QQQ vs RFM
Invesco QQQ Trust, Series 1 vs RiverNorth Flexible Municipal Income Fund, Inc.
Which is better, QQQ or RFM?
QQQ has been ahead.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. QQQ is less concentrated, with 47.2% of the fund in its ten largest positions against 50.8%.
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 | QQQ | RFM |
|---|---|---|
| Expense Ratio | 0.18%Best | 3.68% |
| AUM | $498.6B | $86M |
| Dividend Yield | 0.42% | 6.97% |
| Holdings | 321 | 96 |
| YTD Return | +22.67%Best | -2.27% |
| 1Y Return | +24.33%Best | -3.15% |
| 3Y Return (annualized) | +29.05%Best | +5.17% |
| 5Y Return (annualized) | +17.00%Best | -2.63% |
| Volatility (annualized) | 20.6% | 15.4%Best |
| Max Drawdown | -35.1% | -33.8%Best |
| $10,000 over 5 years | $21,924Best | $8,752 |
| Top 10 Weight | 47.2%Best | 50.8% |
| Fund Family | Invesco (US) | RiverNorth |
| Category | Equity | Fixed Income |
| Style | Large Cap Growth | - |
| Inception | Mar 10, 1999 | Mar 26, 2020 |
Volatility and max drawdown are measured over the window both funds cover: Mar 27, 2020 to Oct 2, 2026 (6.5 years).
QQQ vs RFM 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 6.5 years both funds cover.
QQQ vs RFM Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) is an ETF from RiverNorth. Over the past year QQQ returned +24.33% while RFM returned -3.15%. Year to date, QQQ is up 22.67% versus a loss of 2.27% for RFM.
Over three years, QQQ compounded at +29.05% per year against +5.17% for RFM; over five years the annualized figures are +17.00% and -2.63% respectively. Across the full 7-year window we track, QQQ has the edge at +24.56% annualized vs +0.71%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 15.4% for RFM. 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 -35.1% for QQQ and -33.8% for RFM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.52. They move together some of the time, and apart the rest.
Fees and Cost Over Time
QQQ charges 0.18% per year while RFM charges 3.68%. On a $10,000 position that is $18 vs $368 annually, a gap of $350 per year that compounds over a long holding period. On income, QQQ currently yields 0.42% against 6.97% for RFM.
Holdings Overlap
We hold position weights for 102 holdings in QQQ and 46 in RFM, totalling 99.9% and 98.8% 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 77 days apart, QQQ as of Sep 15, 2026 and RFM as of Jun 30, 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 102 positions we hold weights for in QQQ and 46 in RFM, against full books of 321 and 96.
What only one of them owns
Our book lists 46 positions for RFM that do not appear in our book for QQQ (98.8% of the fund), and 96 for QQQ that do not appear in RFM (97.8%).
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.
You are not choosing between two funds in isolation.
Whichever of QQQ and RFM 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, QQQ or RFM?
QQQ has an expense ratio of 0.18% while RFM charges 3.68%. QQQ is the cheaper option, by $350 a year on a $10,000 investment.
Which performed better, QQQ or RFM?
Over the past year QQQ returned +24.33% vs -3.15% for RFM, so QQQ leads on 1-year performance. Over the longest common window we track (7 years), QQQ annualized +24.56% vs +0.71% for RFM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or RFM?
QQQ has been the more volatile fund at 20.6% annualized versus 15.4% for RFM. Worst drawdown: QQQ -35.1% vs RFM -33.8%.
Should I hold both QQQ and RFM?
QQQ and RFM have a monthly-return correlation of 0.52, 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, QQQ or RFM?
QQQ yields 0.42% while RFM yields 6.97%, so RFM currently pays the higher dividend yield.
Is RFM better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. QQQ is less concentrated, with 47.2% of the fund in its ten largest positions against 50.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.