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QQC.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQC.TO vs. XAW.TO

Last updated Jun 4, 2026

QQC.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - QQC.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 5 years, QQC.TO returned 21.56%/yr vs 13.96%/yr for XAW.TO. Their correlation of 0.85 suggests significant overlap in exposure. QQC.TO charges 0.20%/yr vs 0.22%/yr for XAW.TO.

Performance

QQC.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQC.TO achieves a 22.65% return, which is significantly higher than XAW.TO's 13.70% 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*
—

XAW.TO

1D
-0.37%
1M
7.13%
YTD
13.70%
6M
12.70%
1Y
30.51%
3Y*
21.73%
5Y*
13.96%
10Y*
13.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021
QQC.TO
Invesco NASDAQ 100 Index ETF CAD Hedged		22.65%15.38%35.73%51.73%-28.07%25.01%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.70%15.87%26.31%18.45%-11.84%11.50%

Correlation

The correlation between QQC.TO and XAW.TO is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.86

Correlation (All Time)
Calculated using the full available price history since May 31, 2021

0.85

The correlation between QQC.TO and XAW.TO has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

QQC.TO vs. XAW.TO - Sectors Allocation Comparison

Sectors
QQC.TO
XAW.TO

Technology

53.8%
32.6%

Communication Services

15.8%
8.7%

Consumer Cyclical

12.3%
8.8%

Consumer Defensive

7.7%
4.6%

Healthcare

4.2%
7.8%

Industrials

2.8%
9.1%

Utilities

1.4%
2.2%

Basic Materials

1.1%
2.8%

Energy

0.6%
3.3%

Financial Services

0.2%
13.7%

Real Estate

0.1%
1.4%

Technology

QQC.TO
53.8%
XAW.TO
32.6%

Communication Services

QQC.TO
15.8%
XAW.TO
8.7%

Consumer Cyclical

QQC.TO
12.3%
XAW.TO
8.8%

Consumer Defensive

QQC.TO
7.7%
XAW.TO
4.6%

Healthcare

QQC.TO
4.2%
XAW.TO
7.8%

Industrials

QQC.TO
2.8%
XAW.TO
9.1%

Utilities

QQC.TO
1.4%
XAW.TO
2.2%

Basic Materials

QQC.TO
1.1%
XAW.TO
2.8%

Energy

QQC.TO
0.6%
XAW.TO
3.3%

Financial Services

QQC.TO
0.2%
XAW.TO
13.7%

Real Estate

QQC.TO
0.1%
XAW.TO
1.4%

Compare stocks, funds, or ETFs

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Invesco NASDAQ 100 Index ETF CAD Hedged

iShares Core MSCI All Country World ex Canada Index ETF

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QQC.TO vs. VFV.TOQQC.TO vs. XQQ.TOQQC.TO vs. QQQQQC.TO vs. TEC.TOQQC.TO vs. HXQ.TOQQC.TO vs. QQC-F.TOQQC.TO vs. QQQM
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

QQC.TO vs. XAW.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: 7676
Overall Rank
QQC.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
QQC.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
QQC.TO Omega Ratio Rank: 8282
Omega Ratio Rank
QQC.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
QQC.TO Martin Ratio Rank: 6262
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
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. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
2.84
2.50

+0.34

Sortino ratioReturn per unit of downside risk
3.69
3.49

+0.21

Omega ratioGain probability vs. loss probability

1.50

1.48

+0.02

Calmar ratioReturn relative to maximum drawdown

3.59

3.76

-0.17

Martin ratioReturn relative to average drawdown

11.38

15.15

-3.77

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. XAW.TO - Sharpe Ratio Comparison

The current QQC.TO Sharpe Ratio is 2.84, which is comparable to the XAW.TO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of QQC.TO and XAW.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.

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Sharpe Ratios by Period

QQC.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.84

2.50

+0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.04

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.02

0.78

+0.24

Drawdowns

QQC.TO vs. XAW.TO - Drawdown Comparison

The maximum QQC.TO drawdown since its inception was -31.81%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for QQC.TO and XAW.TO.

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Drawdown Indicators

QQC.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-31.81%

-27.32%

-4.49%

Max Drawdown (1Y)

Largest decline over 1 year

-12.14%

-8.16%

-3.98%

Max Drawdown (3Y)

Largest decline over 3 years

-22.59%

-16.66%

-5.93%

Max Drawdown (5Y)

Largest decline over 5 years

-31.81%

-21.02%

-10.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.32%

—

Current Drawdown

Current decline from peak

0.00%

-0.37%

+0.37%

Average Drawdown

Average peak-to-trough decline

-8.06%

-3.91%

-4.15%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.82%

2.02%

+1.80%

Volatility

QQC.TO vs. XAW.TO - Volatility Comparison

Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) have volatilities of 4.36% and 4.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QQC.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.36%

4.21%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

11.58%

9.85%

+1.73%

Volatility (1Y)

Calculated over the trailing 1-year period

15.33%

12.25%

+3.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.85%

13.56%

+7.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.82%

15.12%

+5.70%

QQC.TO vs. XAW.TO - Expense Ratio Comparison

QQC.TO has a 0.20% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QQC.TO vs. XAW.TO - Dividend Comparison

QQC.TO's dividend yield for the trailing twelve months is around 0.31%, less than XAW.TO's 1.17% yield.

PositionTTM20252024202320222021202020192018201720162015
QQC.TO
Invesco NASDAQ 100 Index ETF CAD Hedged		0.31%0.39%0.45%0.54%0.91%0.56%0.00%0.00%0.00%0.00%0.00%0.00%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.17%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%

Frequently Asked Questions

QQC.TO and XAW.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, QQC.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QQC.TO is cheaper with a 0.20% expense ratio, compared with 0.22% for XAW.TO.

QQC.TO is categorized as Nasdaq-100, while XAW.TO is Global Equities. QQC.TO tracks NASDAQ-100 Index, while XAW.TO tracks Morningstar Gbl GR CAD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.20% for QQC.TO and 0.22% for XAW.TO.

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