ZEB.TO vs. HXQ.TO

Last updated Jun 13, 2026

ZEB.TO (BMO Equal Weight Banks Index ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, ZEB.TO returned 16.60%/yr vs 22.27%/yr for HXQ.TO. At a 0.35 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

ZEB.TO vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight Banks Index ETF (ZEB.TO) and Horizons NASDAQ-100 Index ETF (HXQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEB.TO achieves a 25.33% return, which is significantly higher than HXQ.TO's 19.67% return. Over the past 10 years, ZEB.TO has underperformed HXQ.TO with an annualized return of 16.60%, while HXQ.TO has yielded a comparatively higher 22.27% annualized return.

ZEB.TO

• 1D: 1.12%
• 1M: 9.87%
• YTD: 25.33%
• 6M: 26.07%
• 1Y: 67.94%
• 3Y*: 34.82%
• 5Y*: 19.53%
• 10Y*: 16.60%

HXQ.TO

• 1D: 0.78%
• 1M: 3.00%
• YTD: 19.67%
• 6M: 19.59%
• 1Y: 39.46%
• 3Y*: 28.29%
• 5Y*: 19.92%
• 10Y*: 22.27%

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

ZEB.TO vs. HXQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZEB.TO BMO Equal Weight Banks Index ETF	25.33%	43.43%	24.58%	10.87%	-10.38%	39.38%	3.52%	16.06%	-8.85%	14.26%
HXQ.TO Horizons NASDAQ-100 Index ETF	19.67%	15.05%	35.98%	51.16%	-27.84%	26.20%	45.58%	32.26%	6.71%	23.12%

Correlation

The correlation between ZEB.TO and HXQ.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 21, 2016	0.35

ZEB.TO vs. HXQ.TO - Sectors Allocation Comparison

Sectors	ZEB.TO	HXQ.TO
Financial Services	100.0%	0.3%
Basic Materials	-	1.0%
Communication Services	-	15.8%
Consumer Cyclical	-	13.2%
Consumer Defensive	-	4.4%
Energy	-	0.5%
Healthcare	-	4.4%
Industrials	-	3.1%
Real Estate	-	0.2%
Technology	-	55.9%
Utilities	-	1.4%

Return for Risk

ZEB.TO vs. HXQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZEB.TO

ZEB.TO Risk / Return Rank: 97
ZEB.TO Sharpe Ratio Rank: 98
ZEB.TO Sortino Ratio Rank: 98
ZEB.TO Omega Ratio Rank: 98
ZEB.TO Calmar Ratio Rank: 96
ZEB.TO Martin Ratio Rank: 97

HXQ.TO

HXQ.TO Risk / Return Rank: 77
HXQ.TO Sharpe Ratio Rank: 85
HXQ.TO Sortino Ratio Rank: 80
HXQ.TO Omega Ratio Rank: 82
HXQ.TO Calmar Ratio Rank: 72
HXQ.TO Martin Ratio Rank: 64

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.

ZEB.TO vs. HXQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.TO) and Horizons NASDAQ-100 Index ETF (HXQ.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.

	ZEB.TO	HXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.33	2.37	+2.96
Sortino ratio: Return per unit of downside risk	7.18	3.07	+4.11
Omega ratio: Gain probability vs. loss probability	1.99	1.42	+0.57
Calmar ratio: Return relative to maximum drawdown	8.09	3.19	+4.90
Martin ratio: Return relative to average drawdown	34.80	10.12	+24.69

ZEB.TO vs. HXQ.TO - Sharpe Ratio Comparison

The current ZEB.TO Sharpe Ratio is 5.33, which is higher than the HXQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ZEB.TO and HXQ.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.

Drawdowns

ZEB.TO vs. HXQ.TO - Drawdown Comparison

The maximum ZEB.TO drawdown since its inception was -39.69%, which is greater than HXQ.TO's maximum drawdown of -31.60%. Use the drawdown chart below to compare losses from any high point for ZEB.TO and HXQ.TO.

Drawdown Indicators

	ZEB.TO	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.69%	-31.60%	-8.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-12.43%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-14.80%	-22.58%	+7.78%
Max Drawdown (5Y) Largest decline over 5 years	-25.97%	-31.60%	+5.63%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	-31.60%	-8.09%
Current Drawdown Current decline from peak	0.00%	-2.58%	+2.58%
Average Drawdown Average peak-to-trough decline	-5.65%	-5.74%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.91%	-1.95%

Volatility

ZEB.TO vs. HXQ.TO - Volatility Comparison

The current volatility for BMO Equal Weight Banks Index ETF (ZEB.TO) is 4.52%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 7.27%. This indicates that ZEB.TO experiences smaller price fluctuations and is considered to be less risky than HXQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEB.TO	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	7.27%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	11.13%	13.32%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	16.70%	-3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	20.92%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	20.92%	-4.02%

ZEB.TO vs. HXQ.TO - Expense Ratio Comparison

Both ZEB.TO and HXQ.TO have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ZEB.TO vs. HXQ.TO - Dividend Comparison

ZEB.TO's dividend yield for the trailing twelve months is around 2.41%, while HXQ.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXQ.TO Horizons NASDAQ-100 Index ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZEB.TO BMO Equal Weight Banks Index ETF	2.41%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%

Frequently Asked Questions

Can I hold both ZEB.TO and HXQ.TO in my portfolio?

ZEB.TO and HXQ.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZEB.TO or HXQ.TO?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZEB.TO or HXQ.TO?

ZEB.TO and HXQ.TO have the same expense ratio: 0.25% per year.

What is the main difference between ZEB.TO and HXQ.TO?

ZEB.TO is categorized as Financials Equities, while HXQ.TO is Nasdaq-100. ZEB.TO tracks Solactive Equal Weight Canada Banks Index, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: BMO and Horizons.