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Relative Intelligence · US Large-Cap Growth

How Invesco NASDAQ 100 ETF (QQQM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on QQQM alone. It places QQQM (Invesco NASDAQ 100 ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where QQQM stands in the market, and of the alternatives worth a closer look.

Period covered: QQQM's full trading record, from October 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against QQQM →Chart QQQM vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in QQQM have grown?

This chart tracks a hypothetical $10,000 investment in QQQM over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of QQQM over the same span and QQQM's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: QQQM began trading on October 13, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of QQQM's record, starting at the end of September 2021.

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 695 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of QQQM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • SMH$48,982+390% total · +37.4% a year
  • XLK$27,207+172% total · +22.2% a year
  • RY$23,646+136% total · +18.8% a year
  • VLUE$22,395+124% total · +17.5% a year
  • PVAL$21,761+118% total · +16.8% a year
  • QQQM$21,372+114% total · +16.4% a year
  • SPYG$20,007+100% total · +14.9% a year
  • FBCG$19,485+94.8% total · +14.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • VTV$17,967+79.7% total · +12.4% a year
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QQQM at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: QQQM began trading on October 13, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The fund

Issuer
Invesco
Began trading
October 2020
Expense ratio
0.15%per year
Assets
$110B
Category
Broad Market

Returns

Past 1 year
+18.0%total return
Past 3 years
+106%+27.3% a year
Past 5 years
+98.0%+14.6% a year
Best calendar year
+55.0%2023
Worst calendar year
−32.5%2022
Losing years
1 of 5full calendar years

Risk

Volatility
22.9%typical yearly swing, 5 years
Sharpe ratio
0.71return per unit of risk, 5 years
Worst decline ever
−35.0%Nov 2021 to Nov 2022
From its all-time high
−5.5%below the peak

QQQM against the whole market

Where QQQM ranks among every stock and fund, and what across the market has done better.

How does QQQM rank among all ETFs?

This section ranks QQQM on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how QQQM stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureQQQMRankStanding
1-year return+18.0%554 of 2,485top 22%
3-year return+106%189 of 1,949top 10%
5-year return+98.0%130 of 1,560top 8%
Volatility, 5 years22.9%1,301 of 1,560bottom 18%
Sharpe ratio, 5 years0.71499 of 1,560top 32%

What has beaten QQQM on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). QQQM sits where the dashed lines cross. Anything in the green box above and to the left earned more than QQQM with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to QQQM; faint dots are 19 more of the 38 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than QQQMCRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%NXTG: +16.2% a year, volatility 19.1%FFLC: +15.7% a year, volatility 16.8%LVHI: +17.0% a year, volatility 11.1%CB: +15.7% a year, volatility 20.4%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%AFL: +19.0% a year, volatility 20.8%SDCI: +20.6% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%AMLP: +16.1% a year, volatility 18.9%IOO: +15.7% a year, volatility 17.2%PPA: +16.3% a year, volatility 18.9%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%EWP: +19.2% a year, volatility 20.3%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%QQQM: +14.6% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%XLK: +19.4% a year, volatility 26.0%VLUE: +15.9% a year, volatility 18.4%AVLV: +14.0% a year, volatility 16.9%BKLC: +13.8% a year, volatility 17.3%PVAL: +16.1% a year, volatility 15.1%RWL: +13.7% a year, volatility 14.4%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%NVS: +17.1% a year, volatility 20.7%CAH: +42.1% a year, volatility 24.7%GLD: +17.7% a year, volatility 18.9%DFIV: +14.8% a year, volatility 16.4%QQQMSPY (S&P 500)XLKVLUEAVLVPVALRWLRYDXJTDMONVSCAHGLD10.0%15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than QQQMCRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%NXTG: +16.2% a year, volatility 19.1%FFLC: +15.7% a year, volatility 16.8%LVHI: +17.0% a year, volatility 11.1%CB: +15.7% a year, volatility 20.4%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%AFL: +19.0% a year, volatility 20.8%SDCI: +20.6% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%AMLP: +16.1% a year, volatility 18.9%IOO: +15.7% a year, volatility 17.2%PPA: +16.3% a year, volatility 18.9%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%EWP: +19.2% a year, volatility 20.3%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%QQQM: +14.6% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%XLK: +19.4% a year, volatility 26.0%VLUE: +15.9% a year, volatility 18.4%AVLV: +14.0% a year, volatility 16.9%BKLC: +13.8% a year, volatility 17.3%PVAL: +16.1% a year, volatility 15.1%RWL: +13.7% a year, volatility 14.4%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%NVS: +17.1% a year, volatility 20.7%CAH: +42.1% a year, volatility 24.7%GLD: +17.7% a year, volatility 18.9%DFIV: +14.8% a year, volatility 16.4%QQQMSPY (S&P 500)XLKVLUEAVLVPVALRWLDXJMOCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× QQQM's volatility is in the table only

