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ZXM.TO vs. QQC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZXM.TO vs. QQC.TO

Last updated Jun 5, 2026

ZXM.TO (CI Morningstar International Momentum Index ETF Common Units CAD Hedged) and QQC.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) are both exchange-traded funds - ZXM.TO is a Momentum fund tracking the Morningstar Developed Markets ex-North America Target Momentum Index, while QQC.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, ZXM.TO returned 13.07%/yr vs 21.44%/yr for QQC.TO. At a 0.29 correlation, their price movements are largely independent. ZXM.TO charges 0.67%/yr vs 0.20%/yr for QQC.TO.

Performance

ZXM.TO vs. QQC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.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, ZXM.TO achieves a 12.14% return, which is significantly lower than QQC.TO's 22.09% return.

ZXM.TO

1D
-0.17%
1M
0.99%
YTD
12.14%
6M
14.09%
1Y
33.42%
3Y*
25.55%
5Y*
13.07%
10Y*
12.96%

QQC.TO

1D
-0.46%
1M
10.83%
YTD
22.09%
6M
18.58%
1Y
42.69%
3Y*
29.70%
5Y*
21.44%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZXM.TO vs. QQC.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		12.14%35.75%21.41%14.22%-20.61%12.70%
QQC.TO
Invesco NASDAQ 100 Index ETF CAD Hedged		22.09%15.38%35.73%51.73%-28.07%25.01%

Correlation

The correlation between ZXM.TO and QQC.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

0.25

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

0.29

Correlation (All Time)
Calculated using the full available price history since May 31, 2021

0.29

ZXM.TO vs. QQC.TO - Sectors Allocation Comparison

Sectors
ZXM.TO
QQC.TO

Industrials

33.6%
2.8%

Financial Services

19.0%
0.2%

Basic Materials

9.8%
1.1%

Consumer Cyclical

9.4%
12.3%

Technology

8.9%
53.8%

Utilities

5.5%
1.4%

Energy

4.0%
0.6%

Consumer Defensive

3.9%
7.7%

Healthcare

3.2%
4.2%

Communication Services

1.5%
15.8%

Real Estate

1.4%
0.1%

Industrials

ZXM.TO
33.6%
QQC.TO
2.8%

Financial Services

ZXM.TO
19.0%
QQC.TO
0.2%

Basic Materials

ZXM.TO
9.8%
QQC.TO
1.1%

Consumer Cyclical

ZXM.TO
9.4%
QQC.TO
12.3%

Technology

ZXM.TO
8.9%
QQC.TO
53.8%

Utilities

ZXM.TO
5.5%
QQC.TO
1.4%

Energy

ZXM.TO
4.0%
QQC.TO
0.6%

Consumer Defensive

ZXM.TO
3.9%
QQC.TO
7.7%

Healthcare

ZXM.TO
3.2%
QQC.TO
4.2%

Communication Services

ZXM.TO
1.5%
QQC.TO
15.8%

Real Estate

ZXM.TO
1.4%
QQC.TO
0.1%

Compare stocks, funds, or ETFs

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CI Morningstar International Momentum Index ETF Common Units CAD Hedged

Invesco NASDAQ 100 Index ETF CAD Hedged

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Often compared with QQC.TO:
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Return for Risk

ZXM.TO vs. QQC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZXM.TO
ZXM.TO Risk / Return Rank: 7373
Overall Rank
ZXM.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZXM.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZXM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZXM.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZXM.TO Martin Ratio Rank: 7171
Martin Ratio Rank
QQC.TO
QQC.TO Risk / Return Rank: 7777
Overall Rank
QQC.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
QQC.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
QQC.TO Omega Ratio Rank: 8383
Omega Ratio Rank
QQC.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
QQC.TO Martin Ratio Rank: 6363
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.

ZXM.TO vs. QQC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.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.

ZXM.TOQQC.TODifference
Sharpe ratioReturn per unit of total volatility
2.30
2.80

-0.50

Sortino ratioReturn per unit of downside risk
3.28
3.64

-0.36

Omega ratioGain probability vs. loss probability

1.48

1.49

-0.02

Calmar ratioReturn relative to maximum drawdown

3.24

3.53

-0.29

Martin ratioReturn relative to average drawdown

12.97

11.21

+1.77

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

ZXM.TO vs. QQC.TO - Sharpe Ratio Comparison

The current ZXM.TO Sharpe Ratio is 2.30, which is comparable to the QQC.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of ZXM.TO and QQC.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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Sharpe Ratios by Period

ZXM.TOQQC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.30

2.80

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

1.03

-0.21

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

1.02

-0.28

Drawdowns

ZXM.TO vs. QQC.TO - Drawdown Comparison

The maximum ZXM.TO drawdown since its inception was -35.22%, which is greater than QQC.TO's maximum drawdown of -31.81%. Use the drawdown chart below to compare losses from any high point for ZXM.TO and QQC.TO.

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Drawdown Indicators

ZXM.TOQQC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.22%

-31.81%

-3.41%

Max Drawdown (1Y)

Largest decline over 1 year

-10.35%

-12.14%

+1.79%

Max Drawdown (3Y)

Largest decline over 3 years

-12.74%

-22.59%

+9.85%

Max Drawdown (5Y)

Largest decline over 5 years

-26.93%

-31.81%

+4.88%

Max Drawdown (10Y)

Largest decline over 10 years

-35.22%

—

—

Current Drawdown

Current decline from peak

-2.62%

-0.46%

-2.16%

Average Drawdown

Average peak-to-trough decline

-6.44%

-8.05%

+1.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.58%

3.82%

-1.24%

Volatility

ZXM.TO vs. QQC.TO - Volatility Comparison

CI Morningstar International Momentum Index ETF Common Units CAD Hedged (ZXM.TO) has a higher volatility of 5.27% compared to Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) at 4.39%. This indicates that ZXM.TO's price experiences larger fluctuations and is considered to be riskier than QQC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZXM.TOQQC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.27%

4.39%

+0.88%

Volatility (6M)

Calculated over the trailing 6-month period

12.92%

11.58%

+1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

14.60%

15.33%

-0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.96%

20.85%

-4.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.70%

20.81%

-4.11%

ZXM.TO vs. QQC.TO - Expense Ratio Comparison

ZXM.TO has a 0.67% expense ratio, which is higher than QQC.TO's 0.20% expense ratio.

Dividends

ZXM.TO vs. QQC.TO - Dividend Comparison

ZXM.TO's dividend yield for the trailing twelve months is around 2.26%, more than QQC.TO's 0.32% yield.

PositionTTM20252024202320222021202020192018201720162015
QQC.TO
Invesco NASDAQ 100 Index ETF CAD Hedged		0.32%0.39%0.45%0.54%0.91%0.56%0.00%0.00%0.00%0.00%0.00%0.00%
ZXM.TO
CI Morningstar International Momentum Index ETF Common Units CAD Hedged		2.26%2.39%2.97%3.57%5.50%1.58%0.86%1.19%1.49%0.89%1.19%1.11%

Frequently Asked Questions

ZXM.TO and QQC.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.

On fees, QQC.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

QQC.TO is cheaper with a 0.20% expense ratio, compared with 0.67% for ZXM.TO.

ZXM.TO is categorized as Momentum, while QQC.TO is Nasdaq-100. ZXM.TO tracks Morningstar Developed Markets ex-North America Target Momentum Index, while QQC.TO tracks NASDAQ-100 Index. They also come from different issuers: CI Global Asset Management and Invesco. Their fees differ too: 0.67% for ZXM.TO and 0.20% for QQC.TO.

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