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

ZNQ.TO vs. XQQ.TO

Last updated Jun 4, 2026

ZNQ.TO (BMO NASDAQ 100 Equity Index ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both Nasdaq-100 funds - ZNQ.TO tracks the NASDAQ-100 Index while XQQ.TO tracks the Morningstar US Market TR CAD. Both are passively managed. Over the past 5 years, ZNQ.TO returned 20.92%/yr vs 15.31%/yr for XQQ.TO. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.39% expense ratio.

Performance

ZNQ.TO vs. XQQ.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 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, ZNQ.TO achieves a 22.76% return, which is significantly higher than XQQ.TO's 19.81% return.

ZNQ.TO

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

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)

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

2026 (YTD)2025202420232022202120202019
ZNQ.TO
BMO NASDAQ 100 Equity Index ETF		22.76%14.60%35.84%51.32%-28.06%26.59%44.65%22.90%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		19.81%18.38%24.23%52.23%-33.67%22.29%45.23%23.97%

Correlation

The correlation between ZNQ.TO and XQQ.TO is 0.91, 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

0.91

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

0.93

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

0.90

Correlation (All Time)
Calculated using the full available price history since Feb 13, 2019

0.88

The correlation between ZNQ.TO and XQQ.TO has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.

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

Sectors
ZNQ.TO
XQQ.TO

Technology

54.1%
53.7%

Communication Services

15.5%
15.8%

Consumer Cyclical

12.2%
12.2%

Consumer Defensive

7.6%
7.7%

Healthcare

4.2%
4.2%

Industrials

3.1%
3.1%

Utilities

1.4%
1.4%

Basic Materials

1.2%
1.1%

Energy

0.6%
0.6%

Financial Services

0.2%
0.2%

Real Estate

0.1%
0.1%

Technology

ZNQ.TO
54.1%
XQQ.TO
53.7%

Communication Services

ZNQ.TO
15.5%
XQQ.TO
15.8%

Consumer Cyclical

ZNQ.TO
12.2%
XQQ.TO
12.2%

Consumer Defensive

ZNQ.TO
7.6%
XQQ.TO
7.7%

Healthcare

ZNQ.TO
4.2%
XQQ.TO
4.2%

Industrials

ZNQ.TO
3.1%
XQQ.TO
3.1%

Utilities

ZNQ.TO
1.4%
XQQ.TO
1.4%

Basic Materials

ZNQ.TO
1.2%
XQQ.TO
1.1%

Energy

ZNQ.TO
0.6%
XQQ.TO
0.6%

Financial Services

ZNQ.TO
0.2%
XQQ.TO
0.2%

Real Estate

ZNQ.TO
0.1%
XQQ.TO
0.1%

Compare stocks, funds, or ETFs

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BMO NASDAQ 100 Equity Index ETF

iShares NASDAQ 100 Index ETF (CAD-Hedged)

Often compared with ZNQ.TO:
ZNQ.TO vs. ZQQ.TOZNQ.TO vs. QQC.TOZNQ.TO vs. HXQ.TOZNQ.TO vs. TEC.TOZNQ.TO vs. VFV.TOZNQ.TO vs. QQQZNQ.TO vs. ZSP.TO
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

ZNQ.TO vs. XQQ.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: 7474
Overall Rank
ZNQ.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZNQ.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZNQ.TO Omega Ratio Rank: 7979
Omega Ratio Rank
ZNQ.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
ZNQ.TO Martin Ratio Rank: 6060
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.

ZNQ.TO vs. XQQ.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 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.

ZNQ.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
2.75
2.45

+0.31

Sortino ratioReturn per unit of downside risk
3.58
3.20

+0.37

Omega ratioGain probability vs. loss probability

1.48

1.42

+0.06

Calmar ratioReturn relative to maximum drawdown

3.45

3.03

+0.42

Martin ratioReturn relative to average drawdown

10.86

11.31

-0.45

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. XQQ.TO - Sharpe Ratio Comparison

The current ZNQ.TO Sharpe Ratio is 2.75, which is comparable to the XQQ.TO Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of ZNQ.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

ZNQ.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.75

2.45

+0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

0.68

+0.33

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.89

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

0.86

+0.20

Drawdowns

ZNQ.TO vs. XQQ.TO - Drawdown Comparison

The maximum ZNQ.TO drawdown since its inception was -32.09%, smaller than the maximum XQQ.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for ZNQ.TO and XQQ.TO.

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Drawdown Indicators

ZNQ.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.09%

-38.55%

+6.46%

Max Drawdown (1Y)

Largest decline over 1 year

-12.50%

-12.76%

+0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-22.67%

-22.72%

+0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-32.09%

-38.55%

+6.46%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.55%

—

Current Drawdown

Current decline from peak

0.00%

-0.27%

+0.27%

Average Drawdown

Average peak-to-trough decline

-6.63%

-5.92%

-0.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.96%

3.41%

+0.55%

Volatility

ZNQ.TO vs. XQQ.TO - Volatility Comparison

BMO NASDAQ 100 Equity Index ETF (ZNQ.TO) and iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) have volatilities of 4.49% and 4.48%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZNQ.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.49%

4.48%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

11.99%

12.00%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.69%

15.82%

-0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.81%

22.52%

-1.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.34%

22.34%

0.00%

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

Both ZNQ.TO and XQQ.TO have an expense ratio of 0.39%.

Dividends

ZNQ.TO vs. XQQ.TO - Dividend Comparison

ZNQ.TO's dividend yield for the trailing twelve months is around 0.20%, less 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%
ZNQ.TO
BMO NASDAQ 100 Equity Index ETF		0.20%0.25%0.30%0.35%0.23%0.12%0.47%0.52%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.91, ZNQ.TO and XQQ.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Both ETFs have the same 0.39% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZNQ.TO and XQQ.TO have the same expense ratio: 0.39% per year.

ZNQ.TO tracks NASDAQ-100 Index, while XQQ.TO tracks Morningstar US Market TR CAD. They also come from different issuers: BMO and iShares.

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