Is there a better investment than QQQM?

Investments that beat QQQM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat QQQM over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks QQQM's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than QQQM follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than QQQM's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× QQQM's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than QQQM's.

Screen the whole market against QQQM for any period in BetterThanSPYOpen these 16 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with QQQM?lower diversifies moreExpenseper year
QQQMInvesco NASDAQ 100 ETF · this page
+14.6%22.9%0.71−35.0%+98.0%1.000.15%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.920.09%
Popular alternativesbest 2 shownThe investments people most often weigh against QQQM. 2 of 20 passed at least one test.
SMHVanEck Semiconductor ETF · Semiconductors
Higher return in most periods+33.4%36.9%0.97−45.3%+323%0.890.35%
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Higher return in most periods+19.4%26.0%0.82−33.6%+143%0.960.08%
Same and neighboring categories, and shared themesbest 5 shownEverything else in US Large-Cap Growth and US Large-Cap Equity and the categories next to it (US Growth Equity, US Large-Cap Value, US Mid-Cap Equity, US Total Market, US Quality Equity), plus QQQM's specific themes. 6 of 65 passed at least one test.
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, lower volatilityHigher return in most periods+15.9%18.4%0.90−39.5%+109%0.720.15%
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Similar return, lower volatilityHigher Sharpe, smaller worst decline+14.0%16.9%0.86−19.5%+92.2%0.700.15%
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+13.8%17.3%0.84−26.2%+91.1%0.930.00%
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatility+16.1%15.1%1.07−41.3%+111%0.660.56%
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Similar return, lower volatility+13.7%14.4%0.97−36.1%+90.2%0.710.39%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 166 of 3,548 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+122%0.44—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+225%0.460.48%
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher return in most periods+15.8%20.0%0.84−42.0%+109%0.42—
MOAltria Group, Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+17.8%21.4%0.88−53.7%+126%0.09—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.1%20.7%0.87−26.8%+121%0.16—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+479%0.18—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+126%0.090.40%
DFIVDimensional - International Value ETF · International Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+14.8%16.4%0.93−25.4%+99.4%0.430.27%
What these numbers mean for QQQM
Annual return
QQQM returned 14.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $19,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
QQQM's volatility over the past 5 years was 22.9%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, QQQM's return lands within 22.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
QQQM's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so QQQM earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
QQQM's worst fall from a peak to a low over the past 10 years was 35.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.0% fall takes a 53.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, QQQM's monthly returns had a correlation of 0.92 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against QQQM instead: the lower it is, the more that option would diversify a QQQM holding. Guide: Correlation and diversification →
Show all 38 stocks and funds worth at least $500 million that earned more than QQQM with less volatility

Out of 3,633 tested over 5 years. The strongest 27 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with QQQMExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.44—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.460.48%
3
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+109%0.42—
4
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+126%0.09—
5
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%0.16—
6
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+126%0.090.40%
7
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Same or nearby category+15.9%18.4%0.90−39.5%+109%0.720.15%
8
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+146%0.190.61%
9
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+187%0.25—
10
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+112%0.840.70%
11
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%+107%0.790.38%
12
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.300.40%
13
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+107%0.02—
14
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+141%0.52—
15
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+113%0.20—
16
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+139%0.16—
17
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%+156%-0.060.80%
18
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+136%0.790.13%
19
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+111%0.241.01%
20
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+107%0.890.40%
21
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+113%0.470.58%
22
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Same or nearby category+16.1%15.1%1.07−41.3%+111%0.660.56%
23
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+135%0.290.45%
24
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+111%0.900.50%
25
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+140%0.370.50%
26
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+159%0.640.45%
27
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+161%0.260.95%

QQQM against its popular alternatives

The investments people most often weigh against QQQM, compared period by period and year by year.

