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

XML.TO vs. HXQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO).

XML.TO and HXQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XML.TO is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index. It was launched on Apr 5, 2016. HXQ.TO is a passively managed fund by Horizons that tracks the performance of the NASDAQ-100 Index. It was launched on Apr 19, 2016. Both XML.TO and HXQ.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XML.TO vs. HXQ.TO - Performance Comparison

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

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

2026 (YTD)202520242023202220212020201920182017
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		6.47%17.56%14.13%11.69%-6.94%13.27%-5.87%16.26%-3.28%15.15%
HXQ.TO
Horizons NASDAQ-100 Index ETF		-4.70%15.05%35.98%51.16%-27.84%26.20%45.58%32.26%6.71%23.12%

Returns By Period

In the year-to-date period, XML.TO achieves a 6.47% return, which is significantly higher than HXQ.TO's -4.70% return.

XML.TO

1D
1.40%
1M
-1.88%
YTD
6.47%
6M
11.95%
1Y
17.19%
3Y*
14.82%
5Y*
10.29%
10Y*
—

HXQ.TO

1D
3.40%
1M
-3.01%
YTD
-4.70%
6M
-3.76%
1Y
19.15%
3Y*
23.30%
5Y*
15.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)

Horizons NASDAQ-100 Index ETF

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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. QQQM

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

XML.TO has a 0.40% expense ratio, which is higher than HXQ.TO's 0.25% expense ratio.

XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)
HXQ.TO
Horizons NASDAQ-100 Index ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XML.TO
XML.TO Risk / Return Rank: 8282
Overall Rank
XML.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
XML.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XML.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XML.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
XML.TO Martin Ratio Rank: 8585
Martin Ratio Rank
HXQ.TO
HXQ.TO Risk / Return Rank: 5555
Overall Rank
HXQ.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
HXQ.TO Sortino Ratio Rank: 5454
Sortino Ratio Rank
HXQ.TO Omega Ratio Rank: 5555
Omega Ratio Rank
HXQ.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
HXQ.TO Martin Ratio Rank: 5252
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.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.

XML.TOHXQ.TODifference

Sharpe ratio

Return per unit of total volatility

1.56

0.86

+0.70

Sortino ratio

Return per unit of downside risk

1.97

1.32

+0.65

Omega ratio

Gain probability vs. loss probability

1.37

1.19

+0.17

Calmar ratio

Return relative to maximum drawdown

2.37

1.53

+0.85

Martin ratio

Return relative to average drawdown

10.16

4.58

+5.59

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

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

The current XML.TO Sharpe Ratio is 1.56, which is higher than the HXQ.TO Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of XML.TO and HXQ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XML.TOHXQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

0.86

+0.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.07

0.73

+0.34

Sharpe Ratio (All Time)

Calculated using the full available price history

0.65

0.95

-0.30

Correlation

The correlation between XML.TO and HXQ.TO is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XML.TO vs. HXQ.TO - Dividend Comparison

XML.TO's dividend yield for the trailing twelve months is around 2.59%, while HXQ.TO has not paid dividends to shareholders.

TTM2025202420232022202120202019201820172016
XML.TO
iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged)		2.59%2.76%2.67%2.56%2.02%1.92%1.11%3.62%2.77%1.92%3.34%
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%

Drawdowns

XML.TO vs. HXQ.TO - Drawdown Comparison

The maximum XML.TO drawdown since its inception was -28.62%, smaller than the maximum HXQ.TO drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for XML.TO and HXQ.TO.

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Drawdown Indicators

XML.TOHXQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.62%

-31.60%

+2.98%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-12.97%

+6.05%

Max Drawdown (5Y)

Largest decline over 5 years

-12.34%

-31.60%

+19.26%

Current Drawdown

Current decline from peak

-1.88%

-9.45%

+7.57%

Average Drawdown

Average peak-to-trough decline

-3.43%

-5.82%

+2.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.62%

4.33%

-2.71%

Volatility

XML.TO vs. HXQ.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (XML.TO) is 4.20%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 6.41%. This indicates that XML.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

XML.TOHXQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.20%

6.41%

-2.21%

Volatility (6M)

Calculated over the trailing 6-month period

6.58%

12.59%

-6.01%

Volatility (1Y)

Calculated over the trailing 1-year period

11.11%

22.47%

-11.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.67%

20.78%

-11.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.13%

20.85%

-8.72%