QQQ vs SPXX
Invesco QQQ Trust, Series 1 vs Nuveen S&P 500 Dynamic Overwrite Fund
Which is better, QQQ or SPXX?
Large Cap Growth against Multi Alternative.
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SPXX is less concentrated, with 39.6% of the fund in its ten largest positions against 47.2%.
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 | SPXX |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.91% |
| AUM | $498.6B | $2.8B |
| Dividend Yield | 0.42% | 6.85% |
| Holdings | 321 | 553 |
| YTD Return | +22.67%Best | +11.06% |
| 1Y Return | +24.33%Best | +15.83% |
| 3Y Return (annualized) | +29.05%Best | +17.50% |
| 5Y Return (annualized) | +17.00%Best | +10.05% |
| Volatility (annualized) | 18.4% | 15.9%Best |
| Max Drawdown | -53.5%Best | -60.0% |
| $10,000 over 5 years | $21,924Best | $16,142 |
| Top 10 Weight | 47.2% | 39.6%Best |
| Fund Family | Invesco (US) | Nuveen |
| Category | Equity | Alternative |
| Style | Large Cap Growth | Multi Alternative |
| Inception | Mar 10, 1999 | Nov 22, 2005 |
Volatility and max drawdown are measured over the window both funds cover: Nov 23, 2005 to Oct 2, 2026 (20.9 years).
QQQ vs SPXX 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 SPXX Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is an ETF from Nuveen. Over the past year QQQ returned +24.33% while SPXX returned +15.83%. Year to date, QQQ is up 22.67% versus a gain of 11.06% for SPXX.
Over three years, QQQ compounded at +29.05% per year against +17.50% for SPXX; over five years the annualized figures are +17.00% and +10.05% respectively. Across the full 21-year window we track, QQQ has the edge at +15.03% annualized vs +1.73%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 18.4% compared with 15.9% for SPXX. 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 -60.0% for SPXX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.72. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPXX charges 0.91%. On a $10,000 position that is $18 vs $91 annually, a gap of $73 per year that compounds over a long holding period. On income, QQQ currently yields 0.42% against 6.85% for SPXX.
Holdings Overlap
72.7% of QQQ's money is in holdings SPXX also owns. 48.2% of SPXX's money is in holdings QQQ also owns.
Most of QQQ is already inside SPXX. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, QQQ as of Sep 15, 2026 and SPXX as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
36 positions in common, counted across the 102 positions we hold weights for in QQQ and 546 in SPXX, against full books of 321 and 553.
What only one of them owns
Our book lists 379 positions for SPXX that do not appear in our book for QQQ (49.3% of the fund), and 61 for QQQ that do not appear in SPXX (25.7%).
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 SPXX | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.45% | 7.65% | 0.80% |
| AAPLApple, Inc | 7.80% | 7.01% | 0.79% |
| MSFTMicrosoft Corp | 5.88% | 5.49% | 0.39% |
| AMZNAmazon.Com Inc | 4.41% | 4.25% | 0.16% |
| MUMicron Technology, Inc. | 4.85% | 1.53% | 3.32% |
| GOOGLAlphabet Inc,class A | 3.15% | 3.13% | 0.02% |
| AVGOBroadcom Inc | 2.74% | 2.84% | 0.10% |
| GOOGAlphabet Inc. C | 2.93% | 2.47% | 0.46% |
| AMDAdvanced Micro Devices Inc | 3.71% | 1.30% | 2.41% |
| METAMeta Platforms Inc | 3.07% | 1.75% | 1.32% |
72.7% of QQQ is already inside SPXX.
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, QQQ or SPXX?
QQQ has an expense ratio of 0.18% while SPXX charges 0.91%. QQQ is the cheaper option, by $73 a year on a $10,000 investment.
Which performed better, QQQ or SPXX?
Over the past year QQQ returned +24.33% vs +15.83% for SPXX, so QQQ leads on 1-year performance. Over the longest common window we track (21 years), QQQ annualized +15.03% vs +1.73% for SPXX. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SPXX?
QQQ has been the more volatile fund at 18.4% annualized versus 15.9% for SPXX. Worst drawdown: QQQ -53.5% vs SPXX -60.0%.
Should I hold both QQQ and SPXX?
QQQ and SPXX have a monthly-return correlation of 0.72, 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 SPXX?
72.7% of QQQ's money is in holdings SPXX also owns. 48.2% of SPXX's is in holdings QQQ also owns. They hold 36 positions in common, counted across the 102 positions we hold weights for in QQQ and 546 in SPXX.
Which pays a higher dividend, QQQ or SPXX?
QQQ yields 0.42% while SPXX yields 6.85%, so SPXX currently pays the higher dividend yield.
Is SPXX better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. SPXX is less concentrated, with 39.6% of the fund in its ten largest positions against 47.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.