How do QQQM's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at QQQM, which divides the map into what did better or worse on each measure.

Green points earned more than QQQM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%15.0%20.0%25.0%30.0%35.0%40.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityQQQM: 14.6% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%FBCG: 12.3% a year, volatility 26.1%MGK: 13.5% a year, volatility 23.0%QQQ: 14.5% a year, volatility 23.0%XLK: 19.4% a year, volatility 26.0%SMH: 33.4% a year, volatility 36.9%SPYG: 13.3% a year, volatility 21.5%VTV: 12.0% a year, volatility 13.7%QQQJ: 5.9% a year, volatility 22.2%SCHG: 13.2% a year, volatility 22.4%IUSG: 12.9% a year, volatility 21.2%VUG: 12.3% a year, volatility 22.5%ONEQ: 12.9% a year, volatility 22.5%QQQE: 8.1% a year, volatility 20.7%QQEW: 6.8% a year, volatility 21.3%IWY: 13.0% a year, volatility 21.9%VONG: 11.9% a year, volatility 21.7%QQQMSPY (S&P 500)FBCGMGKQQQXLKSMHSPYGVTVQQQJQQQEQQEWVONG10.0%15.0%20.0%25.0%30.0%35.0%40.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityQQQM: 14.6% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%FBCG: 12.3% a year, volatility 26.1%MGK: 13.5% a year, volatility 23.0%QQQ: 14.5% a year, volatility 23.0%XLK: 19.4% a year, volatility 26.0%SMH: 33.4% a year, volatility 36.9%SPYG: 13.3% a year, volatility 21.5%VTV: 12.0% a year, volatility 13.7%QQQJ: 5.9% a year, volatility 22.2%SCHG: 13.2% a year, volatility 22.4%IUSG: 12.9% a year, volatility 21.2%VUG: 12.3% a year, volatility 22.5%ONEQ: 12.9% a year, volatility 22.5%QQQE: 8.1% a year, volatility 20.7%QQEW: 6.8% a year, volatility 21.3%IWY: 13.0% a year, volatility 21.9%VONG: 11.9% a year, volatility 21.7%QQQMSPY (S&P 500)FBCGQQQXLKSMHVTVQQQJQQQEQQEW
All figures
InvestmentAnnual returnVolatility
SMH VanEck Semiconductor ETF+33.4%36.9%
XLK State Street Technology Select Sector SPDR ETF+19.4%26.0%
QQQM This pageInvesco NASDAQ 100 ETF+14.6%22.9%
QQQ Invesco QQQ Trust, Series 1+14.5%23.0%
MGK Vanguard Morningstar Mega Cap Growth ETF+13.5%23.0%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF+13.3%21.5%
SCHG Schwab U.S. Large-Cap Growth ETF+13.2%22.4%
IWY iShares Russell Top 200 Growth ETF+13.0%21.9%
IUSG iShares Core S&P U.S. Growth ETF+12.9%21.2%
ONEQ Fidelity Nasdaq Composite Index ETF+12.9%22.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FBCG Fidelity Blue Chip Growth ETF+12.3%26.1%
VUG Vanguard Morningstar Growth ETF+12.3%22.5%
VTV Vanguard Morningstar Value ETF+12.0%13.7%
VONG Vanguard Russell 1000 Growth ETF+11.9%21.7%
QQQE Direxion NASDAQ-100 Equal Weighted Index ETF+8.1%20.7%
QQEW First Trust Nasdaq-100 Select Equal Weight ETF+6.8%21.3%
QQQJ Invesco NASDAQ Next Gen 100 ETF+5.9%22.2%
Open these 18 in EasyCompare

Has QQQM consistently beaten its popular alternatives?

