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

ZUE.TO vs. ZQQ.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO S&P 500 (CAD Hedged) (ZUE.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO).

ZUE.TO and ZQQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZUE.TO is a passively managed fund by BMO that tracks the performance of the S&P 500 Index. It was launched on May 29, 2009. ZQQ.TO is a passively managed fund by BMO that tracks the performance of the NASDAQ-100 Index. It was launched on Jan 19, 2010. Both ZUE.TO and ZQQ.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZUE.TO vs. ZQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P 500 (CAD Hedged) (ZUE.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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ZUE.TO vs. ZQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUE.TO
BMO S&P 500 (CAD Hedged)		-4.34%15.57%23.40%24.35%-19.43%27.86%15.42%29.70%-6.88%21.02%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		-5.43%18.38%24.00%52.52%-33.75%26.68%45.33%37.08%-2.29%31.51%

Returns By Period

In the year-to-date period, ZUE.TO achieves a -4.34% return, which is significantly higher than ZQQ.TO's -5.43% return. Over the past 10 years, ZUE.TO has underperformed ZQQ.TO with an annualized return of 12.41%, while ZQQ.TO has yielded a comparatively higher 17.28% annualized return.

ZUE.TO

1D
0.65%
1M
-4.63%
YTD
-4.34%
6M
-2.64%
1Y
15.64%
3Y*
16.54%
5Y*
10.29%
10Y*
12.41%

ZQQ.TO

1D
1.20%
1M
-4.11%
YTD
-5.43%
6M
-4.10%
1Y
21.50%
3Y*
20.71%
5Y*
11.46%
10Y*
17.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO S&P 500 (CAD Hedged)

BMO NASDAQ 100 Equity (CAD Hedged)

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Often compared with ZQQ.TO:
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ZUE.TO vs. ZQQ.TO - Expense Ratio Comparison

ZUE.TO has a 0.09% expense ratio, which is lower than ZQQ.TO's 0.39% expense ratio.

ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)
ZUE.TO
BMO S&P 500 (CAD Hedged)

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUE.TO
ZUE.TO Risk / Return Rank: 5050
Overall Rank
ZUE.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZUE.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
ZUE.TO Omega Ratio Rank: 5151
Omega Ratio Rank
ZUE.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
ZUE.TO Martin Ratio Rank: 5858
Martin Ratio Rank
ZQQ.TO
ZQQ.TO Risk / Return Rank: 5858
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 5959
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 (CAD Hedged) (ZUE.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.

ZUE.TOZQQ.TODifference

Sharpe ratio

Return per unit of total volatility

0.87

0.97

-0.10

Sortino ratio

Return per unit of downside risk

1.34

1.53

-0.19

Omega ratio

Gain probability vs. loss probability

1.20

1.22

-0.02

Calmar ratio

Return relative to maximum drawdown

1.35

1.73

-0.38

Martin ratio

Return relative to average drawdown

6.14

6.02

+0.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZUE.TO Sharpe Ratio is 0.87, which is comparable to the ZQQ.TO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of ZUE.TO and ZQQ.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZUE.TOZQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.87

0.97

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.51

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

0.78

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.83

-0.06

Correlation

The correlation between ZUE.TO and ZQQ.TO is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZUE.TO vs. ZQQ.TO - Dividend Comparison

ZUE.TO's dividend yield for the trailing twelve months is around 0.92%, more than ZQQ.TO's 0.28% yield.

TTM20252024202320222021202020192018201720162015
ZUE.TO
BMO S&P 500 (CAD Hedged)		0.92%0.86%1.02%1.33%1.50%1.13%1.37%1.47%1.76%1.61%1.67%1.72%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.28%0.27%0.37%0.32%0.45%0.14%0.41%0.51%0.64%0.57%1.60%0.81%

Drawdowns

ZUE.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZUE.TO drawdown since its inception was -35.56%, roughly equal to the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZUE.TO and ZQQ.TO.

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Drawdown Indicators

ZUE.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.56%

-36.39%

+0.83%

Max Drawdown (1Y)

Largest decline over 1 year

-11.95%

-12.86%

+0.91%

Max Drawdown (5Y)

Largest decline over 5 years

-25.34%

-36.39%

+11.05%

Max Drawdown (10Y)

Largest decline over 10 years

-35.56%

-36.39%

+0.83%

Current Drawdown

Current decline from peak

-6.12%

-8.79%

+2.67%

Average Drawdown

Average peak-to-trough decline

-4.12%

-5.41%

+1.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

3.69%

-1.06%

Volatility

ZUE.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO S&P 500 (CAD Hedged) (ZUE.TO) is 5.46%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 6.69%. This indicates that ZUE.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

ZUE.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.46%

6.69%

-1.23%

Volatility (6M)

Calculated over the trailing 6-month period

9.51%

12.68%

-3.17%

Volatility (1Y)

Calculated over the trailing 1-year period

18.09%

22.22%

-4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

22.58%

-5.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.12%

22.36%

-4.24%