FMAG vs QQQ
Fidelity Magellan ETF vs Invesco QQQ Trust, Series 1
Which is better, FMAG or QQQ?
QQQ has been ahead.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 46.8%.
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 | FMAG | QQQ |
|---|---|---|
| Expense Ratio | 0.57% | 0.18%Best |
| AUM | $246M | $483.5B |
| Dividend Yield | 0.08% | 0.44% |
| Holdings | 52 | 107 |
| YTD Return | +4.45% | +16.87%Best |
| 1Y Return | +1.02% | +22.98%Best |
| 3Y Return (annualized) | +17.38% | +24.98%Best |
| 5Y Return (annualized) | +8.65% | +14.39%Best |
| Volatility (annualized) | 18.0%Best | 20.2% |
| Max Drawdown | -32.9%Best | -35.1% |
| $10,000 over 5 years | $15,141 | $19,586Best |
| Top 10 Weight | 46.8% | 46.5%Best |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Feb 2, 2021 | Mar 10, 1999 |
Volatility and max drawdown are measured over the window both funds cover: Feb 4, 2021 to Sep 11, 2026 (5.6 years).
FMAG 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 covers the 5.6 years both funds cover.
FMAG vs QQQ Performance
Fidelity Magellan ETF (FMAG) is an ETF from Fidelity Investments (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year FMAG returned +1.02% while QQQ returned +22.98%. Year to date, FMAG is up 4.45% versus a gain of 16.87% for QQQ.
Over three years, FMAG compounded at +17.38% per year against +24.98% for QQQ; over five years the annualized figures are +8.65% and +14.39% respectively. Across the full 6-year window we track, QQQ has the edge at +15.46% annualized vs +10.91%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.2% compared with 18.0% for FMAG. 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 -32.9% for FMAG and -35.1% 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMAG charges 0.57% per year while QQQ charges 0.18%. On a $10,000 position that is $57 vs $18 annually, a gap of $39 per year that compounds over a long holding period. On income, FMAG currently yields 0.08% against 0.44% for QQQ.
Holdings Overlap
60.7% of FMAG's money is in holdings QQQ also owns. 47.4% of QQQ's money is in holdings FMAG also owns.
The two portfolios partly overlap.
22 positions in common, counted across the 51 positions we hold weights for in FMAG and 102 in QQQ, against full books of 52 and 107.
What only one of them owns
Our book lists 73 positions for QQQ that do not appear in our book for FMAG (49.7% of the fund), and 24 for FMAG that do not appear in QQQ (33.5%).
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 FMAG | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 10.69% | 8.44% | 2.25% |
| AMZNAmazon.Com Inc | 5.75% | 4.67% | 1.08% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 4.46% | 5.76% | 1.30% |
| AVGOBroadcom Inc | 4.83% | 3.16% | 1.67% |
| AMDAdvanced Micro Devices Inc. | 3.92% | 3.45% | 0.47% |
| GOOGLAlphabet A Usd 0.001 | 3.98% | 3.36% | 0.62% |
| GOOGAlphabet Inc | 3.37% | 3.13% | 0.24% |
| METAMeta Platforms, Inc. | 3.38% | 2.78% | 0.60% |
| KLACKla Corp. | 3.54% | 1.11% | 2.43% |
| LRCXLam Research Corp | 2.85% | 1.69% | 1.16% |
60.7% of FMAG 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, FMAG or QQQ?
FMAG has an expense ratio of 0.57% while QQQ charges 0.18%. QQQ is the cheaper option, by $39 a year on a $10,000 investment.
Which performed better, FMAG or QQQ?
Over the past year FMAG returned +1.02% vs +22.98% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (6 years), FMAG annualized +10.91% vs +15.46% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMAG or QQQ?
QQQ has been the more volatile fund at 20.2% annualized versus 18.0% for FMAG. Worst drawdown: FMAG -32.9% vs QQQ -35.1%.
Should I hold both FMAG and QQQ?
FMAG and QQQ have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMAG and QQQ?
60.7% of FMAG's money is in holdings QQQ also owns. 47.4% of QQQ's is in holdings FMAG also owns. They hold 22 positions in common, counted across the 51 positions we hold weights for in FMAG and 102 in QQQ.
Which pays a higher dividend, FMAG or QQQ?
FMAG yields 0.08% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
Is QQQ better than FMAG?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.93. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.