QQC.TO vs. MSFT.TO

Last updated Jun 4, 2026

QQC.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) is Nasdaq-100 fund tracking the NASDAQ-100 Index, while MSFT.TO (Microsoft CDR (CAD Hedged)) is a stock. Over the past 3 years, QQC.TO returned 29.99%/yr vs 7.17%/yr for MSFT.TO. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

QQC.TO vs. MSFT.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.TO) and Microsoft CDR (CAD Hedged) (MSFT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQC.TO achieves a 22.65% return, which is significantly higher than MSFT.TO's -12.19% return.

QQC.TO

• 1D: 0.14%
• 1M: 12.93%
• YTD: 22.65%
• 6M: 19.07%
• 1Y: 43.34%
• 3Y*: 29.99%
• 5Y*: 21.56%
• 10Y*: —

MSFT.TO

• 1D: -3.34%
• 1M: 3.45%
• YTD: -12.19%
• 6M: -11.44%
• 1Y: -9.32%
• 3Y*: 7.17%
• 5Y*: —
• 10Y*: —

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

QQC.TO vs. MSFT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	22.65%	15.38%	35.73%	51.73%	-28.07%	11.42%
MSFT.TO Microsoft CDR (CAD Hedged)	-12.19%	12.65%	11.26%	56.34%	-29.26%	16.37%

Correlation

The correlation between QQC.TO and MSFT.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 6, 2021	0.73

Over the past year, the correlation between QQC.TO and MSFT.TO has dropped to 0.43 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

Return for Risk

QQC.TO vs. MSFT.TO — Risk / Return Rank

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

QQC.TO

QQC.TO Risk / Return Rank: 76
QQC.TO Sharpe Ratio Rank: 85
QQC.TO Sortino Ratio Rank: 81
QQC.TO Omega Ratio Rank: 82
QQC.TO Calmar Ratio Rank: 71
QQC.TO Martin Ratio Rank: 62

MSFT.TO

MSFT.TO Risk / Return Rank: 26
MSFT.TO Sharpe Ratio Rank: 24
MSFT.TO Sortino Ratio Rank: 22
MSFT.TO Omega Ratio Rank: 22
MSFT.TO Calmar Ratio Rank: 31
MSFT.TO Martin Ratio Rank: 30

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.TO vs. MSFT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) and Microsoft CDR (CAD Hedged) (MSFT.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.

	QQC.TO	MSFT.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.84	-0.37	+3.21
Sortino ratio: Return per unit of downside risk	3.69	-0.35	+4.04
Omega ratio: Gain probability vs. loss probability	1.50	0.95	+0.55
Calmar ratio: Return relative to maximum drawdown	3.59	-0.27	+3.86
Martin ratio: Return relative to average drawdown	11.38	-0.57	+11.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQC.TO vs. MSFT.TO - Sharpe Ratio Comparison

The current QQC.TO Sharpe Ratio is 2.84, which is higher than the MSFT.TO Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of QQC.TO and MSFT.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

	QQC.TO	MSFT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	-0.37	+3.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.29	+0.74

Drawdowns

QQC.TO vs. MSFT.TO - Drawdown Comparison

The maximum QQC.TO drawdown since its inception was -31.81%, smaller than the maximum MSFT.TO drawdown of -37.95%. Use the drawdown chart below to compare losses from any high point for QQC.TO and MSFT.TO.

Drawdown Indicators

	QQC.TO	MSFT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.81%	-37.95%	+6.14%
Max Drawdown (1Y) Largest decline over 1 year	-12.14%	-34.43%	+22.29%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	-34.43%	+11.84%
Max Drawdown (5Y) Largest decline over 5 years	-31.81%	—	—
Current Drawdown Current decline from peak	0.00%	-21.97%	+21.97%
Average Drawdown Average peak-to-trough decline	-8.06%	-12.37%	+4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	16.51%	-12.69%

Volatility

QQC.TO vs. MSFT.TO - Volatility Comparison

The current volatility for Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) is 4.36%, while Microsoft CDR (CAD Hedged) (MSFT.TO) has a volatility of 10.22%. This indicates that QQC.TO experiences smaller price fluctuations and is considered to be less risky than MSFT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQC.TO	MSFT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	10.22%	-5.86%
Volatility (6M) Calculated over the trailing 6-month period	11.58%	22.52%	-10.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.33%	25.17%	-9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	27.31%	-6.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.82%	27.31%	-6.49%

Dividends

QQC.TO vs. MSFT.TO - Dividend Comparison

QQC.TO's dividend yield for the trailing twelve months is around 0.31%, less than MSFT.TO's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021
MSFT.TO Microsoft CDR (CAD Hedged)	0.84%	0.71%	0.73%	0.75%	1.07%	0.18%
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.31%	0.39%	0.45%	0.54%	0.91%	0.56%

Frequently Asked Questions

Can I hold both QQC.TO and MSFT.TO in my portfolio?

QQC.TO and MSFT.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.