This section compares QQQM with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than QQQM helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than QQQM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
QQQM Invesco NASDAQ 100 ETF (this page)—−3.2%+3.3%+11.2%+17.5%+18.0%+106%+98.0%22.9%0.71−35.0%0.15%$110B—
XLK QualifiedState Street Technology Select Sector SPDR ETF4/5 short2/2 longAll-weather−4.8%+5.7%+20.3%+29.0%+29.3%+131%+143%26.0%0.82−33.6%0.08%$125B59%
SMH QualifiedVanEck Semiconductor ETF3/5 short2/2 long−8.3%−2.2%+17.8%+46.4%+57.8%+290%+323%36.9%0.97−45.3%0.35%$66B59%
SPYG Broad MarketState Street SPDR Portfolio S&P 500 Growth ETF2/5 short1/2 long−2.4%+4.0%+9.9%+13.9%+15.8%+110%+86.5%21.5%0.69−32.7%0.04%$57B86%
VOOG Broad MarketVanguard S&P 500 Growth ETF2/5 short1/2 long−2.3%+4.0%+9.9%+13.9%+15.8%+110%+86.0%21.6%0.69−32.7%0.07%$28B86%
FBCG Broad MarketFidelity Blue Chip Growth ETF0/5 short1/2 long−4.2%+1.7%+6.0%+11.1%+14.0%+114%+78.6%26.1%0.58−43.5%0.57%$7.6B90%
VTV Broad MarketVanguard Morningstar Value ETF4/5 short0/2 long+1.6%+4.0%+11.0%+18.2%+22.5%+77.9%+76.6%13.7%0.90−36.8%0.03%$252B40%
QQQJ Broad MarketInvesco NASDAQ Next Gen 100 ETF3/5 short0/2 long−0.6%+1.9%+7.9%+18.5%+23.3%+92.4%+33.3%22.2%0.37−39.6%0.15%$1.2B66%
MGK TechnologyVanguard Morningstar Mega Cap Growth ETF2/5 short0/2 long−2.6%+4.7%+9.8%+10.8%+11.9%+104%+88.2%23.0%0.67−36.0%0.05%$35B89%
SCHG Broad MarketSchwab U.S. Large-Cap Growth ETF2/5 short0/2 long−1.9%+4.2%+9.4%+9.7%+10.4%+99.2%+85.4%22.4%0.67−34.5%0.04%$63B90%
IVW Broad MarketiShares S&P 500 Growth ETF2/5 short0/2 long−2.4%+4.0%+9.8%+13.8%+15.7%+109%+85.3%21.5%0.68−32.7%0.18%$77B86%
IUSG Broad MarketiShares Core S&P U.S. Growth ETF2/5 short0/2 long−2.3%+3.8%+9.4%+13.9%+15.9%+107%+83.7%21.2%0.68−32.4%0.04%$33B85%
SPY Broad MarketState Street SPDR S&P 500 ETF2/5 short0/2 long−0.6%+3.9%+9.1%+13.5%+15.8%+89.3%+81.7%17.1%0.79−33.7%0.09%$823B75%
VUG Broad MarketVanguard Morningstar Growth ETF2/5 short0/2 long−2.5%+4.0%+8.2%+9.8%+10.2%+100%+78.6%22.5%0.63−35.6%0.03%$392B91%
ONEQ Broad MarketFidelity Nasdaq Composite Index ETF1/5 short0/2 long−2.5%+3.7%+8.6%+14.4%+15.9%+107%+83.6%22.5%0.65−35.2%0.21%$11B91%
QQQE Broad MarketDirexion NASDAQ-100 Equal Weighted Index ETF1/5 short0/2 long−1.6%+1.8%+11.1%+16.4%+15.6%+66.6%+47.6%20.7%0.48−32.1%0.35%$1.4B84%
QQEW TechnologyFirst Trust Nasdaq-100 Select Equal Weight ETF1/5 short0/2 long−3.3%+2.2%+14.6%+11.3%+9.9%+57.7%+39.1%21.3%0.42−32.1%0.55%$1.8B79%
QQQ Broad MarketInvesco QQQ Trust, Series 10/5 short0/2 long−3.2%+3.2%+11.2%+17.4%+17.9%+106%+97.2%23.0%0.71−35.1%0.18%$492B100%
