QQQ vs SMDX
Invesco QQQ Trust, Series 1 vs Intech S&P Small-Mid Cap Diversified Alpha ETF
Which is better, QQQ or SMDX?
Large Cap Growth against Mid Cap Blend.
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. SMDX is less concentrated, with 9.0% of the fund in its ten largest positions against 46.5%.
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 | SMDX |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.35% |
| AUM | $483.5B | $128M |
| Dividend Yield | 0.44% | 0.52% |
| Holdings | 107 | 529 |
| YTD Return | +16.87%Best | +13.31% |
| 1Y Return | +22.98%Best | +15.08% |
| 3Y Return (annualized) | +24.98% | - |
| 5Y Return (annualized) | +14.39% | - |
| Volatility (annualized) | 20.3% | 12.6%Best |
| Max Drawdown | -18.0% | -14.5%Best |
| $10,000 over 1.5 years | $14,066Best | $13,019 |
| Top 10 Weight | 46.5% | 9.0%Best |
| Fund Family | Invesco (US) | Intech ETF |
| Category | Equity | Equity |
| Style | Large Cap Growth | Mid Cap Blend |
| Inception | Mar 10, 1999 | Mar 1, 2025 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Feb 28, 2025 to Sep 11, 2026 (1.5 years).
QQQ vs SMDX 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 1.5 years both funds cover.
QQQ vs SMDX Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is an ETF from Intech ETF. Over the past year QQQ returned +22.98% while SMDX returned +15.08%. Year to date, QQQ is up 16.87% versus a gain of 13.31% for SMDX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.3% compared with 12.6% for SMDX. 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 -18.0% for QQQ and -14.5% for SMDX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
QQQ charges 0.18% per year while SMDX charges 0.35%. On a $10,000 position that is $18 vs $35 annually, a gap of $17 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 0.52% for SMDX.
Holdings Overlap
2.8% of QQQ's money is in holdings SMDX also owns. 0.1% of SMDX's money is in holdings QQQ also owns.
QQQ and SMDX share little of their money.
1 positions in common, counted across the 102 positions we hold weights for in QQQ and 557 in SMDX, against full books of 107 and 529.
What only one of them owns
Our book lists 541 positions for SMDX that do not appear in our book for QQQ (97.1% of the fund), and 94 for QQQ that do not appear in SMDX (94.3%).
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 QQQ | Weight in SMDX | Difference |
|---|---|---|---|
| METAMeta Platforms, Inc. | 2.78% | 0.07% | 2.71% |
You are not choosing between two funds in isolation.
Whichever of QQQ and SMDX 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 SMDX?
QQQ has an expense ratio of 0.18% while SMDX charges 0.35%. QQQ is the cheaper option, by $17 a year on a $10,000 investment.
Which performed better, QQQ or SMDX?
Over the past year QQQ returned +22.98% vs +15.08% for SMDX, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), QQQ annualized +25.54% vs +19.23% for SMDX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SMDX?
QQQ has been the more volatile fund at 20.3% annualized versus 12.6% for SMDX. Worst drawdown: QQQ -18.0% vs SMDX -14.5%.
Should I hold both QQQ and SMDX?
QQQ and SMDX have a monthly-return correlation of 0.63, 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 QQQ and SMDX?
2.8% of QQQ's money is in holdings SMDX also owns. 0.1% of SMDX's is in holdings QQQ also owns. They hold 1 positions in common, counted across the 102 positions we hold weights for in QQQ and 557 in SMDX.
Which pays a higher dividend, QQQ or SMDX?
QQQ yields 0.44% while SMDX yields 0.52%, so SMDX currently pays the higher dividend yield.
Is SMDX better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. SMDX is less concentrated, with 9.0% of the fund in its ten largest positions against 46.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.