NMAI vs QQQ
Nuveen Multi-Asset Income Fund vs Invesco QQQ Trust, Series 1
Which is better, NMAI or QQQ?
Allocation/Balanced against Large Cap Growth.
QQQ has a lower expense ratio. NMAI led over 1Y, QQQ over 3Y 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 | NMAI | QQQ |
|---|---|---|
| Expense Ratio | 1.87% | 0.18%Best |
| AUM | - | $486.1B |
| Dividend Yield | 9.58% | 0.44% |
| Holdings | 1,312 | 107 |
| YTD Return | +20.40%Best | +17.44% |
| 1Y Return | +26.83%Best | +24.69% |
| 3Y Return (annualized) | +21.14% | +24.76%Best |
| 5Y Return (annualized) | - | +14.22% |
| Volatility (annualized) | 18.7%Best | 21.0% |
| Max Drawdown | -35.6% | -35.1%Best |
| $10,000 over 4.8 years | $13,874 | $18,528Best |
| Fund Family | Nuveen | Invesco (US) |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Growth |
| Inception | Nov 22, 2021 | Mar 10, 1999 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.8 years row, are measured over the window both funds cover: Nov 22, 2021 to Sep 8, 2026 (4.8 years).
NMAI 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 4.8 years both funds cover.
NMAI vs QQQ Performance
Nuveen Multi-Asset Income Fund (NMAI) is an ETF from Nuveen and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year NMAI returned +26.83% while QQQ returned +24.69%. Year to date, NMAI is up 20.40% versus a gain of 17.44% for QQQ.
Over three years, NMAI compounded at +21.14% per year against +24.76% for QQQ.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 21.0% compared with 18.7% for NMAI. 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 -35.6% for NMAI 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 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NMAI charges 1.87% per year while QQQ charges 0.18%. On a $10,000 position that is $187 vs $18 annually, a gap of $169 per year that compounds over a long holding period. On income, NMAI currently yields 9.58% against 0.44% for QQQ.
Holdings Overlap
At least 72.2% of QQQ's money is in holdings NMAI also owns.
Stated as a floor: for NMAI, our book for it covers 66.5% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
Most of QQQ is already inside NMAI. Owning both mostly buys the same companies twice.
The two holdings books were reported 187 days apart, NMAI as of Jan 30, 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.
43 positions in common, counted across the 663 positions we hold weights for in NMAI and 102 in QQQ, against full books of 1,312 and 107.
Top Shared Holdings
| Stock | Weight in NMAI | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 2.01% | 8.44% | 6.43% |
| AAPLApple Inc Ord | 2.07% | 7.27% | 5.20% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.00% | 5.76% | 3.76% |
| AMZNAmazon.Com Inc | 1.43% | 4.67% | 3.24% |
| AVGOBroadcom Inc | 1.45% | 3.16% | 1.71% |
| MUMicron Technology, Inc. | 0.05% | 4.43% | 4.38% |
| GOOGL Alphabet Inc. Class A | 0.82% | 3.36% | 2.54% |
| GOOGAlphabet, Inc., Class C | 0.99% | 3.13% | 2.14% |
| METAMeta Platform Inc | 0.71% | 2.78% | 2.07% |
| WMTWalmart, Inc. | 0.72% | 2.41% | 1.69% |
72.2% of QQQ is already inside NMAI.
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, NMAI or QQQ?
NMAI has an expense ratio of 1.87% while QQQ charges 0.18%. QQQ is the cheaper option, by $169 a year on a $10,000 investment.
Which performed better, NMAI or QQQ?
Over the past year NMAI returned +26.83% vs +24.69% for QQQ, so NMAI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NMAI or QQQ?
QQQ has been the more volatile fund at 21.0% annualized versus 18.7% for NMAI. Worst drawdown: NMAI -35.6% vs QQQ -35.1%.
Should I hold both NMAI and QQQ?
NMAI and QQQ have a monthly-return correlation of 0.73, 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 NMAI and QQQ?
At least 72.2% of QQQ's money is in holdings NMAI also owns. Our book for NMAI is partial, so the real figure is this or higher. They hold 43 positions in common, counted across the 663 positions we hold weights for in NMAI and 102 in QQQ.
Which pays a higher dividend, NMAI or QQQ?
NMAI yields 9.58% while QQQ yields 0.44%, so NMAI currently pays the higher dividend yield.
Is QQQ better than NMAI?
QQQ has a lower expense ratio. NMAI led over 1Y, QQQ over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.