ZID.TO vs. HXQ.TO

Last updated Jun 13, 2026

ZID.TO (BMO MSCI India ESG Leaders Index ETF) and HXQ.TO (Horizons NASDAQ-100 Index ETF) are both exchange-traded funds - ZID.TO is a Asia Pacific Equities fund tracking the MSCI India ESG Leaders Index, while HXQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, ZID.TO returned 9.31%/yr vs 22.27%/yr for HXQ.TO. At a 0.35 correlation, their price movements are largely independent. ZID.TO charges 0.67%/yr vs 0.25%/yr for HXQ.TO.

Performance

ZID.TO vs. HXQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI India ESG Leaders Index ETF (ZID.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, ZID.TO achieves a -16.55% return, which is significantly lower than HXQ.TO's 19.67% return. Over the past 10 years, ZID.TO has underperformed HXQ.TO with an annualized return of 9.31%, while HXQ.TO has yielded a comparatively higher 22.27% annualized return.

ZID.TO

• 1D: 1.10%
• 1M: 1.07%
• YTD: -16.55%
• 6M: -15.85%
• 1Y: -16.46%
• 3Y*: 3.67%
• 5Y*: 2.92%
• 10Y*: 9.31%

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)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZID.TO BMO MSCI India ESG Leaders Index ETF	-16.55%	-0.67%	19.13%	11.89%	-4.71%	25.55%	15.79%	7.37%	8.20%	34.21%
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 ZID.TO and HXQ.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.38
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

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

Sectors	ZID.TO	HXQ.TO
Financial Services	25.9%	0.3%
Energy	15.1%	0.5%
Consumer Cyclical	13.5%	13.2%
Basic Materials	12.9%	1.0%
Consumer Defensive	8.9%	4.4%
Technology	8.6%	55.9%
Industrials	6.2%	3.1%
Utilities	4.2%	1.4%
Healthcare	3.5%	4.4%
Communication Services	0.6%	15.8%
Real Estate	0.5%	0.2%

Return for Risk

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

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

ZID.TO

ZID.TO Risk / Return Rank: 2
ZID.TO Sharpe Ratio Rank: 2
ZID.TO Sortino Ratio Rank: 2
ZID.TO Omega Ratio Rank: 2
ZID.TO Calmar Ratio Rank: 4
ZID.TO Martin Ratio Rank: 2

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI India ESG Leaders Index ETF (ZID.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.

	ZID.TO	HXQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	2.37	-3.36
Sortino ratio: Return per unit of downside risk	-1.40	3.07	-4.47
Omega ratio: Gain probability vs. loss probability	0.85	1.42	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.68	3.19	-3.87
Martin ratio: Return relative to average drawdown	-1.37	10.12	-11.48

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

The current ZID.TO Sharpe Ratio is -0.99, which is lower than the HXQ.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of ZID.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

ZID.TO vs. HXQ.TO - Drawdown Comparison

The maximum ZID.TO drawdown since its inception was -45.18%, 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 ZID.TO and HXQ.TO.

Drawdown Indicators

	ZID.TO	HXQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-45.18%	-31.60%	-13.58%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-12.43%	-11.92%
Max Drawdown (3Y) Largest decline over 3 years	-27.08%	-22.58%	-4.50%
Max Drawdown (5Y) Largest decline over 5 years	-27.08%	-31.60%	+4.52%
Max Drawdown (10Y) Largest decline over 10 years	-45.18%	-31.60%	-13.58%
Current Drawdown Current decline from peak	-24.09%	-2.58%	-21.51%
Average Drawdown Average peak-to-trough decline	-11.34%	-5.74%	-5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.05%	3.91%	+8.14%

Volatility

ZID.TO vs. HXQ.TO - Volatility Comparison

The current volatility for BMO MSCI India ESG Leaders Index ETF (ZID.TO) is 4.90%, while Horizons NASDAQ-100 Index ETF (HXQ.TO) has a volatility of 7.27%. This indicates that ZID.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

	ZID.TO	HXQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	7.27%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	13.32%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	16.70%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	20.92%	-4.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.86%	20.92%	-1.06%

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

ZID.TO has a 0.67% expense ratio, which is higher than HXQ.TO's 0.25% expense ratio.

Dividends

ZID.TO vs. HXQ.TO - Dividend Comparison

ZID.TO's dividend yield for the trailing twelve months is around 0.82%, 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%
ZID.TO BMO MSCI India ESG Leaders Index ETF	0.82%	0.69%	0.28%	1.18%	0.29%	1.24%	0.11%	0.11%	0.74%	0.38%	1.15%	0.64%

Frequently Asked Questions

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

ZID.TO and HXQ.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, HXQ.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

HXQ.TO is cheaper with a 0.25% expense ratio, compared with 0.67% for ZID.TO.

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

ZID.TO is categorized as Asia Pacific Equities, while HXQ.TO is Nasdaq-100. ZID.TO tracks MSCI India ESG Leaders Index, while HXQ.TO tracks NASDAQ-100 Index. They also come from different issuers: BMO and Horizons. Their fees differ too: 0.67% for ZID.TO and 0.25% for HXQ.TO.