CWI vs QQQ
State Street SPDR MSCI ACWI ex-US ETF vs Invesco QQQ Trust, Series 1
Which is better, CWI or QQQ?
Large Cap Blend against Large Cap Growth.
QQQ has a lower expense ratio. CWI led over 1Y, QQQ over 3Y, 5Y and the full window. CWI is less concentrated, with 15.7% of the fund in its ten largest positions against 46.5%.
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 | CWI | QQQ |
|---|---|---|
| Expense Ratio | 0.30% | 0.18%Best |
| AUM | $2.9B | $483.5B |
| Dividend Yield | 2.64% | 0.44% |
| Holdings | 1,181 | 107 |
| YTD Return | +14.53% | +17.11%Best |
| 1Y Return | +24.70%Best | +23.99% |
| 3Y Return (annualized) | +20.65% | +24.62%Best |
| 5Y Return (annualized) | +9.64% | +14.23%Best |
| Volatility (annualized) | 17.6%Best | 18.8% |
| Max Drawdown | -62.4% | -53.5%Best |
| $10,000 over 5 years | $15,843 | $19,449Best |
| Top 10 Weight | 15.7%Best | 46.5% |
| Fund Family | SPDR State Street Global Advisors | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Jan 10, 2007 | Mar 10, 1999 |
Volatility and max drawdown are measured over the window both funds cover: Jan 17, 2007 to Sep 9, 2026 (19.6 years).
CWI vs QQQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
CWI vs QQQ Performance
State Street SPDR MSCI ACWI ex-US ETF (CWI) is an ETF from SPDR State Street Global Advisors and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year CWI returned +24.70% while QQQ returned +23.99%. Year to date, CWI is up 14.53% versus a gain of 17.11% for QQQ.
Over three years, CWI compounded at +20.65% per year against +24.62% for QQQ; over five years the annualized figures are +9.64% and +14.23% respectively. Across the full 20-year window we track, QQQ has the edge at +15.33% annualized vs +3.56%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 18.8% compared with 17.6% for CWI. 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 -62.4% for CWI and -53.5% 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 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CWI charges 0.30% per year while QQQ charges 0.18%. On a $10,000 position that is $30 vs $18 annually, a gap of $12 per year that compounds over a long holding period. On income, CWI currently yields 2.64% against 0.44% for QQQ.
Holdings Overlap
2.8% of CWI's money is in holdings QQQ also owns. 2.3% of QQQ's money is in holdings CWI also owns.
CWI and QQQ share little of their money.
6 positions in common, counted across the 1,087 positions we hold weights for in CWI and 102 in QQQ, against full books of 1,181 and 107.
What only one of them owns
Our book lists 94 positions for QQQ that do not appear in our book for CWI (96.8% of the fund), and 32 for CWI that do not appear in QQQ (5.5%).
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
| Stock | Weight in CWI | Weight in QQQ | Difference |
|---|---|---|---|
| ASML:ASAsml Holding Adr Representing Nv | 1.84% | 0.68% | 1.16% |
| SHOP:CAShopify Inc. | 0.48% | 0.77% | 0.29% |
| PDD:IEPdd Holdings Inc | 0.17% | 0.27% | 0.10% |
| FER:ASFerrovial Se | 0.13% | 0.21% | 0.08% |
| YNDXYandex Nv Ord Eur.01 Cl A Nasdaq Stock Exchange | 0.08% | 0.21% | 0.13% |
| TRI:CAThomson Reuters Corp | 0.07% | 0.17% | 0.10% |
You are not choosing between two funds in isolation.
Whichever of CWI and QQQ you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CWI or QQQ?
CWI has an expense ratio of 0.30% while QQQ charges 0.18%. QQQ is the cheaper option, by $12 a year on a $10,000 investment.
Which performed better, CWI or QQQ?
Over the past year CWI returned +24.70% vs +23.99% for QQQ, so CWI leads on 1-year performance. Over the longest common window we track (20 years), CWI annualized +3.56% vs +15.33% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CWI or QQQ?
QQQ has been the more volatile fund at 18.8% annualized versus 17.6% for CWI. Worst drawdown: CWI -62.4% vs QQQ -53.5%.
Should I hold both CWI and QQQ?
CWI and QQQ have a monthly-return correlation of 0.77, 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 CWI and QQQ?
2.8% of CWI's money is in holdings QQQ also owns. 2.3% of QQQ's is in holdings CWI also owns. They hold 6 positions in common, counted across the 1,087 positions we hold weights for in CWI and 102 in QQQ.
Which pays a higher dividend, CWI or QQQ?
CWI yields 2.64% while QQQ yields 0.44%, so CWI currently pays the higher dividend yield.
Is QQQ better than CWI?
QQQ has a lower expense ratio. CWI led over 1Y, QQQ over 3Y, 5Y and the full window. CWI is less concentrated, with 15.7% of the fund in its ten largest positions against 46.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.