XQQ.TO vs. QQQQ.TO

Last updated Jun 4, 2026

XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) and QQQQ.TO (Mackenzie NASDAQ 100 Index ETF) are both Nasdaq-100 funds - XQQ.TO tracks the Morningstar US Market TR CAD while QQQQ.TO tracks the NASDAQ-100 Index. Both are passively managed. At a 0.49 correlation, their price movements are largely independent. XQQ.TO charges 0.39%/yr vs 0.25%/yr for QQQQ.TO.

Performance

XQQ.TO vs. QQQQ.TO - 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 Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XQQ.TO achieves a 19.81% return, which is significantly lower than QQQQ.TO's 21.51% return.

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%

QQQQ.TO

• 1D: 0.62%
• 1M: 13.62%
• YTD: 21.51%
• 6M: 18.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025
XQQ.TO iShares NASDAQ 100 Index ETF (CAD-Hedged)	19.81%	6.97%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	21.51%	7.64%

Correlation

The correlation between XQQ.TO and QQQQ.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 25, 2025	0.49

Return for Risk

XQQ.TO vs. QQQQ.TO — 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: 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.

XQQ.TO vs. QQQQ.TO - 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 Mackenzie NASDAQ 100 Index ETF (QQQQ.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.

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

Sharpe Ratios by Period

	XQQ.TO	QQQQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	2.87	-2.01

Drawdowns

XQQ.TO vs. QQQQ.TO - Drawdown Comparison

The maximum XQQ.TO drawdown since its inception was -38.55%, which is greater than QQQQ.TO's maximum drawdown of -11.95%. Use the drawdown chart below to compare losses from any high point for XQQ.TO and QQQQ.TO.

Drawdown Indicators

	XQQ.TO	QQQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-38.55%	-11.95%	-26.60%
Max Drawdown (1Y) Largest decline over 1 year	-12.76%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.72%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.55%	—	—
Current Drawdown Current decline from peak	-0.27%	0.00%	-0.27%
Average Drawdown Average peak-to-trough decline	-5.92%	-3.38%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	—	—

Volatility

Volatility by Period

	XQQ.TO	QQQQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	17.07%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	17.07%	+5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	17.07%	+5.27%

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

XQQ.TO has a 0.39% expense ratio, which is higher than QQQQ.TO's 0.25% expense ratio.

Dividends

XQQ.TO vs. QQQQ.TO - Dividend Comparison

XQQ.TO's dividend yield for the trailing twelve months is around 0.21%, more than QQQQ.TO's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.09%	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 XQQ.TO and QQQQ.TO in my portfolio?

XQQ.TO and QQQQ.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, QQQQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

QQQQ.TO is cheaper with a 0.25% expense ratio, compared with 0.39% for XQQ.TO.

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

XQQ.TO tracks Morningstar US Market TR CAD, while QQQQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.39% for XQQ.TO and 0.25% for QQQQ.TO.