QQQ vs SMLV
Invesco QQQ Trust, Series 1 vs State Street SPDR US Small Cap Low Volatility Index ETF
Which is better, QQQ or SMLV?
Large Cap Growth against Small Cap Blend.
SMLV has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SMLV is less concentrated, with 5.9% 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 | SMLV |
|---|---|---|
| Expense Ratio | 0.18% | 0.12%Best |
| AUM | $483.5B | $254M |
| Dividend Yield | 0.44% | 2.24% |
| Holdings | 107 | 401 |
| YTD Return | +20.94%Best | +15.67% |
| 1Y Return | +23.67%Best | +17.87% |
| 3Y Return (annualized) | +27.71%Best | +18.30% |
| 5Y Return (annualized) | +16.30%Best | +8.73% |
| Volatility (annualized) | 17.7% | 17.6%Best |
| Max Drawdown | -35.1%Best | -42.9% |
| $10,000 over 5 years | $21,276Best | $15,197 |
| Top 10 Weight | 46.5% | 5.9%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Small Cap Blend |
| Inception | Mar 10, 1999 | Feb 20, 2013 |
Volatility and max drawdown are measured over the window both funds cover: Feb 21, 2013 to Sep 30, 2026 (13.6 years).
QQQ vs SMLV 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 13.6 years both funds cover.
QQQ vs SMLV Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and State Street SPDR US Small Cap Low Volatility Index ETF (SMLV) is an ETF from State Street Investment Management. Over the past year QQQ returned +23.67% while SMLV returned +17.87%. Year to date, QQQ is up 20.94% versus a gain of 15.67% for SMLV.
Over three years, QQQ compounded at +27.71% per year against +18.30% for SMLV; over five years the annualized figures are +16.30% and +8.73% respectively. Across the full 14-year window we track, QQQ has the edge at +19.66% annualized vs +8.16%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 17.6% for SMLV. 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 -42.9% for SMLV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.57. They move together some of the time, and apart the rest.
Fees and Cost Over Time
QQQ charges 0.18% per year while SMLV charges 0.12%. On a $10,000 position that is $18 vs $12 annually, a gap of $6 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 2.24% for SMLV.
Holdings Overlap
We hold position weights for 102 holdings in QQQ and 395 in SMLV, totalling 99.9% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 102 positions we hold weights for in QQQ and 395 in SMLV, against full books of 107 and 401.
What only one of them owns
Our book lists 380 positions for SMLV that do not appear in our book for QQQ (96.6% of the fund), and 96 for QQQ that do not appear in SMLV (97.5%).
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 SMLV 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 SMLV?
QQQ has an expense ratio of 0.18% while SMLV charges 0.12%. SMLV is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, QQQ or SMLV?
Over the past year QQQ returned +23.67% vs +17.87% for SMLV, so QQQ leads on 1-year performance. Over the longest common window we track (14 years), QQQ annualized +19.66% vs +8.16% for SMLV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SMLV?
QQQ has been the more volatile fund at 17.7% annualized versus 17.6% for SMLV. Worst drawdown: QQQ -35.1% vs SMLV -42.9%.
Should I hold both QQQ and SMLV?
QQQ and SMLV have a monthly-return correlation of 0.57, 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 SMLV?
QQQ yields 0.44% while SMLV yields 2.24%, so SMLV currently pays the higher dividend yield.
Is SMLV better than QQQ?
SMLV has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SMLV is less concentrated, with 5.9% 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.