QQQQ.TO vs. QQQS

Last updated Jun 4, 2026

QQQQ.TO (Mackenzie NASDAQ 100 Index ETF) and QQQS (Invesco NASDAQ Future Gen 200 ETF) are both exchange-traded funds - QQQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while QQQS is a Small Cap Blend Equities fund tracking the Nasdaq Innovators Completion Cap Total Return Index. Both are passively managed. At a 0.34 correlation, their price movements are largely independent. QQQQ.TO charges 0.25%/yr vs 0.20%/yr for QQQS.

Performance

QQQQ.TO vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie NASDAQ 100 Index ETF (QQQQ.TO) and Invesco NASDAQ Future Gen 200 ETF (QQQS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

QQQQ.TO is traded in CAD, while QQQS is traded in USD. To make them comparable, the QQQS 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 21.51% return, which is significantly lower than QQQS's 28.89% return.

QQQQ.TO

• 1D: 0.62%
• 1M: 13.62%
• YTD: 21.51%
• 6M: 18.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQS

• 1D: -1.30%
• 1M: 8.02%
• YTD: 28.89%
• 6M: 26.91%
• 1Y: 82.32%
• 3Y*: 17.24%
• 5Y*: —
• 10Y*: —

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

QQQQ.TO vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	21.51%	7.64%
QQQS Invesco NASDAQ Future Gen 200 ETF	28.89%	15.47%

Correlation

The correlation between QQQQ.TO and QQQS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 25, 2025	0.34

Return for Risk

QQQQ.TO vs. QQQS — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 85
QQQS Sharpe Ratio Rank: 88
QQQS Sortino Ratio Rank: 83
QQQS Omega Ratio Rank: 73
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 88

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. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie NASDAQ 100 Index ETF (QQQQ.TO) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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.

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

Sharpe Ratios by Period

	QQQQ.TO	QQQS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.87	0.67	+2.20

Drawdowns

QQQQ.TO vs. QQQS - Drawdown Comparison

The maximum QQQQ.TO drawdown since its inception was -11.95%, smaller than the maximum QQQS drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for QQQQ.TO and QQQS.

Drawdown Indicators

	QQQQ.TO	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-11.95%	-35.49%	+23.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.52%	—
Current Drawdown Current decline from peak	0.00%	-2.17%	+2.17%
Average Drawdown Average peak-to-trough decline	-3.38%	-11.91%	+8.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.18%	—

Volatility

Volatility by Period

	QQQQ.TO	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.07%	26.29%	-9.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	26.95%	-9.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	26.95%	-9.88%

QQQQ.TO vs. QQQS - Expense Ratio Comparison

QQQQ.TO has a 0.25% expense ratio, which is higher than QQQS's 0.20% 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. QQQS - Dividend Comparison

QQQQ.TO's dividend yield for the trailing twelve months is around 0.09%, less than QQQS's 2.73% yield.

Position	TTM	2025	2024	2023	2022
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.09%	0.11%	0.00%	0.00%	0.00%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.73%	3.48%	0.80%	0.68%	0.04%

Frequently Asked Questions

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

QQQQ.TO and QQQS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQQQ.TO or QQQS?

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

Which ETF is cheaper, QQQQ.TO or QQQS?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.25% for QQQQ.TO.

What is the main difference between QQQQ.TO and QQQS?

QQQQ.TO is categorized as Nasdaq-100, while QQQS is Small Cap Blend Equities. QQQQ.TO tracks NASDAQ-100 Index, while QQQS tracks Nasdaq Innovators Completion Cap Total Return Index. They also come from different issuers: Mackenzie and Invesco. Their fees differ too: 0.25% for QQQQ.TO and 0.20% for QQQS.