SHOP.TO vs. HXQ.TO

Last updated Jun 6, 2026

SHOP.TO (Shopify Inc.) is a stock, while HXQ.TO (Horizons NASDAQ-100 Index ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, SHOP.TO returned 44.63%/yr vs 21.98%/yr for HXQ.TO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

SHOP.TO vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Shopify Inc. (SHOP.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHOP.TO achieves a -30.86% return, which is significantly lower than HXQ.TO's 16.83% return. Over the past 10 years, SHOP.TO has outperformed HXQ.TO with an annualized return of 44.63%, while HXQ.TO has yielded a comparatively lower 21.98% annualized return.

SHOP.TO

• 1D: -5.42%
• 1M: 5.91%
• YTD: -30.86%
• 6M: -31.42%
• 1Y: 6.45%
• 3Y*: 21.42%
• 5Y*: 0.95%
• 10Y*: 44.63%

HXQ.TO

• 1D: -4.36%
• 1M: 3.88%
• YTD: 16.83%
• 6M: 13.99%
• 1Y: 37.67%
• 3Y*: 28.00%
• 5Y*: 19.92%
• 10Y*: 21.98%

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

SHOP.TO vs. HXQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHOP.TO Shopify Inc.	-30.86%	44.45%	48.30%	119.44%	-73.01%	21.18%	178.39%	173.48%	48.52%	120.29%
HXQ.TO Horizons NASDAQ-100 Index ETF	16.83%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%

Correlation

The correlation between SHOP.TO and HXQ.TO 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 (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Apr 22, 2016	0.55

The correlation between SHOP.TO and HXQ.TO shifts across timeframes, from 0.52 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SHOP.TO vs. HXQ.TO — Risk / Return Rank

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

SHOP.TO

SHOP.TO Risk / Return Rank: 45
SHOP.TO Sharpe Ratio Rank: 47
SHOP.TO Sortino Ratio Rank: 45
SHOP.TO Omega Ratio Rank: 45
SHOP.TO Calmar Ratio Rank: 45
SHOP.TO Martin Ratio Rank: 46

HXQ.TO

HXQ.TO Risk / Return Rank: 70
HXQ.TO Sharpe Ratio Rank: 78
HXQ.TO Sortino Ratio Rank: 72
HXQ.TO Omega Ratio Rank: 76
HXQ.TO Calmar Ratio Rank: 66
HXQ.TO Martin Ratio Rank: 59

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.

SHOP.TO vs. HXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP.TO) and Horizons NASDAQ-100 Index ETF (HXQ.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.

	SHOP.TO	HXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.11	2.33	-2.22
Sortino ratio: Return per unit of downside risk	0.58	3.00	-2.43
Omega ratio: Gain probability vs. loss probability	1.07	1.42	-0.34
Calmar ratio: Return relative to maximum drawdown	0.14	3.05	-2.91
Martin ratio: Return relative to average drawdown	0.29	9.76	-9.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHOP.TO vs. HXQ.TO - Sharpe Ratio Comparison

The current SHOP.TO Sharpe Ratio is 0.11, which is lower than the HXQ.TO Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SHOP.TO and HXQ.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

	SHOP.TO	HXQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.11	2.33	-2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	0.96	-0.95
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	1.06	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.05	-0.32

Drawdowns

SHOP.TO vs. HXQ.TO - Drawdown Comparison

The maximum SHOP.TO drawdown since its inception was -83.47%, which is greater than HXQ.TO's maximum drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for SHOP.TO and HXQ.TO.

Drawdown Indicators

	SHOP.TO	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-83.47%	-31.60%	-51.87%
Max Drawdown (1Y) Largest decline over 1 year	-47.66%	-12.43%	-35.23%
Max Drawdown (3Y) Largest decline over 3 years	-47.66%	-22.58%	-25.08%
Max Drawdown (5Y) Largest decline over 5 years	-83.47%	-31.60%	-51.87%
Max Drawdown (10Y) Largest decline over 10 years	-83.47%	-31.60%	-51.87%
Current Drawdown Current decline from peak	-38.81%	-4.89%	-33.92%
Average Drawdown Average peak-to-trough decline	-26.84%	-5.75%	-21.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.22%	3.87%	+18.35%

Volatility

SHOP.TO vs. HXQ.TO - Volatility Comparison

Shopify Inc. (SHOP.TO) has a higher volatility of 18.13% compared to Horizons NASDAQ-100 Index ETF (HXQ.TO) at 6.55%. This indicates that SHOP.TO's price experiences larger fluctuations and is considered to be riskier than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHOP.TO	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.13%	6.55%	+11.58%
Volatility (6M) Calculated over the trailing 6-month period	42.53%	12.68%	+29.85%
Volatility (1Y) Calculated over the trailing 1-year period	56.56%	16.25%	+40.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.23%	20.84%	+42.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.64%	20.87%	+36.77%

Dividends

SHOP.TO vs. HXQ.TO - Dividend Comparison

Neither SHOP.TO nor HXQ.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHOP.TO and HXQ.TO in my portfolio?

SHOP.TO and HXQ.TO 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.