QQQQ.TO vs. FXAIX

Last updated Jun 24, 2026

QQQQ.TO (Mackenzie NASDAQ 100 Index ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - QQQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. A 0.52 correlation means they provide meaningful diversification when combined. QQQQ.TO charges 0.25%/yr vs 0.02%/yr for FXAIX.

Performance

QQQQ.TO vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie NASDAQ 100 Index ETF (QQQQ.TO) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QQQQ.TO is traded in CAD, while FXAIX is traded in USD. To make them comparable, the FXAIX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, QQQQ.TO achieves a 20.59% return, which is significantly higher than FXAIX's 13.63% return.

QQQQ.TO

• 1D: -2.71%
• 1M: 2.61%
• YTD: 20.59%
• 6M: 19.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FXAIX

• 1D: 0.16%
• 1M: 2.99%
• YTD: 13.63%
• 6M: 12.16%
• 1Y: 29.48%
• 3Y*: 24.48%
• 5Y*: 16.85%
• 10Y*: 16.96%

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

QQQQ.TO vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	20.59%	7.09%
FXAIX Fidelity 500 Index Fund	13.63%	5.70%

Correlation

The correlation between QQQQ.TO and FXAIX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.52

Return for Risk

QQQQ.TO vs. FXAIX — Risk / Return Rank

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

QQQQ.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FXAIX

FXAIX Risk / Return Rank: 65
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 57
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 78

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.

QQQQ.TO vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie NASDAQ 100 Index ETF (QQQQ.TO) and Fidelity 500 Index Fund (FXAIX). 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.

	QQQQ.TO	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.44	—
Sortino ratio: Return per unit of downside risk	—	3.34	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	3.50	—
Martin ratio: Return relative to average drawdown	—	13.13	—

Drawdowns

QQQQ.TO vs. FXAIX - Drawdown Comparison

The maximum QQQQ.TO drawdown since its inception was -12.27%, smaller than the maximum FXAIX drawdown of -27.78%. Use the drawdown chart below to compare losses from any high point for QQQQ.TO and FXAIX.

Drawdown Indicators

	QQQQ.TO	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-12.27%	-27.78%	+15.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.94%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.39%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.57%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.78%	—
Current Drawdown Current decline from peak	-2.77%	0.00%	-2.77%
Average Drawdown Average peak-to-trough decline	-3.16%	-3.40%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.38%	—

Volatility

Volatility by Period

	QQQQ.TO	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.23%	12.87%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	17.97%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.23%	19.19%	+0.04%

QQQQ.TO vs. FXAIX - Expense Ratio Comparison

QQQQ.TO has a 0.25% expense ratio, which is higher than FXAIX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QQQQ.TO vs. FXAIX - Dividend Comparison

QQQQ.TO's dividend yield for the trailing twelve months is around 0.09%, less than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.09%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQQ.TO and FXAIX in my portfolio?

QQQQ.TO and FXAIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.