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

XUS.TO vs. XQQ.TO

Last updated Jun 4, 2026

XUS.TO (iShares Core S&P 500 Index ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - XUS.TO is a S&P 500 fund tracking the S&P 500 Index, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, XUS.TO returned 15.98%/yr vs 19.70%/yr for XQQ.TO. A 0.73 correlation means they provide meaningful diversification when combined. XUS.TO charges 0.09%/yr vs 0.39%/yr for XQQ.TO.

Performance

XUS.TO vs. XQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P 500 Index ETF (XUS.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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, XUS.TO achieves a 12.21% return, which is significantly lower than XQQ.TO's 19.81% return. Over the past 10 years, XUS.TO has underperformed XQQ.TO with an annualized return of 15.98%, while XQQ.TO has yielded a comparatively higher 19.70% annualized return.

XUS.TO

1D
-0.31%
1M
7.22%
YTD
12.21%
6M
10.39%
1Y
29.30%
3Y*
23.52%
5Y*
16.78%
10Y*
15.98%

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

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

2026 (YTD)202520242023202220212020201920182017
XUS.TO
iShares Core S&P 500 Index ETF		12.21%12.19%35.16%23.31%-12.59%27.20%15.56%24.57%3.31%13.56%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		19.81%18.38%24.23%52.23%-33.67%22.29%45.23%37.48%-2.33%31.83%

Correlation

The correlation between XUS.TO and XQQ.TO is 0.84, 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

0.84

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

0.85

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

0.87

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

0.81

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.73

The correlation between XUS.TO and XQQ.TO shifts across timeframes, from 0.73 (all time) to 0.87 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XUS.TO
XQQ.TO

Technology

36.2%
53.7%

Financial Services

11.9%
0.2%

Communication Services

10.9%
15.8%

Consumer Cyclical

10.1%
12.2%

Healthcare

8.4%
4.2%

Industrials

8.1%
3.1%

Consumer Defensive

4.9%
7.7%

Energy

3.5%
0.6%

Utilities

2.3%
1.4%

Real Estate

1.9%
0.1%

Basic Materials

1.8%
1.1%

Technology

XUS.TO
36.2%
XQQ.TO
53.7%

Financial Services

XUS.TO
11.9%
XQQ.TO
0.2%

Communication Services

XUS.TO
10.9%
XQQ.TO
15.8%

Consumer Cyclical

XUS.TO
10.1%
XQQ.TO
12.2%

Healthcare

XUS.TO
8.4%
XQQ.TO
4.2%

Industrials

XUS.TO
8.1%
XQQ.TO
3.1%

Consumer Defensive

XUS.TO
4.9%
XQQ.TO
7.7%

Energy

XUS.TO
3.5%
XQQ.TO
0.6%

Utilities

XUS.TO
2.3%
XQQ.TO
1.4%

Real Estate

XUS.TO
1.9%
XQQ.TO
0.1%

Basic Materials

XUS.TO
1.8%
XQQ.TO
1.1%

Compare stocks, funds, or ETFs

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iShares Core S&P 500 Index ETF

iShares NASDAQ 100 Index ETF (CAD-Hedged)

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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

Return for Risk

XUS.TO vs. XQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUS.TO
XUS.TO Risk / Return Rank: 7373
Overall Rank
XUS.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XUS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XUS.TO Omega Ratio Rank: 7777
Omega Ratio Rank
XUS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XUS.TO Martin Ratio Rank: 6868
Martin Ratio Rank
XQQ.TO
XQQ.TO Risk / Return Rank: 6666
Overall Rank
XQQ.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 6868
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 6262
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.

XUS.TO vs. XQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (XUS.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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.

XUS.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.55
2.45

+0.10

Sortino ratioReturn per unit of downside risk
3.47
3.20

+0.27

Omega ratioGain probability vs. loss probability

1.47

1.42

+0.05

Calmar ratioReturn relative to maximum drawdown

3.41

3.03

+0.38

Martin ratioReturn relative to average drawdown

12.94

11.31

+1.63

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

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

The current XUS.TO Sharpe Ratio is 2.55, which is comparable to the XQQ.TO Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XUS.TO and XQQ.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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Sharpe Ratios by Period

XUS.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.55

2.45

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

0.68

+0.45

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.89

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

0.86

+0.22

Drawdowns

XUS.TO vs. XQQ.TO - Drawdown Comparison

The maximum XUS.TO drawdown since its inception was -27.23%, smaller than the maximum XQQ.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for XUS.TO and XQQ.TO.

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Drawdown Indicators

XUS.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.23%

-38.55%

+11.32%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-12.76%

+4.13%

Max Drawdown (3Y)

Largest decline over 3 years

-18.96%

-22.72%

+3.76%

Max Drawdown (5Y)

Largest decline over 5 years

-21.85%

-38.55%

+16.70%

Max Drawdown (10Y)

Largest decline over 10 years

-27.23%

-38.55%

+11.32%

Current Drawdown

Current decline from peak

-0.31%

-0.27%

-0.04%

Average Drawdown

Average peak-to-trough decline

-3.46%

-5.92%

+2.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

3.41%

-1.14%

Volatility

XUS.TO vs. XQQ.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (XUS.TO) is 3.19%, while iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a volatility of 4.48%. This indicates that XUS.TO experiences smaller price fluctuations and is considered to be less risky than XQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUS.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

4.48%

-1.29%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

12.00%

-3.34%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

15.82%

-4.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.92%

22.52%

-7.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

22.34%

-5.86%

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

XUS.TO has a 0.09% expense ratio, which is lower than XQQ.TO's 0.39% expense ratio.

Dividends

XUS.TO vs. XQQ.TO - Dividend Comparison

XUS.TO's dividend yield for the trailing twelve months is around 1.12%, more than XQQ.TO's 0.21% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XUS.TO
iShares Core S&P 500 Index ETF		1.12%1.26%1.03%1.22%1.38%0.99%1.35%2.02%1.77%1.48%1.66%1.70%

Frequently Asked Questions

XUS.TO and XQQ.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XUS.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XUS.TO is cheaper with a 0.09% expense ratio, compared with 0.39% for XQQ.TO.

XUS.TO is categorized as S&P 500, while XQQ.TO is Nasdaq-100. XUS.TO tracks S&P 500 Index, while XQQ.TO tracks Morningstar US Market TR CAD. Their fees differ too: 0.09% for XUS.TO and 0.39% for XQQ.TO.

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