TEC.TO vs. INAI.TO

Last updated Jul 16, 2026

TEC.TO (TD Global Technology Leaders Index ETF) and INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) are both Technology Equities funds - TEC.TO tracks the Solactive Global Technology Leaders Index (CA NTR) while INAI.TO tracks the Morningstar Global Next Gen AI Index. Both are passively managed. Over the past year, TEC.TO returned 29.05% vs 39.33% for INAI.TO. A 0.64 correlation means they provide meaningful diversification when combined. TEC.TO charges 0.39%/yr vs 0.60%/yr for INAI.TO.

Performance

TEC.TO vs. INAI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Global Technology Leaders Index ETF (TEC.TO) and Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEC.TO achieves a 15.77% return, which is significantly lower than INAI.TO's 27.50% return.

TEC.TO

• 1D: 0.47%
• 1M: -0.52%
• 6M: 14.54%
• YTD: 15.77%
• 1Y: 29.05%
• 3Y*: 28.19%
• 5Y*: 17.40%
• 10Y*: —

INAI.TO

• 1D: -1.15%
• 1M: -5.79%
• 6M: 21.81%
• YTD: 27.50%
• 1Y: 39.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEC.TO vs. INAI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TEC.TO TD Global Technology Leaders Index ETF	15.77%	15.45%	39.13%
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	27.50%	24.92%	36.26%

Correlation

The correlation between TEC.TO and INAI.TO is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	0.64

Over the past year, TEC.TO and INAI.TO have become more correlated (0.85) than their long-term average of 0.64, meaning their price movements have been converging.

Return for Risk

TEC.TO vs. INAI.TO — Risk / Return Rank

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

TEC.TO

TEC.TO Risk / Return Rank: 48
TEC.TO Sharpe Ratio Rank: 58
TEC.TO Sortino Ratio Rank: 52
TEC.TO Omega Ratio Rank: 53
TEC.TO Calmar Ratio Rank: 40
TEC.TO Martin Ratio Rank: 38

INAI.TO

INAI.TO Risk / Return Rank: 41
INAI.TO Sharpe Ratio Rank: 47
INAI.TO Sortino Ratio Rank: 42
INAI.TO Omega Ratio Rank: 46
INAI.TO Calmar Ratio Rank: 37
INAI.TO Martin Ratio Rank: 33

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.

TEC.TO vs. INAI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Global Technology Leaders Index ETF (TEC.TO) and Invesco Morningstar Global Next Gen AI Index ETF (INAI.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.

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.

	TEC.TO	INAI.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.34	+0.22
Sortino ratio: Return per unit of downside risk	2.10	1.79	+0.30
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	1.67	1.56	+0.11
Martin ratio: Return relative to average drawdown	4.83	4.02	+0.81

TEC.TO vs. INAI.TO - Sharpe Ratio Comparison

The current TEC.TO Sharpe Ratio is 1.56, which is comparable to the INAI.TO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of TEC.TO and INAI.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.

Drawdowns

TEC.TO vs. INAI.TO - Drawdown Comparison

The maximum TEC.TO drawdown since its inception was -35.31%, which is greater than INAI.TO's maximum drawdown of -26.78%. Use the drawdown chart below to compare losses from any high point for TEC.TO and INAI.TO.

Drawdown Indicators

	TEC.TO	INAI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.31%	-26.78%	-8.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.52%	-25.34%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.31%	—	—
Current Drawdown Current decline from peak	-2.54%	-9.12%	+6.58%
Average Drawdown Average peak-to-trough decline	-7.97%	-5.69%	-2.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.03%	9.81%	-3.78%

Volatility

TEC.TO vs. INAI.TO - Volatility Comparison

The current volatility for TD Global Technology Leaders Index ETF (TEC.TO) is 6.15%, while Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) has a volatility of 9.38%. This indicates that TEC.TO experiences smaller price fluctuations and is considered to be less risky than INAI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEC.TO	INAI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	9.38%	-3.23%
Volatility (6M) Calculated over the trailing 6-month period	15.05%	23.47%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.66%	29.45%	-10.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	27.98%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.81%	27.98%	-4.17%

TEC.TO vs. INAI.TO - Expense Ratio Comparison

TEC.TO has a 0.39% expense ratio, which is lower than INAI.TO's 0.60% expense ratio.

Dividends

TEC.TO vs. INAI.TO - Dividend Comparison

TEC.TO's dividend yield for the trailing twelve months is around 0.08%, more than INAI.TO's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	0.02%	0.07%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%
TEC.TO TD Global Technology Leaders Index ETF	0.08%	0.13%	0.12%	0.21%	0.31%	0.22%	0.33%	0.28%

Frequently Asked Questions

Can I hold both TEC.TO and INAI.TO in my portfolio?

TEC.TO and INAI.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEC.TO or INAI.TO?

On fees, TEC.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEC.TO or INAI.TO?

TEC.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for INAI.TO.

What is the main difference between TEC.TO and INAI.TO?

TEC.TO tracks Solactive Global Technology Leaders Index (CA NTR), while INAI.TO tracks Morningstar Global Next Gen AI Index. They also come from different issuers: TD and Invesco. Their fees differ too: 0.39% for TEC.TO and 0.60% for INAI.TO.