QQC-F.TO vs. PZW.TO

Last updated Jun 26, 2026

QQC-F.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both exchange-traded funds - QQC-F.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while PZW.TO is a Global Equities fund tracking the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 10 years, QQC-F.TO returned 20.71%/yr vs 11.59%/yr for PZW.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

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

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQC-F.TO achieves a 15.07% return, which is significantly lower than PZW.TO's 16.50% return. Over the past 10 years, QQC-F.TO has outperformed PZW.TO with an annualized return of 20.71%, while PZW.TO has yielded a comparatively lower 11.59% annualized return.

QQC-F.TO

• 1D: 0.45%
• 1M: -2.15%
• YTD: 15.07%
• 6M: 13.35%
• 1Y: 30.02%
• 3Y*: 24.62%
• 5Y*: 14.51%
• 10Y*: 20.71%

PZW.TO

• 1D: 0.69%
• 1M: 2.96%
• YTD: 16.50%
• 6M: 15.52%
• 1Y: 32.67%
• 3Y*: 21.45%
• 5Y*: 10.50%
• 10Y*: 11.59%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	15.07%	18.79%	24.19%	52.81%	-33.42%	27.15%	45.04%	37.63%	-2.23%	31.94%
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	16.50%	18.48%	16.03%	12.88%	-10.53%	17.53%	7.48%	18.01%	-8.08%	13.64%

Correlation

The correlation between QQC-F.TO and PZW.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since May 13, 2015	0.23

QQC-F.TO vs. PZW.TO - Sectors Allocation Comparison

Sectors	QQC-F.TO	PZW.TO
Technology	59.6%	12.2%
Communication Services	14.0%	3.8%
Consumer Cyclical	11.1%	12.1%
Consumer Defensive	6.3%	4.6%
Healthcare	3.6%	12.7%
Industrials	2.6%	19.2%
Utilities	1.1%	2.3%
Basic Materials	1.0%	7.0%
Energy	0.5%	4.1%
Financial Services	0.2%	13.3%
Real Estate	0.1%	8.8%

Return for Risk

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

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

QQC-F.TO

QQC-F.TO Risk / Return Rank: 56
QQC-F.TO Sharpe Ratio Rank: 59
QQC-F.TO Sortino Ratio Rank: 55
QQC-F.TO Omega Ratio Rank: 56
QQC-F.TO Calmar Ratio Rank: 54
QQC-F.TO Martin Ratio Rank: 55

PZW.TO

PZW.TO Risk / Return Rank: 83
PZW.TO Sharpe Ratio Rank: 82
PZW.TO Sortino Ratio Rank: 86
PZW.TO Omega Ratio Rank: 85
PZW.TO Calmar Ratio Rank: 82
PZW.TO Martin Ratio Rank: 80

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

	QQC-F.TO	PZW.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.31	-0.61
Sortino ratio: Return per unit of downside risk	2.30	3.40	-1.10
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.15
Calmar ratio: Return relative to maximum drawdown	2.32	3.86	-1.54
Martin ratio: Return relative to average drawdown	8.34	13.78	-5.44

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

The current QQC-F.TO Sharpe Ratio is 1.71, which is comparable to the PZW.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of QQC-F.TO and PZW.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

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

The maximum QQC-F.TO drawdown since its inception was -36.03%, which is greater than PZW.TO's maximum drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for QQC-F.TO and PZW.TO.

Drawdown Indicators

	QQC-F.TO	PZW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.03%	-32.45%	-3.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-8.50%	-4.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.76%	-16.88%	-5.88%
Max Drawdown (5Y) Largest decline over 5 years	-36.03%	-22.13%	-13.90%
Max Drawdown (10Y) Largest decline over 10 years	-36.03%	-32.45%	-3.58%
Current Drawdown Current decline from peak	-4.25%	0.00%	-4.25%
Average Drawdown Average peak-to-trough decline	-5.48%	-5.72%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.38%	+1.23%

Volatility

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

Invesco NASDAQ 100 Index ETF CAD Hedged (QQC-F.TO) has a higher volatility of 8.59% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 2.88%. This indicates that QQC-F.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQC-F.TO	PZW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.59%	2.88%	+5.71%
Volatility (6M) Calculated over the trailing 6-month period	14.26%	10.42%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	14.20%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	14.66%	+8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.64%	15.91%	+6.73%

Dividends

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

QQC-F.TO's dividend yield for the trailing twelve months is around 0.34%, less than PZW.TO's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	1.67%	1.97%	2.12%	3.23%	1.90%	1.93%	1.52%	2.26%	1.78%	1.57%	1.09%	0.96%
QQC-F.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.34%	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 QQC-F.TO and PZW.TO in my portfolio?

QQC-F.TO and PZW.TO have a correlation of 0.23, 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 QQC-F.TO and PZW.TO?

QQC-F.TO is categorized as Nasdaq-100, while PZW.TO is Global Equities. QQC-F.TO tracks NASDAQ-100 Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index.