40%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	9.92%	+3.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	12.52%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	16.37%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	17.53%	+3.39%

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

HXQ.TO has a 0.25% expense ratio, which is lower than ZUQ.TO's 0.33% expense ratio.

Dividends

HXQ.TO vs. ZUQ.TO - Dividend Comparison

HXQ.TO has not paid dividends to shareholders, while ZUQ.TO's dividend yield for the trailing twelve months is around 0.43%.

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%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.43%	0.48%	0.60%	0.90%	1.03%	0.83%	1.00%	1.00%	1.12%	1.25%	1.26%	0.92%

Frequently Asked Questions

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

HXQ.TO and ZUQ.TO have a correlation of 0.82, 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 ZUQ.TO?

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.

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

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.33% for ZUQ.TO.

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

HXQ.TO is categorized as Nasdaq-100, while ZUQ.TO is Large Cap Blend Equities. HXQ.TO tracks NASDAQ-100 Index, while ZUQ.TO tracks MSCI USA Quality Index. They also come from different issuers: Horizons and BMO. Their fees differ too: 0.25% for HXQ.TO and 0.33% for ZUQ.TO.