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

XQQ.TO vs. FEZ

Last updated Jun 9, 2026

XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) and FEZ (SPDR EURO STOXX 50 ETF) are both exchange-traded funds - XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, XQQ.TO returned 20.00%/yr vs 11.68%/yr for FEZ. A 0.54 correlation means they provide meaningful diversification when combined. XQQ.TO charges 0.39%/yr vs 0.29%/yr for FEZ.

Performance

XQQ.TO vs. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). 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 FEZ is traded in USD. To make them comparable, the FEZ 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 15.19% return, which is significantly higher than FEZ's 6.59% return. Over the past 10 years, XQQ.TO has outperformed FEZ with an annualized return of 20.00%, while FEZ has yielded a comparatively lower 11.68% annualized return.

XQQ.TO

1D
1.43%
1M
0.65%
YTD
15.19%
6M
10.98%
1Y
29.64%
3Y*
24.33%
5Y*
14.33%
10Y*
20.00%

FEZ

1D
0.91%
1M
2.41%
YTD
6.59%
6M
7.34%
1Y
17.54%
3Y*
19.45%
5Y*
12.92%
10Y*
11.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XQQ.TO vs. FEZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		15.19%15.77%24.69%53.25%-33.13%22.76%46.12%38.92%-1.32%33.41%
FEZ
SPDR EURO STOXX 50 ETF		6.59%31.52%12.34%24.14%-8.84%14.79%2.35%20.85%-8.78%16.35%

Correlation

The correlation between XQQ.TO and FEZ is 0.64, 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

0.64

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

0.55

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

0.60

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

0.58

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

0.54

The correlation between XQQ.TO and FEZ has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.

XQQ.TO vs. FEZ - Sectors Allocation Comparison

Sectors
XQQ.TO
FEZ

Technology

53.7%
16.1%

Communication Services

15.8%
2.3%

Consumer Cyclical

12.2%
9.8%

Consumer Defensive

7.7%
5.5%

Healthcare

4.2%
5.4%

Industrials

3.1%
22.1%

Utilities

1.4%
4.8%

Basic Materials

1.1%
3.7%

Energy

0.6%
5.2%

Financial Services

0.2%
25.1%

Real Estate

0.1%

-

Technology

XQQ.TO
53.7%
FEZ
16.1%

Communication Services

XQQ.TO
15.8%
FEZ
2.3%

Consumer Cyclical

XQQ.TO
12.2%
FEZ
9.8%

Consumer Defensive

XQQ.TO
7.7%
FEZ
5.5%

Healthcare

XQQ.TO
4.2%
FEZ
5.4%

Industrials

XQQ.TO
3.1%
FEZ
22.1%

Utilities

XQQ.TO
1.4%
FEZ
4.8%

Basic Materials

XQQ.TO
1.1%
FEZ
3.7%

Energy

XQQ.TO
0.6%
FEZ
5.2%

Financial Services

XQQ.TO
0.2%
FEZ
25.1%

Real Estate

XQQ.TO
0.1%
FEZ

-

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)

SPDR EURO STOXX 50 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 FEZ:
FEZ vs. VGKFEZ vs. IEURFEZ vs. EZUFEZ vs. IEVFEZ vs. VOOFEZ vs. EWQFEZ vs. EWN

Return for Risk

XQQ.TO vs. FEZ — 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: 5151
Overall Rank
XQQ.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 5353
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 5656
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 4545
Martin Ratio Rank
FEZ
FEZ Risk / Return Rank: 2626
Overall Rank
FEZ Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FEZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FEZ Omega Ratio Rank: 2525
Omega Ratio Rank
FEZ Calmar Ratio Rank: 2626
Calmar Ratio Rank
FEZ Martin Ratio Rank: 2929
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. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). 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.

XQQ.TOFEZDifference
Sharpe ratioReturn per unit of total volatility
1.78
0.95

+0.83

Sortino ratioReturn per unit of downside risk
2.32
1.44

+0.89

Omega ratioGain probability vs. loss probability

1.31

1.17

+0.14

Calmar ratioReturn relative to maximum drawdown

2.03

1.33

+0.70

Martin ratioReturn relative to average drawdown

6.80

4.49

+2.32

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

XQQ.TO vs. FEZ - Sharpe Ratio Comparison

The current XQQ.TO Sharpe Ratio is 1.78, which is higher than the FEZ Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of XQQ.TO and FEZ, 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

XQQ.TOFEZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.78

0.95

+0.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.60

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.90

0.53

+0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.29

+0.54

Drawdowns

XQQ.TO vs. FEZ - Drawdown Comparison

The maximum XQQ.TO drawdown since its inception was -38.25%, smaller than the maximum FEZ drawdown of -53.81%. Use the drawdown chart below to compare losses from any high point for XQQ.TO and FEZ.

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Drawdown Indicators

XQQ.TOFEZDifference

Max Drawdown

Largest peak-to-trough decline

-38.25%

-53.81%

+15.56%

Max Drawdown (1Y)

Largest decline over 1 year

-14.68%

-13.25%

-1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-16.21%

-6.51%

Max Drawdown (5Y)

Largest decline over 5 years

-38.25%

-28.89%

-9.36%

Max Drawdown (10Y)

Largest decline over 10 years

-38.25%

-33.95%

-4.30%

Current Drawdown

Current decline from peak

-4.12%

-1.27%

-2.85%

Average Drawdown

Average peak-to-trough decline

-5.96%

-13.55%

+7.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

3.92%

+0.45%

Volatility

XQQ.TO vs. FEZ - Volatility Comparison

iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a higher volatility of 6.74% compared to SPDR EURO STOXX 50 ETF (FEZ) at 5.93%. This indicates that XQQ.TO's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XQQ.TOFEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.74%

5.93%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

15.44%

-2.14%

Volatility (1Y)

Calculated over the trailing 1-year period

16.75%

18.51%

-1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.67%

21.52%

+1.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.48%

22.00%

+0.48%

XQQ.TO vs. FEZ - Expense Ratio Comparison

XQQ.TO has a 0.39% expense ratio, which is higher than FEZ's 0.29% expense ratio.

Dividends

XQQ.TO vs. FEZ - Dividend Comparison

XQQ.TO's dividend yield for the trailing twelve months is around 0.22%, less than FEZ's 2.58% yield.

PositionTTM20252024202320222021202020192018201720162015
FEZ
SPDR EURO STOXX 50 ETF		2.58%2.78%2.94%2.75%3.06%2.61%2.13%2.61%3.45%2.44%3.35%3.03%
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 FEZ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, FEZ is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

FEZ is cheaper with a 0.29% expense ratio, compared with 0.39% for XQQ.TO.

XQQ.TO is categorized as Nasdaq-100, while FEZ is Europe Equities. XQQ.TO tracks Morningstar US Market TR CAD, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for XQQ.TO and 0.29% for FEZ.

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