GDL vs QQQ
The GDL Fund vs Invesco QQQ Trust, Series 1
Which is better, GDL or QQQ?
Mid Cap Blend against Large Cap Growth.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window.
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 | GDL | QQQ |
|---|---|---|
| Expense Ratio | 2.70% | 0.18%Best |
| AUM | $119M | $483.5B |
| Dividend Yield | 4.46% | 0.44% |
| Holdings | 129 | 107 |
| YTD Return | +3.09% | +17.95%Best |
| 1Y Return | +3.99% | +21.77%Best |
| 3Y Return (annualized) | +8.22% | +25.63%Best |
| 5Y Return (annualized) | +4.33% | +15.24%Best |
| Volatility (annualized) | 8.5%Best | 18.8% |
| Max Drawdown | -72.5% | -53.5%Best |
| $10,000 over 5 years | $12,361 | $20,324Best |
| Fund Family | Gabelli Funds | Invesco (US) |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Growth |
| Inception | Jan 25, 2007 | Mar 10, 1999 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 26, 2007 to Sep 18, 2026 (19.6 years).
GDL 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.
GDL vs QQQ Performance
The GDL Fund (GDL) is an ETF from Gabelli Funds and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year GDL returned +3.99% while QQQ returned +21.77%. Year to date, GDL is up 3.09% versus a gain of 17.95% for QQQ.
Over three years, GDL compounded at +8.22% per year against +25.63% for QQQ; over five years the annualized figures are +4.33% and +15.24% respectively. Across the full 20-year window we track, QQQ has the edge at +15.55% annualized vs -2.76%.
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 8.5% for GDL. 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 -72.5% for GDL 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 0.55. They move together some of the time, and apart the rest.
Fees and Cost Over Time
GDL charges 2.70% per year while QQQ charges 0.18%. On a $10,000 position that is $270 vs $18 annually, a gap of $252 per year that compounds over a long holding period. On income, GDL currently yields 4.46% against 0.44% for QQQ.
Holdings Overlap
At least 0.3% of QQQ's money is in holdings GDL also owns.
Stated as a floor: for GDL, our book for it covers 82.4% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 127 days apart, GDL as of Mar 31, 2026 and QQQ as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 115 positions we hold weights for in GDL and 102 in QQQ, against full books of 129 and 107.
Top Shared Holdings
| Stock | Weight in GDL | Weight in QQQ | Difference |
|---|---|---|---|
| WBDWarner Bros. Discovery, Inc | 3.07% | 0.29% | 2.78% |
You are not choosing between two funds in isolation.
Whichever of GDL 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, GDL or QQQ?
GDL has an expense ratio of 2.70% while QQQ charges 0.18%. QQQ is the cheaper option, by $252 a year on a $10,000 investment.
Which performed better, GDL or QQQ?
Over the past year GDL returned +3.99% vs +21.77% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (20 years), GDL annualized -2.76% vs +15.55% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, GDL or QQQ?
QQQ has been the more volatile fund at 18.8% annualized versus 8.5% for GDL. Worst drawdown: GDL -72.5% vs QQQ -53.5%.
Should I hold both GDL and QQQ?
GDL and QQQ have a monthly-return correlation of 0.55, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, GDL or QQQ?
GDL yields 4.46% while QQQ yields 0.44%, so GDL currently pays the higher dividend yield.
Is QQQ better than GDL?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.