BWEB vs QQQ
Bitwise Web3 ETF vs Invesco QQQ Trust, Series 1
Which is better, BWEB or QQQ?
BWEB has been ahead.
QQQ has a lower expense ratio. BWEB led over 1Y and the full window. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 56.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BWEB | QQQ |
|---|---|---|
| Expense Ratio | 0.85% | 0.18%Best |
| AUM | $6M | $486.1B |
| Dividend Yield | 0.00% | 0.44% |
| Holdings | 41 | 107 |
| Volatility (annualized) | 35.6% | 17.9%Best |
| Max Drawdown | -33.7% | -22.8%Best |
| $10,000 over 3.6 years | $28,396Best | $25,687 |
| Top 10 Weight | 56.3% | 46.5%Best |
| Fund Family | Bitwise | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Oct 3, 2022 | Mar 10, 1999 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 106 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. BWEB has data through May 21, 2026 and QQQ through Sep 4, 2026.
Volatility and max drawdown, and the $10,000 over 3.6 years row, are measured over the window both funds cover: Oct 4, 2022 to May 21, 2026 (3.6 years).
Risk: Volatility and Drawdowns
BWEB has been the more volatile fund, with annualized monthly volatility of 35.6% compared with 17.9% for QQQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.7% for BWEB and -22.8% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BWEB charges 0.85% per year while QQQ charges 0.18%. On a $10,000 position that is $85 vs $18 annually, a gap of $67 per year that compounds over a long holding period. On income, BWEB currently yields 0.00% against 0.44% for QQQ.
Holdings Overlap
22.4% of BWEB's money is in holdings QQQ also owns. 21.1% of QQQ's money is in holdings BWEB also owns.
BWEB and QQQ share little of their money.
The two holdings books were reported 309 days apart, BWEB as of Sep 30, 2025 and QQQ as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
6 positions in common, counted across the 40 positions we hold weights for in BWEB and 102 in QQQ, against full books of 41 and 107.
What only one of them owns
Our book lists 91 positions for QQQ that do not appear in our book for BWEB (77.3% of the fund), and 25 for BWEB that do not appear in QQQ (66.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
22.4% of BWEB is already inside QQQ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BWEB or QQQ?
BWEB has an expense ratio of 0.85% while QQQ charges 0.18%. QQQ is the cheaper option, by $67 a year on a $10,000 investment.
Which is riskier, BWEB or QQQ?
BWEB has been the more volatile fund at 35.6% annualized versus 17.9% for QQQ. Worst drawdown: BWEB -33.7% vs QQQ -22.8%.
Should I hold both BWEB and QQQ?
BWEB and QQQ have a monthly-return correlation of 0.81, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between BWEB and QQQ?
22.4% of BWEB's money is in holdings QQQ also owns. 21.1% of QQQ's is in holdings BWEB also owns. They hold 6 positions in common, counted across the 40 positions we hold weights for in BWEB and 102 in QQQ.
Which pays a higher dividend, BWEB or QQQ?
BWEB yields 0.00% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
Is QQQ better than BWEB?
QQQ has a lower expense ratio. BWEB led over 1Y and the full window. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 56.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.