XGD.TO vs. HXQ.TO

Last updated Jul 25, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - XGD.TO is a Gold fund tracking the S&P/TSX Global Gold Index, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XGD.TO returned 12.09%/yr vs 21.13%/yr for HXQ.TO. At a 0.06 correlation, their price movements are largely independent. XGD.TO charges 0.61%/yr vs 0.25%/yr for HXQ.TO.

Performance

XGD.TO vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Gold Index ETF (XGD.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, XGD.TO achieves a -7.98% return, which is significantly lower than HXQ.TO's 14.44% return. Over the past 10 years, XGD.TO has underperformed HXQ.TO with an annualized return of 12.09%, while HXQ.TO has yielded a comparatively higher 21.13% annualized return.

XGD.TO

• 1D: 0.24%
• 1M: -0.94%
• 6M: -25.75%
• YTD: -7.98%
• 1Y: 47.41%
• 3Y*: 38.42%
• 5Y*: 22.15%
• 10Y*: 12.09%
• ALL TIME*: 5.17%

HXQ.TO

• 1D: -1.10%
• 1M: -4.72%
• 6M: 13.14%
• YTD: 14.44%
• 1Y: 25.29%
• 3Y*: 24.97%
• 5Y*: 16.27%
• 10Y*: 21.13%
• ALL TIME*: 21.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HXQ.TO Horizons NASDAQ-100 Index ETF	CA$2.67M	CA$3.05M	CA$3.88M
XGD.TO iShares S&P/TSX Global Gold Index ETF	CA$16.33M	CA$17.63M	CA$21.80M

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XGD.TO iShares S&P/TSX Global Gold Index ETF	-7.98%	144.45%	19.63%	3.91%	-3.13%	-5.81%	21.10%	40.18%	-4.10%	0.96%
HXQ.TO Horizons NASDAQ-100 Index ETF	14.44%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%

Correlation

The correlation between XGD.TO and HXQ.TO 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	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016	0.06

Over the past year, XGD.TO and HXQ.TO have become more correlated (0.32) than their long-term average of 0.06, meaning their price movements have been converging.

Return for Risk

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

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

XGD.TO

XGD.TO Risk / Return Rank: 39
XGD.TO Sharpe Ratio Rank: 43
XGD.TO Sortino Ratio Rank: 40
XGD.TO Omega Ratio Rank: 45
XGD.TO Calmar Ratio Rank: 38
XGD.TO Martin Ratio Rank: 32

HXQ.TO

HXQ.TO Risk / Return Rank: 56
HXQ.TO Sharpe Ratio Rank: 58
HXQ.TO Sortino Ratio Rank: 55
HXQ.TO Omega Ratio Rank: 57
HXQ.TO Calmar Ratio Rank: 59
HXQ.TO Martin Ratio Rank: 53

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Gold Index ETF (XGD.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.

	XGD.TO	HXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.37	-0.33
Sortino ratio: Return per unit of downside risk	1.49	1.89	-0.40
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.32	2.04	-0.72
Martin ratio: Return relative to average drawdown	3.04	6.16	-3.12

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

The current XGD.TO Sharpe Ratio is 1.04, which is comparable to the HXQ.TO Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of XGD.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.

Drawdowns

XGD.TO vs. HXQ.TO - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.56%, 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 XGD.TO and HXQ.TO.

Drawdown Indicators

	XGD.TO	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-72.56%	-31.60%	-40.96%
Max Drawdown (1Y) Largest decline over 1 year	-36.01%	-12.43%	-23.58%
Max Drawdown (3Y) Largest decline over 3 years	-36.01%	-22.58%	-13.43%
Max Drawdown (5Y) Largest decline over 5 years	-40.82%	-31.60%	-9.22%
Max Drawdown (10Y) Largest decline over 10 years	-46.96%	-31.60%	-15.36%
Current Drawdown Current decline from peak	-31.87%	-7.90%	-23.97%
Average Drawdown Average peak-to-trough decline	-32.04%	-5.71%	-26.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.65%	4.12%	+11.53%

Volatility

XGD.TO vs. HXQ.TO - Volatility Comparison

iShares S&P/TSX Global Gold Index ETF (XGD.TO) has a higher volatility of 10.85% compared to Horizons NASDAQ-100 Index ETF (HXQ.TO) at 7.11%. This indicates that XGD.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

	XGD.TO	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	7.11%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	37.17%	15.20%	+21.97%
Volatility (1Y) Calculated over the trailing 1-year period	45.71%	18.58%	+27.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.41%	21.22%	+12.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.53%	21.04%	+12.49%

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

XGD.TO has a 0.61% expense ratio, which is higher than HXQ.TO's 0.25% expense ratio.

Dividends

XGD.TO vs. HXQ.TO - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.89%, while HXQ.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XGD.TO iShares S&P/TSX Global Gold Index ETF	0.89%	0.62%	0.93%	1.49%	1.77%	1.38%	0.35%	0.54%	0.25%	0.14%	0.10%	0.57%

Frequently Asked Questions

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

XGD.TO and HXQ.TO 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.

Which ETF is better, XGD.TO or HXQ.TO?

On fees, HXQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGD.TO or HXQ.TO?

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.61% for XGD.TO.

What is the main difference between XGD.TO and HXQ.TO?

XGD.TO is categorized as Gold, while HXQ.TO is Nasdaq-100. XGD.TO tracks S&P/TSX Global Gold Index, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and Horizons. Their fees differ too: 0.61% for XGD.TO and 0.25% for HXQ.TO.