XPF.TO vs. XQQ.TO

Last updated Jun 4, 2026

XPF.TO (iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - XPF.TO is a Preferred Stock/Convertible Bonds fund tracking the S&P/TSX Preferred Share TR, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, XPF.TO returned 4.08%/yr vs 19.70%/yr for XQQ.TO. At a 0.35 correlation, their price movements are largely independent. XPF.TO charges 0.50%/yr vs 0.39%/yr for XQQ.TO.

Performance

XPF.TO vs. XQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPF.TO achieves a 2.67% return, which is significantly lower than XQQ.TO's 19.81% return. Over the past 10 years, XPF.TO has underperformed XQQ.TO with an annualized return of 4.08%, while XQQ.TO has yielded a comparatively higher 19.70% annualized return.

XPF.TO

• 1D: -0.31%
• 1M: 0.75%
• YTD: 2.67%
• 6M: 3.54%
• 1Y: 10.25%
• 3Y*: 10.51%
• 5Y*: 2.58%
• 10Y*: 4.08%

XQQ.TO

• 1D: -0.27%
• 1M: 10.58%
• YTD: 19.81%
• 6M: 18.06%
• 1Y: 38.49%
• 3Y*: 26.43%
• 5Y*: 15.31%
• 10Y*: 19.70%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XPF.TO iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)	2.67%	9.33%	14.80%	7.19%	-19.48%	11.51%	5.34%	8.88%	-7.32%	10.03%
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged)	19.81%	18.38%	24.23%	52.23%	-33.67%	22.29%	45.23%	37.48%	-2.33%	31.83%

Correlation

The correlation between XPF.TO and XQQ.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 11, 2011	0.35

The correlation between XPF.TO and XQQ.TO shifts across timeframes, from 0.31 (3 years) to 0.46 (1 year), reflecting how their relationship changes across market environments.

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

Sectors	XPF.TO	XQQ.TO
Financial Services	31.6%	0.2%
Technology	6.7%	53.7%
Real Estate	5.9%	0.1%
Industrials	3.6%	3.1%
Utilities	1.5%	1.4%
Basic Materials	1.2%	1.1%
Communication Services	1.2%	15.8%
Healthcare	0.4%	4.2%
Consumer Defensive	0.3%	7.7%
Consumer Cyclical	0.1%	12.2%
Energy	-	0.6%

Return for Risk

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

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

XPF.TO

XPF.TO Risk / Return Rank: 56
XPF.TO Sharpe Ratio Rank: 55
XPF.TO Sortino Ratio Rank: 57
XPF.TO Omega Ratio Rank: 58
XPF.TO Calmar Ratio Rank: 54
XPF.TO Martin Ratio Rank: 56

XQQ.TO

XQQ.TO Risk / Return Rank: 66
XQQ.TO Sharpe Ratio Rank: 73
XQQ.TO Sortino Ratio Rank: 69
XQQ.TO Omega Ratio Rank: 68
XQQ.TO Calmar Ratio Rank: 60
XQQ.TO Martin Ratio Rank: 62

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.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.

	XPF.TO	XQQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.45	-0.55
Sortino ratio: Return per unit of downside risk	2.70	3.20	-0.50
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	2.68	3.03	-0.35
Martin ratio: Return relative to average drawdown	9.64	11.31	-1.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XPF.TO Sharpe Ratio is 1.89, which is comparable to the XQQ.TO Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XPF.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.

Sharpe Ratios by Period

	XPF.TO	XQQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.45	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.68	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.89	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.86	-0.56

Drawdowns

XPF.TO vs. XQQ.TO - Drawdown Comparison

The maximum XPF.TO drawdown since its inception was -43.52%, which is greater than XQQ.TO's maximum drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for XPF.TO and XQQ.TO.

Drawdown Indicators

	XPF.TO	XQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-43.52%	-38.55%	-4.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-12.76%	+8.92%
Max Drawdown (3Y) Largest decline over 3 years	-7.54%	-22.72%	+15.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.67%	-38.55%	+13.88%
Max Drawdown (10Y) Largest decline over 10 years	-43.52%	-38.55%	-4.97%
Current Drawdown Current decline from peak	-0.38%	-0.27%	-0.11%
Average Drawdown Average peak-to-trough decline	-4.78%	-5.92%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	3.41%	-2.34%

Volatility

XPF.TO vs. XQQ.TO - Volatility Comparison

The current volatility for iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF.TO) is 1.62%, while iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a volatility of 4.48%. This indicates that XPF.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.

Volatility by Period

	XPF.TO	XQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	4.48%	-2.86%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	12.00%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	5.44%	15.82%	-10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.52%	22.52%	-14.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.45%	22.34%	-7.89%

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

XPF.TO has a 0.50% expense ratio, which is higher than XQQ.TO's 0.39% expense ratio.

Dividends

XPF.TO vs. XQQ.TO - Dividend Comparison

XPF.TO's dividend yield for the trailing twelve months is around 5.13%, more than XQQ.TO's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XPF.TO iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)	5.13%	5.08%	5.21%	5.74%	5.46%	4.30%	4.95%	5.12%	4.94%	4.59%	5.14%	5.11%
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

Can I hold both XPF.TO and XQQ.TO in my portfolio?

XPF.TO and XQQ.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XPF.TO or XQQ.TO?

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.

Which ETF is cheaper, XPF.TO or XQQ.TO?

XQQ.TO is cheaper with a 0.39% expense ratio, compared with 0.50% for XPF.TO.

What is the main difference between XPF.TO and XQQ.TO?

XPF.TO is categorized as Preferred Stock/Convertible Bonds, while XQQ.TO is Nasdaq-100. XPF.TO tracks S&P/TSX Preferred Share TR, while XQQ.TO tracks Morningstar US Market TR CAD. Their fees differ too: 0.50% for XPF.TO and 0.39% for XQQ.TO.