NUW vs QQQ
Nuveen AMT-Free Municipal Value Fund vs Invesco QQQ Trust, Series 1
Which is better, NUW or QQQ?
Municipal Bond 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 | NUW | QQQ |
|---|---|---|
| Expense Ratio | 0.68% | 0.18%Best |
| AUM | - | $483.5B |
| Dividend Yield | 3.96% | 0.44% |
| Holdings | 225 | 107 |
| YTD Return | -5.00% | +15.18%Best |
| 1Y Return | -2.19% | +19.65%Best |
| 3Y Return (annualized) | +4.27% | +24.60%Best |
| 5Y Return (annualized) | -1.27% | +13.94%Best |
| Volatility (annualized) | 9.8%Best | 17.8% |
| Max Drawdown | -32.9%Best | -35.1% |
| $10,000 over 5 years | $9,381 | $19,204Best |
| Fund Family | Nuveen | Invesco (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Growth |
| Inception | Feb 25, 2009 | Mar 10, 1999 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 25, 2009 to Sep 15, 2026 (17.6 years).
NUW 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.
NUW vs QQQ Performance
Nuveen AMT-Free Municipal Value Fund (NUW) is an ETF from Nuveen and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year NUW returned -2.19% while QQQ returned +19.65%. Year to date, NUW is down 5.00% versus a gain of 15.18% for QQQ.
Over three years, NUW compounded at +4.27% per year against +24.60% for QQQ; over five years the annualized figures are -1.27% and +13.94% respectively. Across the full 18-year window we track, QQQ has the edge at +20.25% annualized vs +0.50%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 9.8% for NUW. 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 NUW 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 0.13. They move largely independently of each other.
Fees and Cost Over Time
NUW charges 0.68% per year while QQQ charges 0.18%. On a $10,000 position that is $68 vs $18 annually, a gap of $50 per year that compounds over a long holding period. On income, NUW currently yields 3.96% against 0.44% for QQQ.
Holdings Overlap
We hold position weights for 1 holding in NUW and 102 in QQQ, totalling 0.5% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 66 days apart, NUW as of May 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.
0 positions in common, counted across the 1 positions we hold weights for in NUW and 102 in QQQ, against full books of 225 and 107.
You are not choosing between two funds in isolation.
Whichever of NUW 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, NUW or QQQ?
NUW has an expense ratio of 0.68% while QQQ charges 0.18%. QQQ is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, NUW or QQQ?
Over the past year NUW returned -2.19% vs +19.65% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (18 years), NUW annualized +0.50% vs +20.25% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NUW or QQQ?
QQQ has been the more volatile fund at 17.8% annualized versus 9.8% for NUW. Worst drawdown: NUW -32.9% vs QQQ -35.1%.
Should I hold both NUW and QQQ?
NUW and QQQ have a monthly-return correlation of 0.13, 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, NUW or QQQ?
NUW yields 3.96% while QQQ yields 0.44%, so NUW currently pays the higher dividend yield.
Is QQQ better than NUW?
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.