IWY Broad MarketiShares Russell Top 200 Growth ETF0/5 short0/2 long−3.1%+3.1%+4.0%+4.7%+4.7%+90.1%+83.8%21.9%0.67−32.7%0.20%$16B89%
VONG Broad MarketVanguard Russell 1000 Growth ETF0/5 short0/2 long−3.0%+2.6%+3.4%+4.2%+4.1%+88.3%+75.1%21.7%0.63−32.7%0.06%$56B88%
IWF Broad MarketiShares Russell 1000 Growth ETF0/5 short0/2 long−3.0%+2.6%+3.3%+4.1%+4.0%+87.7%+74.1%21.8%0.62−32.7%0.18%$125B87%
QTOP Broad MarketiShares Nasdaq Top 30 Stocks ETF0/5 short0/2 long−4.5%+2.7%+10.8%+17.8%+18.5%————−23.3%0.20%$342M—
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How did QQQM do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where QQQM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with QQQM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: QQQM began trading on October 13, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of QQQM; gray means the two finished within a fraction of a point. The rank row places QQQM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of QQQM20252024202320222021
QQQM This pageInvesco NASDAQ 100 ETF—+20.8%+25.7%+55.0%−32.5%+27.5%
Rank among alternativesTop quarter in 1 of 57 of 1811 of 174 of 1712 of 179 of 17
SPY S&P 500State Street SPDR S&P 500 ETF2 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
XLK State Street Technology Select Sector SPDR ETF3 of 5+24.6%+21.6%+56.0%−27.7%+34.8%
SMH VanEck Semiconductor ETF4 of 5+49.2%+39.1%+73.4%−33.5%+42.1%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF4 of 5+22.1%+36.0%+30.0%−29.4%+32.0%
FBCG Fidelity Blue Chip Growth ETF2 of 5+18.6%+39.0%+58.0%−39.1%+21.3%
VTV Vanguard Morningstar Value ETF1 of 5+15.3%+16.0%+9.3%−2.1%+26.5%
QQQJ Invesco NASDAQ Next Gen 100 ETF1 of 5+20.4%+15.4%+13.7%−28.3%+9.8%
MGK Vanguard Morningstar Mega Cap Growth ETF2 of 5+20.7%+32.9%+51.7%−33.6%+28.6%
SCHG Schwab U.S. Large-Cap Growth ETF1 of 5+17.4%+34.9%+50.1%−31.8%+28.1%
IUSG iShares Core S&P U.S. Growth ETF3 of 5+21.2%+34.7%+29.3%−28.8%+31.3%
VUG Vanguard Morningstar Growth ETF1 of 5+19.4%+32.7%+46.8%−33.1%+27.4%
ONEQ Fidelity Nasdaq Composite Index ETF1 of 5+20.9%+29.3%+45.8%−32.1%+22.1%
QQQE Direxion NASDAQ-100 Equal Weighted Index ETF1 of 5+14.6%+7.0%+33.8%−24.5%+17.9%
QQEW First Trust Nasdaq-100 Select Equal Weight ETF1 of 5+14.2%+7.0%+33.3%−24.6%+17.8%
QQQ Invesco QQQ Trust, Series 10 of 5+20.8%+25.6%+54.9%−32.6%+27.4%
IWY iShares Russell Top 200 Growth ETF3 of 5+18.2%+34.9%+46.5%−29.9%+31.1%
VONG Vanguard Russell 1000 Growth ETF2 of 5+18.4%+33.2%+42.7%−29.2%+27.6%
QTOP iShares Nasdaq Top 30 Stocks ETF1 of 1+22.2%————
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Risk and diversification

