XAW.TO vs. QQQT.TO

Last updated Jun 5, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and QQQT.TO (Evolve NASDAQ Technology Index Fund CAD Hedged) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index, while QQQT.TO is a Nasdaq-100 fund tracking the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted Index. Both are passively managed. Over the past year, XAW.TO returned 31.68% vs 63.71% for QQQT.TO. A 0.71 correlation means they provide meaningful diversification when combined. XAW.TO charges 0.22%/yr vs 0.25%/yr for QQQT.TO.

Performance

XAW.TO vs. QQQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and Evolve NASDAQ Technology Index Fund CAD Hedged (QQQT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAW.TO achieves a 14.15% return, which is significantly lower than QQQT.TO's 29.42% return.

XAW.TO

• 1D: 0.40%
• 1M: 4.16%
• YTD: 14.15%
• 6M: 13.81%
• 1Y: 31.68%
• 3Y*: 21.98%
• 5Y*: 14.05%
• 10Y*: 13.26%

QQQT.TO

• 1D: -1.76%
• 1M: 10.04%
• YTD: 29.42%
• 6M: 26.01%
• 1Y: 63.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	14.15%	15.87%	26.31%	6.08%
QQQT.TO Evolve NASDAQ Technology Index Fund CAD Hedged	29.42%	30.06%	28.22%	15.37%

Correlation

The correlation between XAW.TO and QQQT.TO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023	0.71

The correlation between XAW.TO and QQQT.TO has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

XAW.TO vs. QQQT.TO — Risk / Return Rank

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

XAW.TO

XAW.TO Risk / Return Rank: 80
XAW.TO Sharpe Ratio Rank: 80
XAW.TO Sortino Ratio Rank: 80
XAW.TO Omega Ratio Rank: 82
XAW.TO Calmar Ratio Rank: 77
XAW.TO Martin Ratio Rank: 79

QQQT.TO

QQQT.TO Risk / Return Rank: 80
QQQT.TO Sharpe Ratio Rank: 88
QQQT.TO Sortino Ratio Rank: 82
QQQT.TO Omega Ratio Rank: 81
QQQT.TO Calmar Ratio Rank: 74
QQQT.TO Martin Ratio Rank: 74

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.

XAW.TO vs. QQQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and Evolve NASDAQ Technology Index Fund CAD Hedged (QQQT.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.

	XAW.TO	QQQT.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.92	-0.36
Sortino ratio: Return per unit of downside risk	3.55	3.61	-0.06
Omega ratio: Gain probability vs. loss probability	1.49	1.48	+0.01
Calmar ratio: Return relative to maximum drawdown	3.84	3.64	+0.20
Martin ratio: Return relative to average drawdown	15.47	13.73	+1.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAW.TO vs. QQQT.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.55, which is comparable to the QQQT.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of XAW.TO and QQQT.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

	XAW.TO	QQQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.92	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.42	-0.63

Drawdowns

XAW.TO vs. QQQT.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, smaller than the maximum QQQT.TO drawdown of -30.32%. Use the drawdown chart below to compare losses from any high point for XAW.TO and QQQT.TO.

Drawdown Indicators

	XAW.TO	QQQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.32%	-30.32%	+3.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-17.37%	+9.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.32%	—	—
Current Drawdown Current decline from peak	0.00%	-1.87%	+1.87%
Average Drawdown Average peak-to-trough decline	-3.91%	-5.10%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	4.59%	-2.57%

Volatility

XAW.TO vs. QQQT.TO - Volatility Comparison

The current volatility for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) is 4.12%, while Evolve NASDAQ Technology Index Fund CAD Hedged (QQQT.TO) has a volatility of 6.65%. This indicates that XAW.TO experiences smaller price fluctuations and is considered to be less risky than QQQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAW.TO	QQQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	6.65%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	17.18%	-7.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	21.68%	-9.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	26.24%	-12.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	26.24%	-11.12%

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

XAW.TO has a 0.22% expense ratio, which is lower than QQQT.TO's 0.25% 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

XAW.TO vs. QQQT.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.16%, more than QQQT.TO's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQT.TO Evolve NASDAQ Technology Index Fund CAD Hedged	0.23%	0.30%	0.38%	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.16%	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

Can I hold both XAW.TO and QQQT.TO in my portfolio?

XAW.TO and QQQT.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAW.TO or QQQT.TO?

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAW.TO or QQQT.TO?

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.25% for QQQT.TO.

What is the main difference between XAW.TO and QQQT.TO?

XAW.TO is categorized as Global Equities, while QQQT.TO is Nasdaq-100. XAW.TO tracks MSCI ACWI ex Canada IMI Index, while QQQT.TO tracks Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted Index. They also come from different issuers: iShares and Evolve. Their fees differ too: 0.22% for XAW.TO and 0.25% for QQQT.TO.