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ZMID.TO vs. ZQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMID.TO vs. ZQQ.TO

Last updated Jul 1, 2026
See Documentation

ZMID.TO (BMO S&P US Mid Cap Index ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZMID.TO is a Mid Cap Blend Equities fund managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, ZMID.TO returned 11.31%/yr vs 13.78%/yr for ZQQ.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

ZMID.TO vs. ZQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Mid Cap Index ETF (ZMID.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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, ZMID.TO achieves a 21.30% return, which is significantly higher than ZQQ.TO's 18.49% return.

ZMID.TO

1D
0.96%
1M
6.74%
YTD
21.30%
6M
20.18%
1Y
29.13%
3Y*
17.22%
5Y*
11.31%
10Y*
—

ZQQ.TO

1D
1.60%
1M
-0.35%
YTD
18.49%
6M
17.55%
1Y
26.82%
3Y*
22.92%
5Y*
13.78%
10Y*
19.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMID.TO vs. ZQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZMID.TO
BMO S&P US Mid Cap Index ETF		21.30%0.83%23.12%14.42%-8.41%21.96%11.85%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		18.49%14.59%24.00%52.52%-33.75%26.68%34.09%

Correlation

The correlation between ZMID.TO and ZQQ.TO is 0.54, 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

0.54

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

0.52

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

0.50

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2020

0.41

The correlation between ZMID.TO and ZQQ.TO shifts across timeframes, from 0.41 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO S&P US Mid Cap Index ETF

BMO NASDAQ 100 Equity (CAD Hedged)

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Return for Risk

ZMID.TO vs. ZQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMID.TO
ZMID.TO Risk / Return Rank: 6969
Overall Rank
ZMID.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
ZMID.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
ZMID.TO Omega Ratio Rank: 6060
Omega Ratio Rank
ZMID.TO Calmar Ratio Rank: 7676
Calmar Ratio Rank
ZMID.TO Martin Ratio Rank: 7979
Martin Ratio Rank
ZQQ.TO
ZQQ.TO Risk / Return Rank: 4343
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 3939
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.

ZMID.TO vs. ZQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Mid Cap Index ETF (ZMID.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.

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.

ZMID.TOZQQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
1.47

+0.32

Sortino ratioReturn per unit of downside risk
2.59
1.99

+0.60

Omega ratioGain probability vs. loss probability

1.32

1.27

+0.05

Calmar ratioReturn relative to maximum drawdown

3.35

1.72

+1.63

Martin ratioReturn relative to average drawdown

13.19

5.44

+7.75

ZMID.TO vs. ZQQ.TO - Sharpe Ratio Comparison

The current ZMID.TO Sharpe Ratio is 1.80, which is comparable to the ZQQ.TO Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ZMID.TO and ZQQ.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

ZMID.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZMID.TO drawdown since its inception was -24.51%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZMID.TO and ZQQ.TO.

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Drawdown Indicators

ZMID.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.51%

-36.39%

+11.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-15.65%

+6.93%

Max Drawdown (3Y)

Largest decline over 3 years

-23.53%

-22.79%

-0.74%

Max Drawdown (5Y)

Largest decline over 5 years

-23.53%

-36.39%

+12.86%

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

0.00%

-1.39%

+1.39%

Average Drawdown

Average peak-to-trough decline

-5.69%

-5.46%

-0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.21%

4.94%

-2.73%

Volatility

ZMID.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO S&P US Mid Cap Index ETF (ZMID.TO) is 3.74%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 9.57%. This indicates that ZMID.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

ZMID.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.74%

9.57%

-5.83%

Volatility (6M)

Calculated over the trailing 6-month period

12.31%

14.82%

-2.51%

Volatility (1Y)

Calculated over the trailing 1-year period

16.31%

18.32%

-2.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.08%

22.94%

-4.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.41%

22.54%

-3.13%

Dividends

ZMID.TO vs. ZQQ.TO - Dividend Comparison

ZMID.TO's dividend yield for the trailing twelve months is around 0.88%, more than ZQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
ZMID.TO
BMO S&P US Mid Cap Index ETF		0.88%1.08%1.14%1.67%1.39%1.03%1.24%0.00%0.00%0.00%0.00%0.00%
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

ZMID.TO and ZQQ.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZMID.TO is categorized as Mid Cap Blend Equities, while ZQQ.TO is Nasdaq-100.

Portfolio Optimizer

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