ZQQ.TO vs. DIR-UN.TO

Last updated Jun 4, 2026

ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) is Nasdaq-100 fund tracking the NASDAQ-100 Index, while DIR-UN.TO (Dream Industrial Real Estate Investment Trust) is a stock. Over the past 10 years, ZQQ.TO returned 20.08%/yr vs 12.06%/yr for DIR-UN.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

ZQQ.TO vs. DIR-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) and Dream Industrial Real Estate Investment Trust (DIR-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZQQ.TO achieves a 19.82% return, which is significantly higher than DIR-UN.TO's 12.15% return. Over the past 10 years, ZQQ.TO has outperformed DIR-UN.TO with an annualized return of 20.08%, while DIR-UN.TO has yielded a comparatively lower 12.06% annualized return.

ZQQ.TO

• 1D: -0.28%
• 1M: 10.63%
• YTD: 19.82%
• 6M: 18.08%
• 1Y: 38.53%
• 3Y*: 26.42%
• 5Y*: 16.12%
• 10Y*: 20.08%

DIR-UN.TO

• 1D: -0.72%
• 1M: 0.93%
• YTD: 12.15%
• 6M: 15.23%
• 1Y: 28.56%
• 3Y*: 4.95%
• 5Y*: 4.92%
• 10Y*: 12.06%

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

ZQQ.TO vs. DIR-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged)	19.82%	18.38%	24.00%	52.52%	-33.75%	26.68%	45.33%	37.08%	-2.29%	31.51%
DIR-UN.TO Dream Industrial Real Estate Investment Trust	12.15%	13.03%	-10.72%	25.73%	-28.35%	37.23%	6.44%	46.18%	16.11%	11.72%

Correlation

The correlation between ZQQ.TO and DIR-UN.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 5, 2012	0.29

Return for Risk

ZQQ.TO vs. DIR-UN.TO — Risk / Return Rank

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

ZQQ.TO

ZQQ.TO Risk / Return Rank: 67
ZQQ.TO Sharpe Ratio Rank: 74
ZQQ.TO Sortino Ratio Rank: 69
ZQQ.TO Omega Ratio Rank: 69
ZQQ.TO Calmar Ratio Rank: 60
ZQQ.TO Martin Ratio Rank: 61

DIR-UN.TO

DIR-UN.TO Risk / Return Rank: 81
DIR-UN.TO Sharpe Ratio Rank: 82
DIR-UN.TO Sortino Ratio Rank: 79
DIR-UN.TO Omega Ratio Rank: 75
DIR-UN.TO Calmar Ratio Rank: 83
DIR-UN.TO Martin Ratio Rank: 87

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.

ZQQ.TO vs. DIR-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) and Dream Industrial Real Estate Investment Trust (DIR-UN.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.

	ZQQ.TO	DIR-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	1.59	+0.88
Sortino ratio: Return per unit of downside risk	3.25	2.29	+0.96
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	3.01	3.26	-0.25
Martin ratio: Return relative to average drawdown	11.25	10.15	+1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZQQ.TO vs. DIR-UN.TO - Sharpe Ratio Comparison

The current ZQQ.TO Sharpe Ratio is 2.46, which is higher than the DIR-UN.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ZQQ.TO and DIR-UN.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

	ZQQ.TO	DIR-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	1.59	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.23	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.53	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.40	+0.50

Drawdowns

ZQQ.TO vs. DIR-UN.TO - Drawdown Comparison

The maximum ZQQ.TO drawdown since its inception was -36.39%, smaller than the maximum DIR-UN.TO drawdown of -51.02%. Use the drawdown chart below to compare losses from any high point for ZQQ.TO and DIR-UN.TO.

Drawdown Indicators

	ZQQ.TO	DIR-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-36.39%	-51.02%	+14.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.86%	-8.80%	-4.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.79%	-31.35%	+8.56%
Max Drawdown (5Y) Largest decline over 5 years	-36.39%	-37.72%	+1.33%
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	-51.02%	+14.63%
Current Drawdown Current decline from peak	-0.28%	-2.76%	+2.48%
Average Drawdown Average peak-to-trough decline	-5.37%	-10.85%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	2.82%	+0.61%

Volatility

ZQQ.TO vs. DIR-UN.TO - Volatility Comparison

The current volatility for BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) is 4.54%, while Dream Industrial Real Estate Investment Trust (DIR-UN.TO) has a volatility of 5.49%. This indicates that ZQQ.TO experiences smaller price fluctuations and is considered to be less risky than DIR-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZQQ.TO	DIR-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	5.49%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	13.46%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	18.12%	-2.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.57%	21.18%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	22.84%	-0.43%

Dividends

ZQQ.TO vs. DIR-UN.TO - Dividend Comparison

ZQQ.TO's dividend yield for the trailing twelve months is around 0.22%, less than DIR-UN.TO's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIR-UN.TO Dream Industrial Real Estate Investment Trust	5.07%	5.56%	5.93%	5.01%	5.99%	4.06%	5.32%	5.33%	7.35%	7.95%	8.21%	9.75%
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

Can I hold both ZQQ.TO and DIR-UN.TO in my portfolio?

ZQQ.TO and DIR-UN.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.