How QQQM has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were QQQM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents QQQM's five deepest drawdowns since it began trading in 2020, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: QQQM began trading on October 13, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means QQQM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringQQQM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−35.0%−19.7%Nov 2021Nov 202212 monthsDec 202313 months
No named crash−22.7%−18.8%Feb 2025Apr 20252 monthsJun 20252 months
No named crash−13.6%−7.6%Jul 2024Aug 20241 monthNov 20243 months
No named crash−12.0%−7.5%Oct 2025Mar 20265 monthsApr 20261 month
No named crash−11.2%−3.7%Jun 2026Jul 20261 monthSep 20262 months

How did QQQM do in stock market crashes?

This section measures how far QQQM, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: QQQM began trading on October 13, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than QQQM.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
QQQM This pageInvesco NASDAQ 100 ETF—−3.1%−33.4%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF1 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
XLK State Street Technology Select Sector SPDR ETF1 of 2−3.2%−32.4%−31.1%−23.8%−6.7%−12.7%−15.9%−2.1%−53.0%−82.0%
SMH VanEck Semiconductor ETF0 of 2−3.6%−44.1%−33.6%−23.5%−7.4%−17.9%−18.6%−1.5%−59.2%—
SPYG State Street SPDR Portfolio S&P 500 Growth ETF1 of 2−3.0%−31.3%−31.3%−20.6%−6.4%−13.4%−16.3%−2.6%−51.3%—
FBCG Fidelity Blue Chip Growth ETF0 of 2−4.6%−38.8%————————
VTV Vanguard Morningstar Value ETF1 of 2−4.0%−17.0%−36.4%−17.3%−6.5%−11.6%−18.8%−1.1%−59.2%—
QQQJ Invesco NASDAQ Next Gen 100 ETF0 of 2−4.8%−33.4%————————
MGK Vanguard Morningstar Mega Cap Growth ETF0 of 2−3.3%−33.9%−31.2%−22.6%−6.3%−15.0%−16.8%−2.0%——
SCHG Schwab U.S. Large-Cap Growth ETF1 of 2−3.6%−32.2%−32.3%−21.6%−6.4%−16.2%−20.2%−1.8%——
IUSG iShares Core S&P U.S. Growth ETF1 of 2−3.0%−30.8%−32.4%−20.7%−6.5%−14.1%−18.9%−2.1%−51.8%—
VUG Vanguard Morningstar Growth ETF0 of 2−3.5%−33.7%−31.8%−22.3%−6.2%−15.2%−18.3%−2.0%−50.7%—
ONEQ Fidelity Nasdaq Composite Index ETF1 of 2−3.5%−32.5%−30.2%−22.7%−6.4%−16.3%−18.0%−2.9%−55.1%—
QQQE Direxion NASDAQ-100 Equal Weighted Index ETF1 of 2−3.8%−29.0%−30.9%−19.4%−6.8%−17.2%————
QQEW First Trust Nasdaq-100 Select Equal Weight ETF1 of 2−3.9%−29.1%−30.8%−19.4%−6.7%−17.4%−18.9%−3.1%−58.1%—
QQQ Invesco QQQ Trust, Series 10 of 2−3.1%−33.4%−28.6%−22.7%−6.8%−16.1%−16.1%−2.5%−53.4%−83.0%
IWY iShares Russell Top 200 Growth ETF1 of 2−3.1%−31.5%−30.8%−22.2%−6.5%−12.3%−15.8%−2.3%——
VONG Vanguard Russell 1000 Growth ETF1 of 2−3.5%−31.2%−31.7%−22.0%−6.4%−13.4%−17.8%———
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How closely does QQQM move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares QQQM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than QQQM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
QQQM This pageInvesco NASDAQ 100 ETF114%110%1.041.22
SMH VanEck Semiconductor ETF177%116%1.531.72
XLK State Street Technology Select Sector SPDR ETF128%105%1.221.33
VTV Vanguard Morningstar Value ETF84%79%1.070.75
QQQ Invesco QQQ Trust, Series 1114%110%1.031.22
SPYG State Street SPDR Portfolio S&P 500 Growth ETF110%111%0.991.16
IWY iShares Russell Top 200 Growth ETF108%109%0.991.16
IUSG iShares Core S&P U.S. Growth ETF109%112%0.981.16
MGK Vanguard Morningstar Mega Cap Growth ETF115%119%0.971.23
SCHG Schwab U.S. Large-Cap Growth ETF114%119%0.961.19
ONEQ Fidelity Nasdaq Composite Index ETF113%119%0.951.22
VONG Vanguard Russell 1000 Growth ETF106%111%0.951.16
VUG Vanguard Morningstar Growth ETF112%120%0.941.22
FBCG Fidelity Blue Chip Growth ETF121%132%0.911.36
QQQE Direxion NASDAQ-100 Equal Weighted Index ETF93%112%0.831.08
QQEW First Trust Nasdaq-100 Select Equal Weight ETF94%118%0.791.08
QQQJ Invesco NASDAQ Next Gen 100 ETF97%133%0.731.13
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What diversifies QQQM?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with QQQM's. Because such investments tend not to fall at the same time, pairing QQQM with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which QQQM lost money. The last two columns show a portfolio that is 80% QQQM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
QQQM Invesco NASDAQ 100 ETF (this page)1.00+98.0%0.71−32.5%20.9%+16.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.30+119%1.48+3.8%17.4%+16.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.46+225%1.34+6.0%18.0%+18.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+10.4%18.0%+16.6%
EWP Broad MarketiShares MSCI Spain ETF0.37+140%0.97−5.2%18.4%+17.7%
GLD CommoditiesSPDR Gold Shares0.09+126%0.96−0.8%17.3%+17.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.03+177%0.93+64.4%17.6%+18.7%
AMLP EnergyAlerian MLP ETF0.24+111%0.89+25.5%17.9%+17.3%
EFV InternationaliShares MSCI EAFE Value ETF0.43+89.0%0.88−5.2%18.2%+16.3%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
QQQM Invesco NASDAQ 100 ETF (this page)1.00+98.0%0.71−32.5%20.9%+16.4%
CAH Medical - DistributionCardinal Health, Inc.0.18+479%1.55+54.1%18.4%+21.3%
MCK Medical - DistributionMcKesson Corporation0.02+413%1.44+51.8%17.5%+20.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+690%1.41+86.6%18.5%+23.5%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.38+594%1.36+24.2%20.4%+23.3%
ATI Manufacturing - Metal FabricationATI Inc.0.24+1,008%1.34+87.5%21.1%+26.5%
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Common questions

