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

XQQ.TO vs. AIRR

Last updated Jun 14, 2026

XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, XQQ.TO returned 20.22%/yr vs 23.10%/yr for AIRR. A 0.51 correlation means they provide meaningful diversification when combined. XQQ.TO charges 0.39%/yr vs 0.69%/yr for AIRR.

Performance

XQQ.TO vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XQQ.TO is traded in CAD, while AIRR is traded in USD. To make them comparable, the AIRR values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XQQ.TO achieves a 16.05% return, which is significantly lower than AIRR's 34.41% return. Over the past 10 years, XQQ.TO has underperformed AIRR with an annualized return of 20.22%, while AIRR has yielded a comparatively higher 23.10% annualized return.

XQQ.TO

1D
0.70%
1M
1.70%
YTD
16.05%
6M
13.71%
1Y
31.56%
3Y*
23.64%
5Y*
14.20%
10Y*
20.22%

AIRR

1D
1.01%
1M
0.67%
YTD
34.41%
6M
30.61%
1Y
71.74%
3Y*
37.32%
5Y*
29.14%
10Y*
23.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XQQ.TO vs. AIRR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		16.05%15.77%24.69%53.25%-33.13%22.76%46.12%38.92%-1.32%33.41%
AIRR
First Trust RBA American Industrial Renaissance ETF		34.41%22.08%44.75%28.31%4.12%32.95%14.39%28.45%-13.89%8.40%

Correlation

The correlation between XQQ.TO and AIRR is 0.58, 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

0.58

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

0.54

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

0.58

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

0.51

Correlation (All Time)
Calculated using the full available price history since Mar 11, 2014

0.51

The correlation between XQQ.TO and AIRR has been stable across timeframes, ranging from 0.51 to 0.58 - a consistent structural relationship.

XQQ.TO vs. AIRR - Sectors Allocation Comparison

Sectors
XQQ.TO
AIRR

Technology

53.7%
0.7%

Communication Services

15.8%

-

Consumer Cyclical

12.2%

-

Consumer Defensive

7.7%

-

Healthcare

4.2%

-

Industrials

3.1%
92.4%

Utilities

1.4%

-

Basic Materials

1.1%

-

Energy

0.6%
3.8%

Financial Services

0.2%
6.9%

Real Estate

0.1%

-

Technology

XQQ.TO
53.7%
AIRR
0.7%

Communication Services

XQQ.TO
15.8%
AIRR

-

Consumer Cyclical

XQQ.TO
12.2%
AIRR

-

Consumer Defensive

XQQ.TO
7.7%
AIRR

-

Healthcare

XQQ.TO
4.2%
AIRR

-

Industrials

XQQ.TO
3.1%
AIRR
92.4%

Utilities

XQQ.TO
1.4%
AIRR

-

Basic Materials

XQQ.TO
1.1%
AIRR

-

Energy

XQQ.TO
0.6%
AIRR
3.8%

Financial Services

XQQ.TO
0.2%
AIRR
6.9%

Real Estate

XQQ.TO
0.1%
AIRR

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares NASDAQ 100 Index ETF (CAD-Hedged)

First Trust RBA American Industrial Renaissance ETF

Often compared with XQQ.TO:
XQQ.TO vs. QQC.TOXQQ.TO vs. VFV.TOXQQ.TO vs. HXQ.TOXQQ.TO vs. XQQU.TOXQQ.TO vs. QQQXQQ.TO vs. ZQQ.TOXQQ.TO vs. TEC.TO
Often compared with AIRR:
AIRR vs. PAVEAIRR vs. XLIAIRR vs. RSHOAIRR vs. XHBAIRR vs. QQQAIRR vs. PSCIAIRR vs. GRID

Return for Risk

XQQ.TO vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XQQ.TO
XQQ.TO Risk / Return Rank: 5353
Overall Rank
XQQ.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 5454
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 4747
Martin Ratio Rank
AIRR
AIRR Risk / Return Rank: 8686
Overall Rank
AIRR Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
AIRR Sortino Ratio Rank: 8383
Sortino Ratio Rank
AIRR Omega Ratio Rank: 7878
Omega Ratio Rank
AIRR Calmar Ratio Rank: 9191
Calmar Ratio Rank
AIRR Martin Ratio Rank: 9090
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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.

XQQ.TOAIRRDifference
Sharpe ratioReturn per unit of total volatility
1.75
2.60

-0.85

Sortino ratioReturn per unit of downside risk
2.30
3.35

-1.05

Omega ratioGain probability vs. loss probability

1.31

1.40

-0.10

Calmar ratioReturn relative to maximum drawdown

2.05

5.91

-3.86

Martin ratioReturn relative to average drawdown

6.78

20.40

-13.62

XQQ.TO vs. AIRR - Sharpe Ratio Comparison

The current XQQ.TO Sharpe Ratio is 1.75, which is lower than the AIRR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of XQQ.TO and AIRR, 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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Drawdowns

XQQ.TO vs. AIRR - Drawdown Comparison

The maximum XQQ.TO drawdown since its inception was -38.25%, roughly equal to the maximum AIRR drawdown of -37.96%. Use the drawdown chart below to compare losses from any high point for XQQ.TO and AIRR.

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Drawdown Indicators

XQQ.TOAIRRDifference

Max Drawdown

Largest peak-to-trough decline

-38.25%

-37.96%

-0.29%

Max Drawdown (1Y)

Largest decline over 1 year

-14.68%

-11.74%

-2.94%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-27.05%

+4.33%

Max Drawdown (5Y)

Largest decline over 5 years

-38.25%

-27.05%

-11.20%

Max Drawdown (10Y)

Largest decline over 10 years

-38.25%

-37.96%

-0.29%

Current Drawdown

Current decline from peak

-3.39%

-1.22%

-2.17%

Average Drawdown

Average peak-to-trough decline

-5.96%

-6.53%

+0.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.42%

3.39%

+1.03%

Volatility

XQQ.TO vs. AIRR - Volatility Comparison

The current volatility for iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) is 7.44%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.52%. This indicates that XQQ.TO experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XQQ.TOAIRRDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.44%

9.52%

-2.08%

Volatility (6M)

Calculated over the trailing 6-month period

13.89%

21.31%

-7.42%

Volatility (1Y)

Calculated over the trailing 1-year period

17.20%

26.67%

-9.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.73%

26.12%

-3.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

27.01%

-4.50%

XQQ.TO vs. AIRR - Expense Ratio Comparison

XQQ.TO has a 0.39% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

XQQ.TO vs. AIRR - Dividend Comparison

XQQ.TO's dividend yield for the trailing twelve months is around 0.22%, more than AIRR's 0.13% yield.

PositionTTM20252024202320222021202020192018201720162015
AIRR
First Trust RBA American Industrial Renaissance ETF		0.13%0.19%0.18%0.23%0.12%0.05%0.10%0.20%0.43%0.30%0.08%0.47%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		0.22%0.25%0.67%0.93%1.27%0.52%0.80%1.44%1.61%1.64%2.35%1.93%

Frequently Asked Questions

XQQ.TO and AIRR have a correlation of 0.58, 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 0.69% for AIRR.

XQQ.TO is categorized as Nasdaq-100, while AIRR is Building & Construction. XQQ.TO tracks Morningstar US Market TR CAD, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.39% for XQQ.TO and 0.69% for AIRR.

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