ZNQ.TO vs. QMAX.TO

Last updated Jun 4, 2026

ZNQ.TO (BMO NASDAQ 100 Equity Index ETF) and QMAX.TO (Hamilton Technology YIELD MAXIMIZER ETF) are both exchange-traded funds - ZNQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while QMAX.TO is a Technology Equities fund actively managed by Hamilton Capital. ZNQ.TO is passively managed, while QMAX.TO is actively managed. Over the past year, ZNQ.TO returned 42.93% vs 44.35% for QMAX.TO. Their correlation of 0.92 suggests significant overlap in exposure. ZNQ.TO charges 0.39%/yr vs 0.65%/yr for QMAX.TO.

Performance

ZNQ.TO vs. QMAX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) and Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZNQ.TO having a 22.76% return and QMAX.TO slightly lower at 22.06%.

ZNQ.TO

• 1D: 0.25%
• 1M: 13.05%
• YTD: 22.76%
• 6M: 18.72%
• 1Y: 42.93%
• 3Y*: 29.76%
• 5Y*: 20.92%
• 10Y*: —

QMAX.TO

• 1D: 0.64%
• 1M: 17.44%
• YTD: 22.06%
• 6M: 19.75%
• 1Y: 44.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZNQ.TO vs. QMAX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZNQ.TO BMO NASDAQ 100 Equity Index ETF	22.76%	14.60%	35.84%	14.38%
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	22.06%	16.57%	37.65%	16.15%

Correlation

The correlation between ZNQ.TO and QMAX.TO is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.92

The correlation between ZNQ.TO and QMAX.TO has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

ZNQ.TO vs. QMAX.TO - Sectors Allocation Comparison

Sectors	ZNQ.TO	QMAX.TO
Technology	54.1%	69.2%
Communication Services	15.5%	18.3%
Consumer Cyclical	12.2%	12.5%
Consumer Defensive	7.6%	-
Healthcare	4.2%	-
Industrials	3.1%	-
Utilities	1.4%	-
Basic Materials	1.2%	-
Energy	0.6%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

ZNQ.TO vs. QMAX.TO — Risk / Return Rank

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

ZNQ.TO

ZNQ.TO Risk / Return Rank: 74
ZNQ.TO Sharpe Ratio Rank: 83
ZNQ.TO Sortino Ratio Rank: 78
ZNQ.TO Omega Ratio Rank: 79
ZNQ.TO Calmar Ratio Rank: 68
ZNQ.TO Martin Ratio Rank: 60

QMAX.TO

QMAX.TO Risk / Return Rank: 52
QMAX.TO Sharpe Ratio Rank: 64
QMAX.TO Sortino Ratio Rank: 60
QMAX.TO Omega Ratio Rank: 62
QMAX.TO Calmar Ratio Rank: 39
QMAX.TO Martin Ratio Rank: 34

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.

ZNQ.TO vs. QMAX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) and Hamilton Technology YIELD MAXIMIZER ETF (QMAX.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.

	ZNQ.TO	QMAX.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.17	+0.58
Sortino ratio: Return per unit of downside risk	3.58	2.86	+0.72
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	3.45	1.95	+1.50
Martin ratio: Return relative to average drawdown	10.86	5.32	+5.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZNQ.TO vs. QMAX.TO - Sharpe Ratio Comparison

The current ZNQ.TO Sharpe Ratio is 2.75, which is comparable to the QMAX.TO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of ZNQ.TO and QMAX.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.

Sharpe Ratios by Period

	ZNQ.TO	QMAX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.17	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.58	-0.52

Drawdowns

ZNQ.TO vs. QMAX.TO - Drawdown Comparison

The maximum ZNQ.TO drawdown since its inception was -32.09%, which is greater than QMAX.TO's maximum drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for ZNQ.TO and QMAX.TO.

Drawdown Indicators

	ZNQ.TO	QMAX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.09%	-26.77%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-12.50%	-22.86%	+10.36%
Max Drawdown (3Y) Largest decline over 3 years	-22.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.09%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.63%	-5.25%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	8.36%	-4.40%

Volatility

ZNQ.TO vs. QMAX.TO - Volatility Comparison

The current volatility for BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) is 4.49%, while Hamilton Technology YIELD MAXIMIZER ETF (QMAX.TO) has a volatility of 6.48%. This indicates that ZNQ.TO experiences smaller price fluctuations and is considered to be less risky than QMAX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZNQ.TO	QMAX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	6.48%	-1.99%
Volatility (6M) Calculated over the trailing 6-month period	11.99%	16.34%	-4.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	20.53%	-4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.81%	23.66%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.34%	23.66%	-1.32%

ZNQ.TO vs. QMAX.TO - Expense Ratio Comparison

ZNQ.TO has a 0.39% expense ratio, which is lower than QMAX.TO's 0.65% expense ratio.

Dividends

ZNQ.TO vs. QMAX.TO - Dividend Comparison

ZNQ.TO's dividend yield for the trailing twelve months is around 0.20%, less than QMAX.TO's 9.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
QMAX.TO Hamilton Technology YIELD MAXIMIZER ETF	9.33%	10.79%	10.90%	2.01%	0.00%	0.00%	0.00%	0.00%
ZNQ.TO BMO NASDAQ 100 Equity Index ETF	0.20%	0.25%	0.30%	0.35%	0.23%	0.12%	0.47%	0.52%

Frequently Asked Questions

Can I hold both ZNQ.TO and QMAX.TO in my portfolio?

ZNQ.TO and QMAX.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZNQ.TO or QMAX.TO?

On fees, ZNQ.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZNQ.TO or QMAX.TO?

ZNQ.TO is cheaper with a 0.39% expense ratio, compared with 0.65% for QMAX.TO.

What is the main difference between ZNQ.TO and QMAX.TO?

ZNQ.TO is categorized as Nasdaq-100, while QMAX.TO is Technology Equities. They also come from different issuers: BMO and Hamilton Capital. Their fees differ too: 0.39% for ZNQ.TO and 0.65% for QMAX.TO.