FSPGX vs QQQ
Fidelity Large Cap Growth Index Fund vs Invesco QQQ Trust, Series 1
Which is better, FSPGX or QQQ?
Nearly the same fund. FSPGX costs less.
FSPGX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 54.0%.
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 | FSPGX | QQQ |
|---|---|---|
| Expense Ratio | 0.04%Best | 0.18% |
| AUM | - | $483.5B |
| Dividend Yield | 0.37% | 0.44% |
| Holdings | 392 | 107 |
| YTD Price Return | +2.99% | +14.91%Best |
| 1Y Price Return | +4.53% | +19.07%Best |
| 3Y Price Return (annualized) | +20.85% | +23.94%Best |
| 5Y Price Return (annualized) | +10.69% | +13.26%Best |
| Volatility (annualized) | 18.8%Best | 20.9% |
| Max Drawdown | -34.5%Best | -35.6% |
| $10,000 over 5 years | $16,617 | $18,637Best |
| Top 10 Weight | 54.0% | 46.5%Best |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Jun 7, 2016 | Mar 10, 1999 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FSPGX. Both funds are measured the same way, so the comparison holds. FSPGX yields 0.37% and QQQ 0.44% on top.
Volatility and max drawdown are measured over the window both funds cover: Sep 16, 2021 to Sep 14, 2026 (5 years).
FSPGX 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 years both funds cover. Prices exclude distributions, on both funds alike.
FSPGX vs QQQ Performance
Fidelity Large Cap Growth Index Fund (FSPGX) is a mutual fund from Fidelity Investments (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year FSPGX returned +4.53% while QQQ returned +19.07%. Year to date, FSPGX is up 2.99% versus a gain of 14.91% for QQQ.
Over three years, FSPGX compounded at +20.85% per year against +23.94% for QQQ; over five years the annualized figures are +10.69% and +13.26% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 18.8% for FSPGX. 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 -34.5% for FSPGX and -35.6% 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 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FSPGX charges 0.04% per year while QQQ charges 0.18%. On a $10,000 position that is $4 vs $18 annually, a gap of $14 per year that compounds over a long holding period. On income, FSPGX currently yields 0.37% against 0.44% for QQQ.
Structure and taxes
FSPGX is a mutual fund and QQQ is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
72.1% of FSPGX's money is in holdings QQQ also owns. 84.4% of QQQ's money is in holdings FSPGX also owns.
Most of QQQ is already inside FSPGX. Owning both mostly buys the same companies twice.
69 positions in common, counted across the 484 positions we hold weights for in FSPGX and 102 in QQQ, against full books of 392 and 107.
What only one of them owns
Our book lists 27 positions for QQQ that do not appear in our book for FSPGX (13.2% of the fund), and 243 for FSPGX that do not appear in QQQ (27.1%).
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
| Stock | Weight in FSPGX | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 13.74% | 8.44% | 5.30% |
| AAPLApple, Inc | 6.67% | 7.27% | 0.60% |
| MSFTMicrosoft Corp | 4.08% | 5.76% | 1.68% |
| GOOGLAlphabet Inc,class A | 6.13% | 3.36% | 2.77% |
| AVGOBroadcom Inc | 5.17% | 3.16% | 2.01% |
| MUMicron Technology, Inc. | 3.83% | 4.43% | 0.60% |
| GOOGAlphabet Inc | 4.95% | 3.13% | 1.82% |
| AMDAdvanced Micro Devices Inc | 2.78% | 3.45% | 0.67% |
| TSLATesla Inc | 3.62% | 2.56% | 1.06% |
| METAMeta Platforms Inc | 2.98% | 2.78% | 0.20% |
84.4% of QQQ is already inside FSPGX.
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, FSPGX or QQQ?
FSPGX has an expense ratio of 0.04% while QQQ charges 0.18%. FSPGX is the cheaper option, by $14 a year on a $10,000 investment.
Which performed better, FSPGX or QQQ?
Over the past year FSPGX returned +4.53% vs +19.07% for QQQ, so QQQ leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSPGX or QQQ?
QQQ has been the more volatile fund at 20.9% annualized versus 18.8% for FSPGX. Worst drawdown: FSPGX -34.5% vs QQQ -35.6%.
Should I hold both FSPGX and QQQ?
FSPGX and QQQ have a monthly-return correlation of 0.96, 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 FSPGX and QQQ?
84.4% of QQQ's money is in holdings FSPGX also owns. 84.4% of QQQ's is in holdings FSPGX also owns. They hold 69 positions in common, counted across the 484 positions we hold weights for in FSPGX and 102 in QQQ.
Which pays a higher dividend, FSPGX or QQQ?
FSPGX yields 0.37% while QQQ yields 0.44%, so QQQ currently pays the higher dividend yield.
Is it better to hold FSPGX or QQQ in a taxable account?
QQQ is an ETF and FSPGX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is QQQ better than FSPGX?
FSPGX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 54.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.