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

XQQ.TO vs. SMH

Last updated Jun 9, 2026

XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 10 years, XQQ.TO returned 20.00%/yr vs 38.17%/yr for SMH. A 0.70 correlation means they provide meaningful diversification when combined. XQQ.TO charges 0.39%/yr vs 0.35%/yr for SMH.

Performance

XQQ.TO vs. SMH - 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 VanEck Semiconductor ETF (SMH). 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 SMH is traded in USD. To make them comparable, the SMH 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 lower than SMH's 69.06% return. Over the past 10 years, XQQ.TO has underperformed SMH with an annualized return of 20.00%, while SMH has yielded a comparatively higher 38.17% 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%

SMH

1D
5.25%
1M
7.74%
YTD
69.06%
6M
64.04%
1Y
142.15%
3Y*
62.71%
5Y*
41.82%
10Y*
38.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XQQ.TO vs. SMH - 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%
SMH
VanEck Semiconductor ETF		69.12%42.36%50.88%69.25%-29.32%42.06%51.84%57.67%-1.41%29.10%

Correlation

The correlation between XQQ.TO and SMH is 0.76, 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

0.76

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

0.79

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

0.82

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

0.77

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

0.70

The correlation between XQQ.TO and SMH shifts across timeframes, from 0.70 (all time) to 0.82 (5 years), reflecting how their relationship changes across market environments.

XQQ.TO vs. SMH - Sectors Allocation Comparison

Sectors
XQQ.TO
SMH

Technology

53.7%
100.0%

Communication Services

15.8%

-

Consumer Cyclical

12.2%

-

Consumer Defensive

7.7%

-

Healthcare

4.2%

-

Industrials

3.1%

-

Utilities

1.4%

-

Basic Materials

1.1%

-

Energy

0.6%

-

Financial Services

0.2%

-

Real Estate

0.1%

-

Technology

XQQ.TO
53.7%
SMH
100.0%

Communication Services

XQQ.TO
15.8%
SMH

-

Consumer Cyclical

XQQ.TO
12.2%
SMH

-

Consumer Defensive

XQQ.TO
7.7%
SMH

-

Healthcare

XQQ.TO
4.2%
SMH

-

Industrials

XQQ.TO
3.1%
SMH

-

Utilities

XQQ.TO
1.4%
SMH

-

Basic Materials

XQQ.TO
1.1%
SMH

-

Energy

XQQ.TO
0.6%
SMH

-

Financial Services

XQQ.TO
0.2%
SMH

-

Real Estate

XQQ.TO
0.1%
SMH

-

Compare stocks, funds, or ETFs

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iShares NASDAQ 100 Index ETF (CAD-Hedged)

VanEck Semiconductor 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 SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK

Return for Risk

XQQ.TO vs. SMH — 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
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9393
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
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. SMH - 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 VanEck Semiconductor ETF (SMH). 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.TOSMHDifference
Sharpe ratioReturn per unit of total volatility
1.78
4.40

-2.62

Sortino ratioReturn per unit of downside risk
2.32
4.48

-2.15

Omega ratioGain probability vs. loss probability

1.31

1.63

-0.32

Calmar ratioReturn relative to maximum drawdown

2.03

10.44

-8.41

Martin ratioReturn relative to average drawdown

6.80

37.54

-30.74

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. SMH - Sharpe Ratio Comparison

The current XQQ.TO Sharpe Ratio is 1.78, which is lower than the SMH Sharpe Ratio of 4.40. The chart below compares the historical Sharpe Ratios of XQQ.TO and SMH, 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.TOSMHDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.78

4.40

-2.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

1.17

-0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.90

1.14

-0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.62

+0.22

Drawdowns

XQQ.TO vs. SMH - Drawdown Comparison

The maximum XQQ.TO drawdown since its inception was -38.25%, smaller than the maximum SMH drawdown of -65.72%. Use the drawdown chart below to compare losses from any high point for XQQ.TO and SMH.

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Drawdown Indicators

XQQ.TOSMHDifference

Max Drawdown

Largest peak-to-trough decline

-38.25%

-65.72%

+27.47%

Max Drawdown (1Y)

Largest decline over 1 year

-14.68%

-13.69%

-0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-33.72%

+11.00%

Max Drawdown (5Y)

Largest decline over 5 years

-38.25%

-41.26%

+3.01%

Max Drawdown (10Y)

Largest decline over 10 years

-38.25%

-41.26%

+3.01%

Current Drawdown

Current decline from peak

-4.12%

-5.59%

+1.47%

Average Drawdown

Average peak-to-trough decline

-5.96%

-19.95%

+13.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.37%

3.80%

+0.57%

Volatility

XQQ.TO vs. SMH - Volatility Comparison

The current volatility for iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) is 6.74%, while VanEck Semiconductor ETF (SMH) has a volatility of 15.62%. This indicates that XQQ.TO experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XQQ.TOSMHDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.74%

15.62%

-8.88%

Volatility (6M)

Calculated over the trailing 6-month period

13.30%

26.92%

-13.62%

Volatility (1Y)

Calculated over the trailing 1-year period

16.75%

32.54%

-15.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.67%

35.90%

-13.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.48%

33.51%

-11.03%

XQQ.TO vs. SMH - Expense Ratio Comparison

XQQ.TO has a 0.39% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

XQQ.TO vs. SMH - Dividend Comparison

XQQ.TO's dividend yield for the trailing twelve months is around 0.22%, more than SMH's 0.18% yield.

PositionTTM20252024202320222021202020192018201720162015
SMH
VanEck Semiconductor ETF		0.18%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%
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 SMH have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SMH is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SMH is cheaper with a 0.35% expense ratio, compared with 0.39% for XQQ.TO.

XQQ.TO is categorized as Nasdaq-100, while SMH is Semiconductors. XQQ.TO tracks Morningstar US Market TR CAD, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.39% for XQQ.TO and 0.35% for SMH.

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