QQQ vs SPEM
Invesco QQQ Trust, Series 1 vs State Street SPDR Portfolio Emerging Markets ETF
Which is better, QQQ or SPEM?
Large Cap Growth against Large Cap Blend.
SPEM has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SPEM is less concentrated, with 24.2% 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 | SPEM |
|---|---|---|
| Expense Ratio | 0.18% | 0.07%Best |
| AUM | $486.1B | $17.9B |
| Dividend Yield | 0.44% | 2.54% |
| Holdings | 107 | 3,044 |
| YTD Return | +17.54%Best | +12.88% |
| 1Y Return | +25.59%Best | +23.86% |
| 3Y Return (annualized) | +24.63%Best | +18.36% |
| 5Y Return (annualized) | +14.18%Best | +6.47% |
| Volatility (annualized) | 18.8%Best | 20.1% |
| Max Drawdown | -53.5%Best | -65.1% |
| $10,000 over 5 years | $19,407Best | $13,682 |
| Top 10 Weight | 46.5% | 24.2%Best |
| Fund Family | Invesco (US) | SPDR State Street Global Advisors |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 10, 1999 | Mar 19, 2007 |
Volatility and max drawdown are measured over the window both funds cover: Mar 23, 2007 to Sep 4, 2026 (19.5 years).
QQQ vs SPEM 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.
QQQ vs SPEM Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and State Street SPDR Portfolio Emerging Markets ETF (SPEM) is an ETF from SPDR State Street Global Advisors. Over the past year QQQ returned +25.59% while SPEM returned +23.86%. Year to date, QQQ is up 17.54% versus a gain of 12.88% for SPEM.
Over three years, QQQ compounded at +24.63% per year against +18.36% for SPEM; over five years the annualized figures are +14.18% and +6.47% respectively. Across the full 20-year window we track, QQQ has the edge at +15.62% annualized vs +4.01%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPEM has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 18.8% for QQQ. 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 -53.5% for QQQ and -65.1% for SPEM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPEM charges 0.07%. On a $10,000 position that is $18 vs $7 annually, a gap of $11 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 2.54% for SPEM.
Holdings Overlap
0.3% of QQQ's money is in holdings SPEM also owns. 0.7% of SPEM's money is in holdings QQQ also owns.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 127 days apart, QQQ as of Aug 5, 2026 and SPEM as of Mar 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 102 positions we hold weights for in QQQ and 2,856 in SPEM, against full books of 107 and 3,044.
What only one of them owns
Our book lists 43 positions for SPEM that do not appear in our book for QQQ (2.9% of the fund), and 96 for QQQ that do not appear in SPEM (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.
Top Shared Holdings
| Stock | Weight in QQQ | Weight in SPEM | Difference |
|---|---|---|---|
| PDD:IEPdd Holdings Inc | 0.27% | 0.67% | 0.40% |
You are not choosing between two funds in isolation.
Whichever of QQQ and SPEM 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 SPEM?
QQQ has an expense ratio of 0.18% while SPEM charges 0.07%. SPEM is the cheaper option, by $11 a year on a $10,000 investment.
Which performed better, QQQ or SPEM?
Over the past year QQQ returned +25.59% vs +23.86% for SPEM, so QQQ leads on 1-year performance. Over the longest common window we track (20 years), QQQ annualized +15.62% vs +4.01% for SPEM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SPEM?
SPEM has been the more volatile fund at 20.1% annualized versus 18.8% for QQQ. Worst drawdown: QQQ -53.5% vs SPEM -65.1%.
Should I hold both QQQ and SPEM?
QQQ and SPEM have a monthly-return correlation of 0.71, 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 SPEM?
QQQ yields 0.44% while SPEM yields 2.54%, so SPEM currently pays the higher dividend yield.
Is SPEM better than QQQ?
SPEM has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SPEM is less concentrated, with 24.2% 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.