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

XQQ.TO vs. XEU.TO

Last updated Jun 13, 2026

XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) and XEU.TO (iShares MSCI Europe IMI Index ETF) are both exchange-traded funds - XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD, while XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, XQQ.TO returned 20.22%/yr vs 10.87%/yr for XEU.TO. A 0.53 correlation means they provide meaningful diversification when combined. XQQ.TO charges 0.39%/yr vs 0.28%/yr for XEU.TO.

Performance

XQQ.TO vs. XEU.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 iShares MSCI Europe IMI Index ETF (XEU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XQQ.TO achieves a 16.05% return, which is significantly higher than XEU.TO's 9.50% return. Over the past 10 years, XQQ.TO has outperformed XEU.TO with an annualized return of 20.22%, while XEU.TO has yielded a comparatively lower 10.87% annualized return.

XQQ.TO

1D
0.70%
1M
0.89%
YTD
16.05%
6M
13.71%
1Y
29.88%
3Y*
23.64%
5Y*
14.20%
10Y*
20.22%

XEU.TO

1D
0.56%
1M
4.42%
YTD
9.50%
6M
11.49%
1Y
20.26%
3Y*
18.05%
5Y*
11.14%
10Y*
10.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XQQ.TO vs. XEU.TO - 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%
XEU.TO
iShares MSCI Europe IMI Index ETF		9.50%29.40%9.34%17.38%-10.49%16.36%3.16%18.30%-8.11%18.47%

Correlation

The correlation between XQQ.TO and XEU.TO 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

0.51

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

0.54

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

0.53

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2014

0.53

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

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

Sectors
XQQ.TO
XEU.TO

Technology

53.7%
8.4%

Communication Services

15.8%
3.3%

Consumer Cyclical

12.2%
6.5%

Consumer Defensive

7.7%
8.0%

Healthcare

4.2%
10.5%

Industrials

3.1%
15.6%

Utilities

1.4%
3.5%

Basic Materials

1.1%
5.3%

Energy

0.6%
4.0%

Financial Services

0.2%
22.5%

Real Estate

0.1%
1.4%

Technology

XQQ.TO
53.7%
XEU.TO
8.4%

Communication Services

XQQ.TO
15.8%
XEU.TO
3.3%

Consumer Cyclical

XQQ.TO
12.2%
XEU.TO
6.5%

Consumer Defensive

XQQ.TO
7.7%
XEU.TO
8.0%

Healthcare

XQQ.TO
4.2%
XEU.TO
10.5%

Industrials

XQQ.TO
3.1%
XEU.TO
15.6%

Utilities

XQQ.TO
1.4%
XEU.TO
3.5%

Basic Materials

XQQ.TO
1.1%
XEU.TO
5.3%

Energy

XQQ.TO
0.6%
XEU.TO
4.0%

Financial Services

XQQ.TO
0.2%
XEU.TO
22.5%

Real Estate

XQQ.TO
0.1%
XEU.TO
1.4%

Compare stocks, funds, or ETFs

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iShares NASDAQ 100 Index ETF (CAD-Hedged)

iShares MSCI Europe IMI Index 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 XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO

Return for Risk

XQQ.TO vs. XEU.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: 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
XEU.TO
XEU.TO Risk / Return Rank: 4444
Overall Rank
XEU.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 4545
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. XEU.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 iShares MSCI Europe IMI Index ETF (XEU.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.

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.TOXEU.TODifference
Sharpe ratioReturn per unit of total volatility
1.75
1.38

+0.36

Sortino ratioReturn per unit of downside risk
2.30
2.00

+0.30

Omega ratioGain probability vs. loss probability

1.31

1.25

+0.06

Calmar ratioReturn relative to maximum drawdown

2.05

1.70

+0.34

Martin ratioReturn relative to average drawdown

6.78

6.57

+0.21

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

The current XQQ.TO Sharpe Ratio is 1.75, which is comparable to the XEU.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XQQ.TO and XEU.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.

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Drawdowns

XQQ.TO vs. XEU.TO - Drawdown Comparison

The maximum XQQ.TO drawdown since its inception was -38.25%, which is greater than XEU.TO's maximum drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for XQQ.TO and XEU.TO.

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Drawdown Indicators

XQQ.TOXEU.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.25%

-32.02%

-6.23%

Max Drawdown (1Y)

Largest decline over 1 year

-14.68%

-11.94%

-2.74%

Max Drawdown (3Y)

Largest decline over 3 years

-22.72%

-14.62%

-8.10%

Max Drawdown (5Y)

Largest decline over 5 years

-38.25%

-26.96%

-11.29%

Max Drawdown (10Y)

Largest decline over 10 years

-38.25%

-32.02%

-6.23%

Current Drawdown

Current decline from peak

-3.39%

0.00%

-3.39%

Average Drawdown

Average peak-to-trough decline

-5.96%

-5.45%

-0.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.42%

3.10%

+1.32%

Volatility

XQQ.TO vs. XEU.TO - Volatility Comparison

iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a higher volatility of 7.44% compared to iShares MSCI Europe IMI Index ETF (XEU.TO) at 5.29%. This indicates that XQQ.TO's price experiences larger fluctuations and is considered to be riskier than XEU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XQQ.TOXEU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.44%

5.29%

+2.15%

Volatility (6M)

Calculated over the trailing 6-month period

13.89%

12.40%

+1.49%

Volatility (1Y)

Calculated over the trailing 1-year period

17.20%

14.72%

+2.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.73%

14.80%

+7.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.51%

16.09%

+6.42%

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

XQQ.TO has a 0.39% expense ratio, which is higher than XEU.TO's 0.28% expense ratio.

Dividends

XQQ.TO vs. XEU.TO - Dividend Comparison

XQQ.TO's dividend yield for the trailing twelve months is around 0.22%, less than XEU.TO's 2.25% yield.

PositionTTM20252024202320222021202020192018201720162015
XEU.TO
iShares MSCI Europe IMI Index ETF		2.25%2.47%2.68%2.96%3.02%2.42%1.98%3.56%3.28%2.26%2.91%2.33%
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 XEU.TO 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, XEU.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEU.TO is cheaper with a 0.28% expense ratio, compared with 0.39% for XQQ.TO.

XQQ.TO is categorized as Nasdaq-100, while XEU.TO is Europe Equities. XQQ.TO tracks Morningstar US Market TR CAD, while XEU.TO tracks Morningstar Eur GR CAD. Their fees differ too: 0.39% for XQQ.TO and 0.28% for XEU.TO.

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