CQQQ vs SPY
Invesco China Technology ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | CQQQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.65% | 0.09% | |
| AUM | $3.2B | $821.1B | |
| Dividend Yield | 2.27% | 1.01% | |
| Holdings | 178 | 505 | |
| YTD Return | -9.13% | +12.68% | |
| 1Y Return | +2.21% | +21.82% | |
| 3Y Return (annualized) | +10.17% | +21.98% | |
| 5Y Return (annualized) | -5.30% | +12.89% | |
| Volatility (annualized) | 28.4% | 15.3% | |
| Max Drawdown | -74.0% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 8, 2009 | Jan 22, 1993 |
CQQQ vs SPY Performance
Invesco China Technology ETF (CQQQ) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year CQQQ returned +2.21% while SPY returned +21.82%. Year to date, CQQQ is down 9.13% versus a gain of 12.68% for SPY.
Over three years, CQQQ compounded at +10.17% per year against +21.98% for SPY; over five years the annualized figures are -5.30% and +12.89% respectively. Across the full 17-year window we track, SPY has the edge at +8.81% annualized vs +5.13%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CQQQ has been the more volatile fund, with annualized monthly volatility of 28.4% compared with 15.3% for SPY. 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 -74.0% for CQQQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
CQQQ charges 0.65% per year while SPY charges 0.09%. On a $10,000 position that is $65 vs $9 annually, a gap of $56 per year that compounds over a long holding period. On income, CQQQ currently yields 2.27% against 1.01% for SPY.
Holdings Overlap
CQQQ and SPY share 0 holdings out of 679 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, CQQQ or SPY?
CQQQ has an expense ratio of 0.65% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $56 per year of difference.
Which performed better, CQQQ or SPY?
Over the past year CQQQ returned +2.21% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), CQQQ annualized +5.13% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, CQQQ or SPY?
CQQQ has been the more volatile fund at 28.4% annualized versus 15.3% for SPY. Worst drawdown: CQQQ -74.0% vs SPY -56.5%.
Should I hold both CQQQ and SPY?
CQQQ and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between CQQQ and SPY?
CQQQ and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 679 unique securities.
Which pays a higher dividend, CQQQ or SPY?
CQQQ yields 2.27% while SPY yields 1.01%, so CQQQ currently pays the higher dividend yield.
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