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

ZUB.TO vs. ZQQ.TO

Last updated Jul 1, 2026
See Documentation

ZUB.TO (BMO Equal Weight US Banks Hedged to CAD Index ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZUB.TO is a Financials Equities fund managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, ZUB.TO returned 11.27%/yr vs 19.81%/yr for ZQQ.TO. At a 0.48 correlation, their price movements are largely independent.

Performance

ZUB.TO vs. ZQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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, ZUB.TO achieves a 9.98% return, which is significantly lower than ZQQ.TO's 18.49% return. Over the past 10 years, ZUB.TO has underperformed ZQQ.TO with an annualized return of 11.27%, while ZQQ.TO has yielded a comparatively higher 19.81% annualized return.

ZUB.TO

1D
-0.56%
1M
7.85%
YTD
9.98%
6M
9.11%
1Y
26.03%
3Y*
28.94%
5Y*
6.82%
10Y*
11.27%

ZQQ.TO

1D
1.60%
1M
-0.35%
YTD
18.49%
6M
17.55%
1Y
26.82%
3Y*
22.92%
5Y*
13.78%
10Y*
19.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZUB.TO
BMO Equal Weight US Banks Hedged to CAD Index ETF		9.98%20.24%33.07%-6.02%-23.00%39.30%-10.15%33.34%-19.80%17.05%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		18.49%14.59%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%

Correlation

The correlation between ZUB.TO and ZQQ.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

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

0.37

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

0.49

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

0.42

Correlation (All Time)
Calculated using the full available price history since May 26, 2010

0.48

The correlation between ZUB.TO and ZQQ.TO shifts across timeframes, from 0.32 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.

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BMO Equal Weight US Banks Hedged to CAD Index ETF

BMO NASDAQ 100 Equity (CAD Hedged)

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Return for Risk

ZUB.TO vs. ZQQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUB.TO
ZUB.TO Risk / Return Rank: 3737
Overall Rank
ZUB.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
ZUB.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZUB.TO Omega Ratio Rank: 4040
Omega Ratio Rank
ZUB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZUB.TO Martin Ratio Rank: 3232
Martin Ratio Rank
ZQQ.TO
ZQQ.TO Risk / Return Rank: 4343
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 4747
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 3939
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.

ZUB.TO vs. ZQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.

ZUB.TOZQQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.26
1.47

-0.21

Sortino ratioReturn per unit of downside risk
1.81
1.99

-0.18

Omega ratioGain probability vs. loss probability

1.23

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

1.53

1.72

-0.19

Martin ratioReturn relative to average drawdown

4.15

5.44

-1.29

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

The current ZUB.TO Sharpe Ratio is 1.26, which is comparable to the ZQQ.TO Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ZUB.TO and ZQQ.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

ZUB.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZUB.TO drawdown since its inception was -55.05%, which is greater than ZQQ.TO's maximum drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZUB.TO and ZQQ.TO.

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Drawdown Indicators

ZUB.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.05%

-36.39%

-18.66%

Max Drawdown (1Y)

Largest decline over 1 year

-17.10%

-15.65%

-1.45%

Max Drawdown (3Y)

Largest decline over 3 years

-27.33%

-22.79%

-4.54%

Max Drawdown (5Y)

Largest decline over 5 years

-52.97%

-36.39%

-16.58%

Max Drawdown (10Y)

Largest decline over 10 years

-55.05%

-36.39%

-18.66%

Current Drawdown

Current decline from peak

-0.87%

-1.39%

+0.52%

Average Drawdown

Average peak-to-trough decline

-14.13%

-5.46%

-8.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.29%

4.94%

+1.35%

Volatility

ZUB.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) is 4.73%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 9.57%. This indicates that ZUB.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUB.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

9.57%

-4.84%

Volatility (6M)

Calculated over the trailing 6-month period

15.24%

14.82%

+0.42%

Volatility (1Y)

Calculated over the trailing 1-year period

20.79%

18.32%

+2.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.92%

22.94%

+4.98%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.16%

22.54%

+7.62%

Dividends

ZUB.TO vs. ZQQ.TO - Dividend Comparison

ZUB.TO's dividend yield for the trailing twelve months is around 1.78%, more than ZQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZUB.TO
BMO Equal Weight US Banks Hedged to CAD Index ETF		1.78%1.96%2.29%2.91%2.50%1.88%2.57%2.13%1.92%1.15%1.34%1.42%

Frequently Asked Questions

ZUB.TO and ZQQ.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZUB.TO is categorized as Financials Equities, while ZQQ.TO is Nasdaq-100.

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