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

ZQQ.TO vs. XIC.TO

Last updated Jun 24, 2026

ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, ZQQ.TO returned 19.75%/yr vs 12.77%/yr for XIC.TO. A 0.62 correlation means they provide meaningful diversification when combined. ZQQ.TO charges 0.39%/yr vs 0.06%/yr for XIC.TO.

Performance

ZQQ.TO vs. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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, ZQQ.TO achieves a 14.60% return, which is significantly higher than XIC.TO's 11.29% return. Over the past 10 years, ZQQ.TO has outperformed XIC.TO with an annualized return of 19.75%, while XIC.TO has yielded a comparatively lower 12.77% annualized return.

ZQQ.TO

1D
-3.53%
1M
-0.90%
YTD
14.60%
6M
9.55%
1Y
27.21%
3Y*
22.33%
5Y*
13.35%
10Y*
19.75%

XIC.TO

1D
-0.23%
1M
1.58%
YTD
11.29%
6M
10.14%
1Y
34.27%
3Y*
25.00%
5Y*
14.47%
10Y*
12.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		14.60%14.59%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		11.29%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-8.72%8.99%

Correlation

The correlation between ZQQ.TO and XIC.TO is 0.57, 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

0.57

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

0.57

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

0.62

Correlation (10Y)
Calculated over the trailing 10-year period

0.61

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2010

0.62

The correlation between ZQQ.TO and XIC.TO has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

ZQQ.TO vs. XIC.TO - Sectors Allocation Comparison

Sectors
ZQQ.TO
XIC.TO

Technology

56.4%
7.4%

Communication Services

14.9%
1.9%

Consumer Cyclical

11.8%
3.7%

Consumer Defensive

7.2%
2.9%

Healthcare

3.8%
0.1%

Industrials

2.7%
10.2%

Utilities

1.2%
3.2%

Basic Materials

1.1%
18.1%

Energy

0.6%
17.4%

Financial Services

0.2%
33.7%

Real Estate

0.1%
1.5%

Technology

ZQQ.TO
56.4%
XIC.TO
7.4%

Communication Services

ZQQ.TO
14.9%
XIC.TO
1.9%

Consumer Cyclical

ZQQ.TO
11.8%
XIC.TO
3.7%

Consumer Defensive

ZQQ.TO
7.2%
XIC.TO
2.9%

Healthcare

ZQQ.TO
3.8%
XIC.TO
0.1%

Industrials

ZQQ.TO
2.7%
XIC.TO
10.2%

Utilities

ZQQ.TO
1.2%
XIC.TO
3.2%

Basic Materials

ZQQ.TO
1.1%
XIC.TO
18.1%

Energy

ZQQ.TO
0.6%
XIC.TO
17.4%

Financial Services

ZQQ.TO
0.2%
XIC.TO
33.7%

Real Estate

ZQQ.TO
0.1%
XIC.TO
1.5%

Compare stocks, funds, or ETFs

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BMO NASDAQ 100 Equity (CAD Hedged)

iShares Core S&P/TSX Capped Composite Index ETF

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Often compared with XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO

Return for Risk

ZQQ.TO vs. XIC.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: 4141
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 4444
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 3737
Martin Ratio Rank
XIC.TO
XIC.TO Risk / Return Rank: 8181
Overall Rank
XIC.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8484
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.

ZQQ.TO vs. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.

ZQQ.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
1.51
2.62

-1.11

Sortino ratioReturn per unit of downside risk
2.02
3.38

-1.36

Omega ratioGain probability vs. loss probability

1.27

1.46

-0.19

Calmar ratioReturn relative to maximum drawdown

1.75

3.71

-1.96

Martin ratioReturn relative to average drawdown

5.56

16.90

-11.34

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

The current ZQQ.TO Sharpe Ratio is 1.51, which is lower than the XIC.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of ZQQ.TO and XIC.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

ZQQ.TO vs. XIC.TO - Drawdown Comparison

The maximum ZQQ.TO drawdown since its inception was -36.39%, smaller than the maximum XIC.TO drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for ZQQ.TO and XIC.TO.

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Drawdown Indicators

ZQQ.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.39%

-47.27%

+10.88%

Max Drawdown (1Y)

Largest decline over 1 year

-15.65%

-9.29%

-6.36%

Max Drawdown (3Y)

Largest decline over 3 years

-22.79%

-12.27%

-10.52%

Max Drawdown (5Y)

Largest decline over 5 years

-36.39%

-16.24%

-20.15%

Max Drawdown (10Y)

Largest decline over 10 years

-36.39%

-37.21%

+0.82%

Current Drawdown

Current decline from peak

-4.62%

-1.31%

-3.31%

Average Drawdown

Average peak-to-trough decline

-5.47%

-6.72%

+1.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.91%

2.03%

+2.88%

Volatility

ZQQ.TO vs. XIC.TO - Volatility Comparison

BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a higher volatility of 8.93% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 4.20%. This indicates that ZQQ.TO's price experiences larger fluctuations and is considered to be riskier than XIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZQQ.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.93%

4.20%

+4.73%

Volatility (6M)

Calculated over the trailing 6-month period

14.89%

10.74%

+4.15%

Volatility (1Y)

Calculated over the trailing 1-year period

18.10%

13.13%

+4.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.90%

13.22%

+9.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.55%

14.98%

+7.57%

ZQQ.TO vs. XIC.TO - Expense Ratio Comparison

ZQQ.TO has a 0.39% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

ZQQ.TO vs. XIC.TO - Dividend Comparison

ZQQ.TO's dividend yield for the trailing twelve months is around 0.23%, less than XIC.TO's 2.01% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.01%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.23%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

ZQQ.TO and XIC.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.39% for ZQQ.TO.

ZQQ.TO is categorized as Nasdaq-100, while XIC.TO is Canada Equities. ZQQ.TO tracks NASDAQ-100 Index, while XIC.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.39% for ZQQ.TO and 0.06% for XIC.TO.

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