XSP.TO vs. ZQQ.TO
XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, XSP.TO returned 13.79%/yr vs 20.08%/yr for ZQQ.TO. Their correlation of 0.88 suggests significant overlap in exposure. XSP.TO charges 0.09%/yr vs 0.39%/yr for ZQQ.TO.
Performance
XSP.TO vs. ZQQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSP.TO achieves a 9.64% return, which is significantly lower than ZQQ.TO's 19.82% return. Over the past 10 years, XSP.TO has underperformed ZQQ.TO with an annualized return of 13.79%, while ZQQ.TO has yielded a comparatively higher 20.08% annualized return.
XSP.TO
- 1D
- -0.73%
- 1M
- 4.98%
- YTD
- 9.64%
- 6M
- 9.50%
- 1Y
- 25.13%
- 3Y*
- 20.28%
- 5Y*
- 12.18%
- 10Y*
- 13.79%
ZQQ.TO
- 1D
- -0.28%
- 1M
- 10.63%
- YTD
- 19.82%
- 6M
- 18.08%
- 1Y
- 38.53%
- 3Y*
- 26.42%
- 5Y*
- 16.12%
- 10Y*
- 20.08%
XSP.TO vs. ZQQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 9.64% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 19.82% | 18.38% | 24.00% | 52.52% | -33.75% | 26.68% | 45.33% | 37.08% | -2.29% | 31.51% |
Correlation
The correlation between XSP.TO and ZQQ.TO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | 0.88 |
The correlation between XSP.TO and ZQQ.TO has been stable across timeframes, ranging from 0.88 to 0.94 - a consistent structural relationship.
XSP.TO vs. ZQQ.TO - Sectors Allocation Comparison
Sectors
XSP.TO
ZQQ.TO
Technology
Financial Services
Communication Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Real Estate
Basic Materials
Technology
XSP.TO
ZQQ.TO
Financial Services
XSP.TO
ZQQ.TO
Communication Services
XSP.TO
ZQQ.TO
Consumer Cyclical
XSP.TO
ZQQ.TO
Healthcare
XSP.TO
ZQQ.TO
Industrials
XSP.TO
ZQQ.TO
Consumer Defensive
XSP.TO
ZQQ.TO
Energy
XSP.TO
ZQQ.TO
Utilities
XSP.TO
ZQQ.TO
Real Estate
XSP.TO
ZQQ.TO
Basic Materials
XSP.TO
ZQQ.TO
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Return for Risk
XSP.TO vs. ZQQ.TO — Risk / Return Rank
XSP.TO
ZQQ.TO
XSP.TO vs. ZQQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.
| XSP.TO | ZQQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.43 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 3.01 | -0.33 |
| Martin ratioReturn relative to average drawdown | 12.40 | 11.25 | +1.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSP.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 2.46 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.72 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.90 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.91 | -0.54 |
Drawdowns
XSP.TO vs. ZQQ.TO - Drawdown Comparison
The maximum XSP.TO drawdown since its inception was -57.82%, which is greater than ZQQ.TO's maximum drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for XSP.TO and ZQQ.TO.
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Drawdown Indicators
| XSP.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.82% | -36.39% | -21.43% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -12.86% | +3.45% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -22.79% | +4.02% |
Max Drawdown (5Y)Largest decline over 5 years | -25.44% | -36.39% | +10.95% |
Max Drawdown (10Y)Largest decline over 10 years | -36.05% | -36.39% | +0.34% |
Current DrawdownCurrent decline from peak | -0.73% | -0.28% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -12.11% | -5.37% | -6.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 3.43% | -1.40% |
Volatility
XSP.TO vs. ZQQ.TO - Volatility Comparison
The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 3.25%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 4.54%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSP.TO | ZQQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 4.54% | -1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 8.99% | 12.02% | -3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.75% | 15.73% | -3.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 22.57% | -5.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.19% | 22.41% | -4.22% |
XSP.TO vs. ZQQ.TO - Expense Ratio Comparison
XSP.TO has a 0.09% expense ratio, which is lower than ZQQ.TO's 0.39% expense ratio.
Dividends
XSP.TO vs. ZQQ.TO - Dividend Comparison
XSP.TO's dividend yield for the trailing twelve months is around 1.12%, more than ZQQ.TO's 0.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.12% | 1.23% | 1.09% | 1.18% | 1.37% | 1.00% | 1.31% | 1.73% | 1.84% | 1.47% | 1.75% | 1.86% |
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 0.22% | 0.27% | 0.37% | 0.32% | 0.45% | 0.14% | 0.41% | 0.51% | 0.64% | 0.57% | 1.60% | 0.81% |
Frequently Asked Questions
With a correlation of 0.94, XSP.TO and ZQQ.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for ZQQ.TO.
XSP.TO is categorized as S&P 500, while ZQQ.TO is Nasdaq-100. XSP.TO tracks S&P 500 Index, while ZQQ.TO tracks NASDAQ-100 Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.09% for XSP.TO and 0.39% for ZQQ.TO.
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