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XHY.TO vs. XQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHY.TO vs. XQQ.TO

Last updated Jun 5, 2026

XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, XHY.TO returned 3.98%/yr vs 19.59%/yr for XQQ.TO. At a 0.47 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.39%/yr for XQQ.TO.

Performance

XHY.TO vs. XQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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, XHY.TO achieves a 1.07% return, which is significantly lower than XQQ.TO's 19.17% return. Over the past 10 years, XHY.TO has underperformed XQQ.TO with an annualized return of 3.98%, while XQQ.TO has yielded a comparatively higher 19.59% annualized return.

XHY.TO

1D
0.12%
1M
0.33%
YTD
1.07%
6M
1.09%
1Y
4.66%
3Y*
7.14%
5Y*
2.86%
10Y*
3.98%

XQQ.TO

1D
-0.54%
1M
8.62%
YTD
19.17%
6M
17.53%
1Y
37.37%
3Y*
26.17%
5Y*
15.19%
10Y*
19.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHY.TO vs. XQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		1.07%6.33%7.05%11.06%-11.10%3.51%2.65%13.83%-3.89%5.35%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		19.17%18.38%24.23%52.23%-33.67%22.29%45.23%37.48%-2.33%31.83%

Correlation

The correlation between XHY.TO and XQQ.TO is 0.56, 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

0.56

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

0.47

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

0.51

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

0.47

Correlation (All Time)
Calculated using the full available price history since May 11, 2011

0.47

The correlation between XHY.TO and XQQ.TO has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

XHY.TO vs. XQQ.TO - Sectors Allocation Comparison

Sectors
XHY.TO
XQQ.TO

Utilities

99.5%
1.4%

Real Estate

0.5%
0.1%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.2%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Financial Services

-

0.2%

Healthcare

-

4.2%

Industrials

-

3.1%

Technology

-

53.7%

Utilities

XHY.TO
99.5%
XQQ.TO
1.4%

Real Estate

XHY.TO
0.5%
XQQ.TO
0.1%

Basic Materials

XHY.TO

-

XQQ.TO
1.1%

Communication Services

XHY.TO

-

XQQ.TO
15.8%

Consumer Cyclical

XHY.TO

-

XQQ.TO
12.2%

Consumer Defensive

XHY.TO

-

XQQ.TO
7.7%

Energy

XHY.TO

-

XQQ.TO
0.6%

Financial Services

XHY.TO

-

XQQ.TO
0.2%

Healthcare

XHY.TO

-

XQQ.TO
4.2%

Industrials

XHY.TO

-

XQQ.TO
3.1%

Technology

XHY.TO

-

XQQ.TO
53.7%

Compare stocks, funds, or ETFs

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iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

iShares NASDAQ 100 Index ETF (CAD-Hedged)

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Often compared with XQQ.TO:
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Return for Risk

XHY.TO vs. XQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHY.TO
XHY.TO Risk / Return Rank: 3232
Overall Rank
XHY.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 4444
Martin Ratio Rank
XQQ.TO
XQQ.TO Risk / Return Rank: 6767
Overall Rank
XQQ.TO Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 6969
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 6262
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.

XHY.TO vs. XQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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.

XHY.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.00
2.37

-1.37

Sortino ratioReturn per unit of downside risk
1.51
3.12

-1.62

Omega ratioGain probability vs. loss probability

1.18

1.41

-0.23

Calmar ratioReturn relative to maximum drawdown

1.63

2.94

-1.31

Martin ratioReturn relative to average drawdown

7.05

10.98

-3.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHY.TO vs. XQQ.TO - Sharpe Ratio Comparison

The current XHY.TO Sharpe Ratio is 1.00, which is lower than the XQQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of XHY.TO and XQQ.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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Sharpe Ratios by Period

XHY.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.00

2.37

-1.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.68

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

0.88

-0.51

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.86

-0.36

Drawdowns

XHY.TO vs. XQQ.TO - Drawdown Comparison

The maximum XHY.TO drawdown since its inception was -28.48%, smaller than the maximum XQQ.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for XHY.TO and XQQ.TO.

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Drawdown Indicators

XHY.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-38.55%

+10.07%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-12.76%

+9.89%

Max Drawdown (3Y)

Largest decline over 3 years

-4.94%

-22.72%

+17.78%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-38.55%

+21.88%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

-38.55%

+10.07%

Current Drawdown

Current decline from peak

-0.32%

-0.80%

+0.48%

Average Drawdown

Average peak-to-trough decline

-2.55%

-5.92%

+3.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

3.41%

-2.75%

Volatility

XHY.TO vs. XQQ.TO - Volatility Comparison

The current volatility for iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) is 1.28%, while iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a volatility of 4.51%. This indicates that XHY.TO experiences smaller price fluctuations and is considered to be less risky than XQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHY.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

4.51%

-3.23%

Volatility (6M)

Calculated over the trailing 6-month period

3.55%

12.01%

-8.46%

Volatility (1Y)

Calculated over the trailing 1-year period

4.68%

15.82%

-11.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.65%

22.51%

-13.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.62%

22.34%

-11.72%

XHY.TO vs. XQQ.TO - Expense Ratio Comparison

XHY.TO has a 0.56% expense ratio, which is higher than XQQ.TO's 0.39% expense ratio.

Dividends

XHY.TO vs. XQQ.TO - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.11%, more than XQQ.TO's 0.21% yield.

PositionTTM20252024202320222021202020192018201720162015
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		6.11%6.04%5.87%5.56%5.70%4.72%5.18%5.38%5.87%5.46%5.64%6.83%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		0.21%0.25%0.32%0.31%0.43%0.17%0.26%0.46%0.52%0.53%0.76%0.62%

Frequently Asked Questions

XHY.TO and XQQ.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.56% for XHY.TO.

XHY.TO is categorized as High Yield Bonds, while XQQ.TO is Nasdaq-100. XHY.TO tracks Morningstar Gbl HY Bd GR CAD, while XQQ.TO tracks Morningstar US Market TR CAD. Their fees differ too: 0.56% for XHY.TO and 0.39% for XQQ.TO.

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