ZQQ.TO vs. ZAAA.NEO
ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while ZAAA.NEO is a CLO fund actively managed by BMO. ZQQ.TO is passively managed, while ZAAA.NEO is actively managed. Over the past year, ZQQ.TO returned 27.21% vs 8.64% for ZAAA.NEO. At a correlation of -0.10, they often move in opposite directions. ZQQ.TO charges 0.39%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZQQ.TO vs. ZAAA.NEO - Performance Comparison
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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 ZAAA.NEO's 5.64% 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%
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZQQ.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZQQ.TO BMO NASDAQ 100 Equity (CAD Hedged) | 14.60% | 20.52% |
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
Correlation
The correlation between ZQQ.TO and ZAAA.NEO is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.15 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.10 |
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Return for Risk
ZQQ.TO vs. ZAAA.NEO — Risk / Return Rank
ZQQ.TO
ZAAA.NEO
ZQQ.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.89 | -1.15 |
| Martin ratioReturn relative to average drawdown | 5.56 | 7.00 | -1.44 |
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Drawdowns
ZQQ.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZQQ.TO drawdown since its inception was -36.39%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZQQ.TO and ZAAA.NEO.
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Drawdown Indicators
| ZQQ.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.39% | -3.01% | -33.38% |
Max Drawdown (1Y)Largest decline over 1 year | -15.65% | -3.01% | -12.64% |
Max Drawdown (3Y)Largest decline over 3 years | -22.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.39% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.39% | — | — |
Current DrawdownCurrent decline from peak | -4.62% | 0.00% | -4.62% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -1.03% | -4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.91% | 1.24% | +3.67% |
Volatility
ZQQ.TO vs. ZAAA.NEO - Volatility Comparison
BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a higher volatility of 8.93% compared to BMO AAA CLO ETF (ZAAA.NEO) at 1.38%. This indicates that ZQQ.TO's price experiences larger fluctuations and is considered to be riskier than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZQQ.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 1.38% | +7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 14.89% | 3.38% | +11.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 4.71% | +13.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.90% | 4.68% | +18.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.55% | 4.68% | +17.87% |
ZQQ.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZQQ.TO has a 0.39% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio.
Dividends
ZQQ.TO vs. ZAAA.NEO - Dividend Comparison
ZQQ.TO's dividend yield for the trailing twelve months is around 0.23%, less than ZAAA.NEO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 ZAAA.NEO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.39% for ZQQ.TO.
ZQQ.TO is categorized as Nasdaq-100, while ZAAA.NEO is CLO. Their fees differ too: 0.39% for ZQQ.TO and 0.23% for ZAAA.NEO.
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