GCPU vs QQQ
Grayscale AI Compute ETF vs Invesco QQQ Trust, Series 1
Which is better, GCPU or QQQ?
Multi Alternative against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. QQQ is less concentrated, with 47.2% of the fund in its ten largest positions against 67.5%.
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 | GCPU | QQQ |
|---|---|---|
| Expense Ratio | 0.59% | 0.18%Best |
| AUM | $12M | $498.6B |
| Dividend Yield | 0.50% | 0.42% |
| Holdings | 27 | 321 |
| YTD Return | +9.49% | +22.67%Best |
| 1Y Return | -16.52% | +24.33%Best |
| 3Y Return (annualized) | - | +29.05% |
| 5Y Return (annualized) | - | +17.00% |
| Volatility (annualized) | 71.1% | 19.6%Best |
| Max Drawdown | -56.7% | -22.8%Best |
| $10,000 over 1.7 years | $13,428 | $14,548Best |
| Top 10 Weight | 67.5% | 47.2%Best |
| Fund Family | Grayscale | Invesco (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Growth |
| Inception | Jan 30, 2025 | Mar 10, 1999 |
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Jan 30, 2025 to Oct 2, 2026 (1.7 years).
GCPU 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 1.7 years both funds cover.
GCPU vs QQQ Performance
Grayscale AI Compute ETF (GCPU) is an ETF from Grayscale and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year GCPU returned -16.52% while QQQ returned +24.33%. Year to date, GCPU is up 9.49% versus a gain of 22.67% for QQQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GCPU has been the more volatile fund, with annualized monthly volatility of 71.1% compared with 19.6% 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 -56.7% for GCPU 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 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
GCPU charges 0.59% per year while QQQ charges 0.18%. On a $10,000 position that is $59 vs $18 annually, a gap of $41 per year that compounds over a long holding period. On income, GCPU currently yields 0.50% against 0.42% for QQQ.
Holdings Overlap
4.4% of GCPU's money is in holdings QQQ also owns. 8.4% of QQQ's money is in holdings GCPU also owns.
QQQ and GCPU share little of their money.
1 positions in common, counted across the 26 positions we hold weights for in GCPU and 102 in QQQ, against full books of 27 and 321.
What only one of them owns
Our book lists 95 positions for QQQ that do not appear in our book for GCPU (89.3% of the fund), and 19 for GCPU that do not appear in QQQ (64.2%).
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 GCPU | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 4.40% | 8.45% | 4.05% |
You are not choosing between two funds in isolation.
Whichever of GCPU 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, GCPU or QQQ?
GCPU has an expense ratio of 0.59% while QQQ charges 0.18%. QQQ is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, GCPU or QQQ?
Over the past year GCPU returned -16.52% vs +24.33% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), GCPU annualized +18.93% vs +24.67% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GCPU or QQQ?
GCPU has been the more volatile fund at 71.1% annualized versus 19.6% for QQQ. Worst drawdown: GCPU -56.7% vs QQQ -22.8%.
Should I hold both GCPU and QQQ?
GCPU and QQQ have a monthly-return correlation of 0.86, 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 GCPU and QQQ?
8.4% of QQQ's money is in holdings GCPU also owns. 8.4% of QQQ's is in holdings GCPU also owns. They hold 1 positions in common, counted across the 26 positions we hold weights for in GCPU and 102 in QQQ.
Which pays a higher dividend, GCPU or QQQ?
GCPU yields 0.50% while QQQ yields 0.42%, so GCPU currently pays the higher dividend yield.
Is QQQ better than GCPU?
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. QQQ is less concentrated, with 47.2% of the fund in its ten largest positions against 67.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.