What was QQQM's worst drawdown?

QQQM's deepest decline since it began trading in 2020 was 35.0%, from November 2021 to November 2022. It took 13 months from the low to climb back to its old high. Because QQQM launched in October 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were QQQM's best and worst years?

Over five full calendar years, QQQM's best year was 2023, when it returned 55.0%. Its worst was 2022, with a return of -32.5%.

Is there a better investment than QQQM?

Among QQQM's popular alternatives, SMH and XLK were ahead of QQQM in most short and long periods. Looking beyond its popular alternatives, VLUE (US large-cap value) and PVAL (US large-cap value) earned more than QQQM with less volatility over the past 5 years. VLUE returned 15.9% a year at 18.4% volatility, against 14.6% a year at 22.9%.

Is QQQM more volatile than the S&P 500?

Yes. QQQM's volatility over the past 5 years was 22.9%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, QQQM's return lands within 22.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is QQQM's Sharpe ratio?

QQQM's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so QQQM earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is QQQM with the S&P 500?

Over the past 5 years, QQQM's monthly returns had a correlation of 0.92 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against QQQM instead: the lower it is, the more that option would diversify a QQQM holding.

What are the best alternatives to QQQM?

Of the 21 popular alternatives we compared, two outperformed QQQM in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: XLK and SMH.

Did QQQM outperform the S&P 500?

QQQM finished ahead of the S&P 500 (SPY) in three of five full calendar years. In 2025, it returned +20.8%, against +17.7% for the index.

How did QQQM do in stock market crashes?

QQQM fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in one. The clearest case was the 2022 bear market, when QQQM fell 33.4% and the S&P 500 fell 24.5%.

What diversifies QQQM?

These had a low correlation with QQQM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.46) and EMLP (correlation 0.38); among large stocks, CAH (correlation 0.18), MCK (correlation 0.02) and MPC (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to QQQM

Other stocks and ETFs