XMV.TO vs. QQCL.TO

Last updated Jun 24, 2026

XMV.TO (iShares MSCI Min Vol Canada Index ETF) and QQCL.TO (Global X Enhanced NASDAQ-100 Covered Call ETF) are both exchange-traded funds - XMV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while QQCL.TO is a Nasdaq-100 fund actively managed by Global X. XMV.TO is passively managed, while QQCL.TO is actively managed. Over the past year, XMV.TO returned 17.95% vs 41.45% for QQCL.TO. At a 0.34 correlation, their price movements are largely independent. XMV.TO charges 0.33%/yr vs 0.85%/yr for QQCL.TO.

Performance

XMV.TO vs. QQCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol Canada Index ETF (XMV.TO) and Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMV.TO achieves a 10.39% return, which is significantly lower than QQCL.TO's 20.21% return.

XMV.TO

• 1D: 0.63%
• 1M: 1.72%
• YTD: 10.39%
• 6M: 6.19%
• 1Y: 17.95%
• 3Y*: 17.62%
• 5Y*: 11.77%
• 10Y*: 10.16%

QQCL.TO

• 1D: -2.93%
• 1M: 3.36%
• YTD: 20.21%
• 6M: 19.21%
• 1Y: 41.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XMV.TO vs. QQCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XMV.TO iShares MSCI Min Vol Canada Index ETF	10.39%	17.98%	15.85%	7.61%
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	20.21%	13.10%	41.38%	4.96%

Correlation

The correlation between XMV.TO and QQCL.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.34

XMV.TO vs. QQCL.TO - Sectors Allocation Comparison

Sectors	XMV.TO	QQCL.TO
Financial Services	34.1%	0.2%
Energy	14.3%	0.6%
Industrials	11.9%	2.8%
Consumer Defensive	8.9%	7.7%
Basic Materials	8.6%	1.1%
Utilities	7.3%	1.4%
Communication Services	5.6%	15.8%
Consumer Cyclical	5.1%	12.3%
Technology	3.9%	53.8%
Real Estate	0.4%	0.1%
Healthcare	-	4.2%

Return for Risk

XMV.TO vs. QQCL.TO — Risk / Return Rank

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

XMV.TO

XMV.TO Risk / Return Rank: 63
XMV.TO Sharpe Ratio Rank: 61
XMV.TO Sortino Ratio Rank: 59
XMV.TO Omega Ratio Rank: 65
XMV.TO Calmar Ratio Rank: 65
XMV.TO Martin Ratio Rank: 63

QQCL.TO

QQCL.TO Risk / Return Rank: 76
QQCL.TO Sharpe Ratio Rank: 78
QQCL.TO Sortino Ratio Rank: 71
QQCL.TO Omega Ratio Rank: 76
QQCL.TO Calmar Ratio Rank: 78
QQCL.TO Martin Ratio Rank: 77

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.

XMV.TO vs. QQCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol Canada Index ETF (XMV.TO) and Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.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.

	XMV.TO	QQCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.36	-0.43
Sortino ratio: Return per unit of downside risk	2.62	3.06	-0.44
Omega ratio: Gain probability vs. loss probability	1.37	1.42	-0.05
Calmar ratio: Return relative to maximum drawdown	3.06	3.89	-0.83
Martin ratio: Return relative to average drawdown	10.85	14.20	-3.35

XMV.TO vs. QQCL.TO - Sharpe Ratio Comparison

The current XMV.TO Sharpe Ratio is 1.92, which is comparable to the QQCL.TO Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of XMV.TO and QQCL.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

XMV.TO vs. QQCL.TO - Drawdown Comparison

The maximum XMV.TO drawdown since its inception was -38.65%, which is greater than QQCL.TO's maximum drawdown of -25.63%. Use the drawdown chart below to compare losses from any high point for XMV.TO and QQCL.TO.

Drawdown Indicators

	XMV.TO	QQCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.65%	-25.63%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-10.70%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-9.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.65%	—	—
Current Drawdown Current decline from peak	-0.08%	-2.97%	+2.89%
Average Drawdown Average peak-to-trough decline	-6.59%	-3.29%	-3.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	2.93%	-1.27%

Volatility

XMV.TO vs. QQCL.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol Canada Index ETF (XMV.TO) is 2.23%, while Global X Enhanced NASDAQ-100 Covered Call ETF (QQCL.TO) has a volatility of 8.71%. This indicates that XMV.TO experiences smaller price fluctuations and is considered to be less risky than QQCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMV.TO	QQCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	8.71%	-6.48%
Volatility (6M) Calculated over the trailing 6-month period	7.72%	14.67%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.38%	17.70%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	20.78%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.70%	20.78%	+6.92%

XMV.TO vs. QQCL.TO - Expense Ratio Comparison

XMV.TO has a 0.33% expense ratio, which is lower than QQCL.TO's 0.85% expense ratio.

Dividends

XMV.TO vs. QQCL.TO - Dividend Comparison

XMV.TO's dividend yield for the trailing twelve months is around 2.11%, less than QQCL.TO's 13.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQCL.TO Global X Enhanced NASDAQ-100 Covered Call ETF	13.22%	14.54%	11.87%	3.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XMV.TO iShares MSCI Min Vol Canada Index ETF	2.11%	2.28%	2.49%	2.83%	2.59%	2.28%	3.04%	2.72%	3.25%	2.79%	2.38%	2.72%

Frequently Asked Questions

Can I hold both XMV.TO and QQCL.TO in my portfolio?

XMV.TO and QQCL.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMV.TO or QQCL.TO?

On fees, XMV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMV.TO or QQCL.TO?

XMV.TO is cheaper with a 0.33% expense ratio, compared with 0.85% for QQCL.TO.

What is the main difference between XMV.TO and QQCL.TO?

XMV.TO is categorized as Canada Equities, while QQCL.TO is Nasdaq-100. They also come from different issuers: iShares and Global X. Their fees differ too: 0.33% for XMV.TO and 0.85% for QQCL.TO.