NZUS vs QQQ
State Street SPDR MSCI USA Climate Paris Aligned ETF vs Invesco QQQ Trust, Series 1
Which is better, NZUS or QQQ?
Each has led over a different period.
NZUS has a lower expense ratio. NZUS led over 1Y, QQQ over the full window. The two have moved almost in lockstep, correlation 0.94. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 46.8%.
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 | NZUS | QQQ |
|---|---|---|
| Expense Ratio | 0.10%Best | 0.18% |
| AUM | $3M | $483.5B |
| Dividend Yield | 0.88% | 0.44% |
| Holdings | 146 | 107 |
| Volatility (annualized) | 16.8%Best | 19.8% |
| Max Drawdown | -21.0%Best | -22.8% |
| $10,000 over 4.1 years | $17,372 | $22,492Best |
| Top 10 Weight | 46.8% | 46.5%Best |
| Fund Family | State Street Investment Management | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Apr 21, 2022 | Mar 10, 1999 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 122 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. NZUS has data through May 12, 2026 and QQQ through Sep 11, 2026.
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Apr 22, 2022 to May 12, 2026 (4.1 years).
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 19.8% compared with 16.8% for NZUS. 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 -21.0% for NZUS 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 0.94. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
NZUS charges 0.10% per year while QQQ charges 0.18%. On a $10,000 position that is $10 vs $18 annually, a gap of $8 per year that compounds over a long holding period. On income, NZUS currently yields 0.88% against 0.44% for QQQ.
Holdings Overlap
54.9% of NZUS's money is in holdings QQQ also owns. 62.5% of QQQ's money is in holdings NZUS also owns.
The two portfolios partly overlap.
The two holdings books were reported 187 days apart, NZUS 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.
42 positions in common, counted across the 150 positions we hold weights for in NZUS and 102 in QQQ, against full books of 146 and 107.
What only one of them owns
Our book lists 53 positions for QQQ that do not appear in our book for NZUS (34.5% of the fund), and 104 for NZUS that do not appear in QQQ (44.2%).
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 NZUS | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 9.68% | 8.44% | 1.24% |
| AAPLApple, Inc | 7.37% | 7.27% | 0.10% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 6.81% | 5.76% | 1.05% |
| AMZNAmazon.Com Inc | 3.68% | 4.67% | 0.99% |
| GOOGAlphabet Inc | 4.09% | 3.13% | 0.96% |
| TSLATesla Inc | 4.05% | 2.56% | 1.49% |
| AVGOBroadcom Inc | 2.54% | 3.16% | 0.62% |
| AMDAdvanced Micro Devices Inc. | 2.20% | 3.45% | 1.25% |
| METAMeta Platforms, Inc. | 2.82% | 2.78% | 0.04% |
| GOOGLAlphabet A Usd 0.001 | 2.09% | 3.36% | 1.27% |
62.5% of QQQ is already inside NZUS.
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, NZUS or QQQ?
NZUS has an expense ratio of 0.10% while QQQ charges 0.18%. NZUS is the cheaper option, by $8 a year on a $10,000 investment.
Which is riskier, NZUS or QQQ?
QQQ has been the more volatile fund at 19.8% annualized versus 16.8% for NZUS. Worst drawdown: NZUS -21.0% vs QQQ -22.8%.
Should I hold both NZUS and QQQ?
NZUS and QQQ have a monthly-return correlation of 0.94, 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 NZUS and QQQ?
62.5% of QQQ's money is in holdings NZUS also owns. 62.5% of QQQ's is in holdings NZUS also owns. They hold 42 positions in common, counted across the 150 positions we hold weights for in NZUS and 102 in QQQ.
Which pays a higher dividend, NZUS or QQQ?
NZUS yields 0.88% while QQQ yields 0.44%, so NZUS currently pays the higher dividend yield.
Is QQQ better than NZUS?
NZUS has a lower expense ratio. NZUS led over 1Y, QQQ over the full window. The two have moved almost in lockstep, correlation 0.94. QQQ is less concentrated, with 46.5% of the fund in its ten largest positions against 46.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.