PFL.TO vs. QQC-F.TO

Last updated Jul 4, 2026

PFL.TO (Invesco Canadian Government Floating Rate Index ETF) and QQC-F.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) are both exchange-traded funds - PFL.TO is a Canadian Government Bonds fund tracking the FTSE Canada Government Floating Rate Note Index, while QQC-F.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, PFL.TO returned 2.16%/yr vs 20.25%/yr for QQC-F.TO. At a 0.00 correlation, their price movements are largely independent.

Performance

PFL.TO vs. QQC-F.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Canadian Government Floating Rate Index ETF (PFL.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFL.TO achieves a 1.26% return, which is significantly lower than QQC-F.TO's 16.21% return. Over the past 10 years, PFL.TO has underperformed QQC-F.TO with an annualized return of 2.16%, while QQC-F.TO has yielded a comparatively higher 20.25% annualized return.

PFL.TO

• 1D: 0.10%
• 1M: 0.25%
• 6M: 1.26%
• YTD: 1.26%
• 1Y: 2.77%
• 3Y*: 3.75%
• 5Y*: 3.13%
• 10Y*: 2.16%

QQC-F.TO

• 1D: 1.18%
• 1M: -3.08%
• 6M: 16.50%
• YTD: 16.21%
• 1Y: 27.75%
• 3Y*: 23.60%
• 5Y*: 14.12%
• 10Y*: 20.25%

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

PFL.TO vs. QQC-F.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFL.TO Invesco Canadian Government Floating Rate Index ETF	1.26%	3.00%	4.53%	5.09%	1.78%	0.25%	0.91%	1.80%	1.09%	1.46%
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	16.21%	18.79%	24.19%	52.81%	-33.42%	27.15%	45.04%	37.63%	-2.23%	31.94%

Correlation

The correlation between PFL.TO and QQC-F.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	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.01
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 18, 2014	0.00

Return for Risk

PFL.TO vs. QQC-F.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFL.TO

PFL.TO Risk / Return Rank: 98
PFL.TO Sharpe Ratio Rank: 96
PFL.TO Sortino Ratio Rank: 97
PFL.TO Omega Ratio Rank: 97
PFL.TO Calmar Ratio Rank: 99
PFL.TO Martin Ratio Rank: 98

QQC-F.TO

QQC-F.TO Risk / Return Rank: 52
QQC-F.TO Sharpe Ratio Rank: 54
QQC-F.TO Sortino Ratio Rank: 51
QQC-F.TO Omega Ratio Rank: 52
QQC-F.TO Calmar Ratio Rank: 52
QQC-F.TO Martin Ratio Rank: 54

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.

PFL.TO vs. QQC-F.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.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.

	PFL.TO	QQC-F.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.39	1.53	+1.86
Sortino ratio: Return per unit of downside risk	5.91	2.09	+3.82
Omega ratio: Gain probability vs. loss probability	1.81	1.27	+0.54
Calmar ratio: Return relative to maximum drawdown	18.12	2.15	+15.97
Martin ratio: Return relative to average drawdown	58.96	7.63	+51.33

PFL.TO vs. QQC-F.TO - Sharpe Ratio Comparison

The current PFL.TO Sharpe Ratio is 3.39, which is higher than the QQC-F.TO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of PFL.TO and QQC-F.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

PFL.TO vs. QQC-F.TO - Drawdown Comparison

The maximum PFL.TO drawdown since its inception was -2.07%, smaller than the maximum QQC-F.TO drawdown of -36.03%. Use the drawdown chart below to compare losses from any high point for PFL.TO and QQC-F.TO.

Drawdown Indicators

	PFL.TO	QQC-F.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.07%	-36.03%	+33.96%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-12.98%	+12.83%
Max Drawdown (3Y) Largest decline over 3 years	-0.22%	-22.76%	+22.54%
Max Drawdown (5Y) Largest decline over 5 years	-0.30%	-36.03%	+35.73%
Max Drawdown (10Y) Largest decline over 10 years	-2.07%	-36.03%	+33.96%
Current Drawdown Current decline from peak	0.00%	-3.30%	+3.30%
Average Drawdown Average peak-to-trough decline	-0.08%	-5.48%	+5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	3.65%	-3.60%

Volatility

PFL.TO vs. QQC-F.TO - Volatility Comparison

The current volatility for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) is 0.28%, while Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) has a volatility of 9.72%. This indicates that PFL.TO experiences smaller price fluctuations and is considered to be less risky than QQC-F.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFL.TO	QQC-F.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	9.72%	-9.44%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	14.94%	-14.38%
Volatility (1Y) Calculated over the trailing 1-year period	0.82%	18.22%	-17.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.97%	22.79%	-21.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	22.66%	-21.33%

Dividends

PFL.TO vs. QQC-F.TO - Dividend Comparison

PFL.TO's dividend yield for the trailing twelve months is around 2.63%, more than QQC-F.TO's 0.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFL.TO Invesco Canadian Government Floating Rate Index ETF	2.63%	2.95%	5.23%	5.13%	2.22%	0.36%	1.21%	2.10%	1.59%	0.95%	0.81%	0.95%
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.33%	0.39%	0.50%	0.57%	0.89%	0.66%	0.49%	0.64%	0.77%	0.66%	0.81%	0.76%

Frequently Asked Questions

Can I hold both PFL.TO and QQC-F.TO in my portfolio?

PFL.TO and QQC-F.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.

What is the main difference between PFL.TO and QQC-F.TO?

PFL.TO is categorized as Canadian Government Bonds, while QQC-F.TO is Nasdaq-100. PFL.TO tracks FTSE Canada Government Floating Rate Note Index, while QQC-F.TO tracks NASDAQ-100 Index.