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XDIV.TO vs. CNQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XDIV.TO vs. CNQ

Last updated Jun 14, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) is Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index, while CNQ (Canadian Natural Resources Limited) is a stock. Over the past 5 years, XDIV.TO returned 17.21%/yr vs 29.81%/yr for CNQ. At a 0.45 correlation, their price movements are largely independent.

Performance

XDIV.TO vs. CNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and Canadian Natural Resources Limited (CNQ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XDIV.TO achieves a 21.85% return, which is significantly lower than CNQ's 37.78% return.

XDIV.TO

1D
0.57%
1M
4.75%
YTD
21.85%
6M
20.22%
1Y
40.47%
3Y*
24.13%
5Y*
17.21%
10Y*
—

CNQ

1D
-0.13%
1M
-2.91%
YTD
37.78%
6M
40.54%
1Y
42.74%
3Y*
24.87%
5Y*
29.81%
10Y*
18.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XDIV.TO vs. CNQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		21.85%25.04%19.84%11.95%0.49%33.31%-7.53%25.14%-9.81%8.00%
CNQ
Canadian Natural Resources Limited		37.78%10.31%7.05%20.78%51.87%83.46%-20.98%33.97%-24.03%16.44%

Correlation

The correlation between XDIV.TO and CNQ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.41

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2017

0.45

The correlation between XDIV.TO and CNQ shifts across timeframes, from 0.32 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Canadian Quality Dividend Index ETF

Canadian Natural Resources Limited

Often compared with XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO
Often compared with CNQ:
CNQ vs. CVECNQ vs. XOMCNQ vs. IMOCNQ vs. CSU.TOCNQ vs. ALARCNQ vs. OKECNQ vs. NFE

Return for Risk

XDIV.TO vs. CNQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDIV.TO
XDIV.TO Risk / Return Rank: 9898
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XDIV.TO Martin Ratio Rank: 9898
Martin Ratio Rank
CNQ
CNQ Risk / Return Rank: 8181
Overall Rank
CNQ Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
CNQ Sortino Ratio Rank: 7777
Sortino Ratio Rank
CNQ Omega Ratio Rank: 7676
Omega Ratio Rank
CNQ Calmar Ratio Rank: 8585
Calmar Ratio Rank
CNQ Martin Ratio Rank: 8282
Martin Ratio Rank
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.

XDIV.TO vs. CNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and Canadian Natural Resources Limited (CNQ). 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.

XDIV.TOCNQDifference
Sharpe ratioReturn per unit of total volatility
5.14
1.62

+3.52

Sortino ratioReturn per unit of downside risk
7.59
2.09

+5.50

Omega ratioGain probability vs. loss probability

2.07

1.27

+0.80

Calmar ratioReturn relative to maximum drawdown

17.55

3.11

+14.44

Martin ratioReturn relative to average drawdown

59.35

7.98

+51.37

XDIV.TO vs. CNQ - Sharpe Ratio Comparison

The current XDIV.TO Sharpe Ratio is 5.14, which is higher than the CNQ Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of XDIV.TO and CNQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XDIV.TO vs. CNQ - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.29%, smaller than the maximum CNQ drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for XDIV.TO and CNQ.

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Drawdown Indicators

XDIV.TOCNQDifference

Max Drawdown

Largest peak-to-trough decline

-41.29%

-75.93%

+34.64%

Max Drawdown (1Y)

Largest decline over 1 year

-2.32%

-15.09%

+12.77%

Max Drawdown (3Y)

Largest decline over 3 years

-10.53%

-32.71%

+22.18%

Max Drawdown (5Y)

Largest decline over 5 years

-17.33%

-32.71%

+15.38%

Max Drawdown (10Y)

Largest decline over 10 years

—

-75.93%

—

Current Drawdown

Current decline from peak

0.00%

-8.78%

+8.78%

Average Drawdown

Average peak-to-trough decline

-4.39%

-19.72%

+15.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.69%

5.87%

-5.18%

Volatility

XDIV.TO vs. CNQ - Volatility Comparison

The current volatility for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) is 2.47%, while Canadian Natural Resources Limited (CNQ) has a volatility of 8.73%. This indicates that XDIV.TO experiences smaller price fluctuations and is considered to be less risky than CNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XDIV.TOCNQDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.47%

8.73%

-6.26%

Volatility (6M)

Calculated over the trailing 6-month period

6.45%

24.40%

-17.95%

Volatility (1Y)

Calculated over the trailing 1-year period

7.95%

29.08%

-21.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.51%

33.24%

-22.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.33%

40.63%

-24.30%

Dividends

XDIV.TO vs. CNQ - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.25%, less than CNQ's 3.84% yield.

PositionTTM20252024202320222021202020192018201720162015
CNQ
Canadian Natural Resources Limited		2.89%5.01%5.02%4.17%6.31%3.78%5.26%3.49%4.56%3.08%2.94%4.21%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.25%3.90%4.50%4.42%4.15%3.76%4.85%4.24%5.13%1.92%0.00%0.00%

Frequently Asked Questions

XDIV.TO and CNQ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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