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XEF.TO vs. HXQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEF.TO vs. HXQ.TO

Last updated Jun 13, 2026

XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XEF.TO returned 10.64%/yr vs 22.27%/yr for HXQ.TO. A 0.58 correlation means they provide meaningful diversification when combined. XEF.TO charges 0.23%/yr vs 0.25%/yr for HXQ.TO.

Performance

XEF.TO vs. HXQ.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, XEF.TO achieves a 11.50% return, which is significantly lower than HXQ.TO's 19.67% return. Over the past 10 years, XEF.TO has underperformed HXQ.TO with an annualized return of 10.64%, while HXQ.TO has yielded a comparatively higher 22.27% annualized return.

XEF.TO

1D
0.56%
1M
2.93%
YTD
11.50%
6M
12.67%
1Y
23.99%
3Y*
18.06%
5Y*
10.94%
10Y*
10.64%

HXQ.TO

1D
0.78%
1M
3.00%
YTD
19.67%
6M
19.59%
1Y
39.46%
3Y*
28.29%
5Y*
19.92%
10Y*
22.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		11.50%25.69%12.04%15.21%-9.53%10.35%6.13%15.85%-6.66%18.20%
HXQ.TO
Horizons NASDAQ-100 Index ETF		19.67%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%

Correlation

The correlation between XEF.TO and HXQ.TO is 0.62, 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

0.62

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

0.58

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

0.61

Correlation (10Y)
Calculated over the trailing 10-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2016

0.58

The correlation between XEF.TO and HXQ.TO has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

XEF.TO vs. HXQ.TO - Sectors Allocation Comparison

Sectors
XEF.TO
HXQ.TO

Financial Services

22.9%
0.3%

Industrials

20.5%
3.1%

Technology

10.2%
55.9%

Healthcare

9.8%
4.4%

Consumer Cyclical

8.2%
13.2%

Basic Materials

6.6%
1.0%

Consumer Defensive

6.4%
4.4%

Communication Services

4.4%
15.8%

Energy

4.0%
0.5%

Utilities

3.8%
1.4%

Real Estate

3.1%
0.2%

Financial Services

XEF.TO
22.9%
HXQ.TO
0.3%

Industrials

XEF.TO
20.5%
HXQ.TO
3.1%

Technology

XEF.TO
10.2%
HXQ.TO
55.9%

Healthcare

XEF.TO
9.8%
HXQ.TO
4.4%

Consumer Cyclical

XEF.TO
8.2%
HXQ.TO
13.2%

Basic Materials

XEF.TO
6.6%
HXQ.TO
1.0%

Consumer Defensive

XEF.TO
6.4%
HXQ.TO
4.4%

Communication Services

XEF.TO
4.4%
HXQ.TO
15.8%

Energy

XEF.TO
4.0%
HXQ.TO
0.5%

Utilities

XEF.TO
3.8%
HXQ.TO
1.4%

Real Estate

XEF.TO
3.1%
HXQ.TO
0.2%

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 EAFE IMI Index ETF

Horizons NASDAQ-100 Index ETF

Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO
Often compared with HXQ.TO:
HXQ.TO vs. QQC.TOHXQ.TO vs. XQQ.TOHXQ.TO vs. VFV.TOHXQ.TO vs. QQQHXQ.TO vs. HXS.TOHXQ.TO vs. ZNQ.TOHXQ.TO vs. QQC-F.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEF.TO
XEF.TO Risk / Return Rank: 5555
Overall Rank
XEF.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 5555
Martin Ratio Rank
HXQ.TO
HXQ.TO Risk / Return Rank: 7777
Overall Rank
HXQ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 8282
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 6464
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF.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.

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.

XEF.TOHXQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.67
2.37

-0.70

Sortino ratioReturn per unit of downside risk
2.41
3.07

-0.66

Omega ratioGain probability vs. loss probability

1.31

1.42

-0.11

Calmar ratioReturn relative to maximum drawdown

2.14

3.19

-1.05

Martin ratioReturn relative to average drawdown

8.51

10.12

-1.61

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

The current XEF.TO Sharpe Ratio is 1.67, which is comparable to the HXQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of XEF.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.

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Drawdowns

XEF.TO vs. HXQ.TO - Drawdown Comparison

The maximum XEF.TO drawdown since its inception was -28.51%, smaller than the maximum HXQ.TO drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for XEF.TO and HXQ.TO.

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Drawdown Indicators

XEF.TOHXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.51%

-31.60%

+3.09%

Max Drawdown (1Y)

Largest decline over 1 year

-11.27%

-12.43%

+1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-14.31%

-22.58%

+8.27%

Max Drawdown (5Y)

Largest decline over 5 years

-24.58%

-31.60%

+7.02%

Max Drawdown (10Y)

Largest decline over 10 years

-28.51%

-31.60%

+3.09%

Current Drawdown

Current decline from peak

0.00%

-2.58%

+2.58%

Average Drawdown

Average peak-to-trough decline

-4.61%

-5.74%

+1.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.83%

3.91%

-1.08%

Volatility

XEF.TO vs. HXQ.TO - Volatility Comparison

The current volatility for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) is 5.29%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 7.27%. This indicates that XEF.TO experiences smaller price fluctuations and is considered to be less risky than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEF.TOHXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

7.27%

-1.98%

Volatility (6M)

Calculated over the trailing 6-month period

12.23%

13.32%

-1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

14.43%

16.70%

-2.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.69%

20.92%

-7.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.87%

20.92%

-6.05%

XEF.TO vs. HXQ.TO - Expense Ratio Comparison

XEF.TO has a 0.23% expense ratio, which is lower than HXQ.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

XEF.TO vs. HXQ.TO - Dividend Comparison

XEF.TO's dividend yield for the trailing twelve months is around 2.18%, while HXQ.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HXQ.TO
Horizons NASDAQ-100 Index ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.18%2.43%2.76%2.75%2.93%2.42%1.93%2.71%2.75%2.11%2.45%2.42%

Frequently Asked Questions

XEF.TO and HXQ.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.25% for HXQ.TO.

XEF.TO is categorized as Foreign Large Cap Equities, while HXQ.TO is Nasdaq-100. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and Horizons. Their fees differ too: 0.23% for XEF.TO and 0.25% for HXQ.TO.

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