QQQ vs SPYH
Invesco QQQ Trust, Series 1 vs NEOS S&P 500 Hedged Equity Income ETF
Which is better, QQQ or SPYH?
Large Cap Growth against Large Cap Blend.
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. SPYH is less concentrated, with 38.1% 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 | SPYH |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.68% |
| AUM | $483.5B | $43M |
| Dividend Yield | 0.44% | 8.27% |
| Holdings | 107 | 490 |
| YTD Return | +21.71%Best | +2.60% |
| 1Y Return | +25.89%Best | +5.81% |
| 3Y Return (annualized) | +28.80% | - |
| 5Y Return (annualized) | +15.67% | - |
| Volatility (annualized) | 19.6% | 7.6%Best |
| Max Drawdown | -12.0% | -7.7%Best |
| $10,000 over 1.5 years | $16,743Best | $12,406 |
| Top 10 Weight | 46.5% | 38.1%Best |
| Fund Family | Invesco (US) | NEOS |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 10, 1999 | Apr 2, 2025 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Apr 3, 2025 to Sep 25, 2026 (1.5 years).
QQQ vs SPYH 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 SPYH Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and NEOS S&P 500 Hedged Equity Income ETF (SPYH) is an ETF from NEOS. Over the past year QQQ returned +25.89% while SPYH returned +5.81%. Year to date, QQQ is up 21.71% versus a gain of 2.60% for SPYH.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 19.6% compared with 7.6% for SPYH. 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 -12.0% for QQQ and -7.7% for SPYH. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.83. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPYH charges 0.68%. On a $10,000 position that is $18 vs $68 annually, a gap of $50 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 8.27% for SPYH.
Holdings Overlap
93.6% of QQQ's money is in holdings SPYH also owns. 53.7% of SPYH's money is in holdings QQQ also owns.
Most of QQQ is already inside SPYH. Owning both mostly buys the same companies twice.
85 positions in common, counted across the 102 positions we hold weights for in QQQ and 483 in SPYH, against full books of 107 and 490.
What only one of them owns
Our book lists 389 positions for SPYH that do not appear in our book for QQQ (44.9% of the fund), and 11 for QQQ that do not appear in SPYH (3.9%).
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 SPYH | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.44% | 8.18% | 0.26% |
| AAPLApple, Inc | 7.27% | 7.14% | 0.13% |
| MSFTMicrosoft Corp | 5.76% | 5.79% | 0.03% |
| AMZNAmazon.Com Inc | 4.67% | 3.88% | 0.79% |
| GOOGLAlphabet Inc,class A | 3.36% | 3.03% | 0.33% |
| MUMicron Technology, Inc. | 4.43% | 1.56% | 2.87% |
| AVGOBroadcom Inc | 3.16% | 2.70% | 0.46% |
| GOOGAlphabet Inc | 3.13% | 2.40% | 0.73% |
| METAMeta Platforms Inc | 2.78% | 1.89% | 0.89% |
| AMDAdvanced Micro Devices Inc | 3.45% | 1.18% | 2.27% |
93.6% of QQQ is already inside SPYH.
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 SPYH?
QQQ has an expense ratio of 0.18% while SPYH charges 0.68%. QQQ is the cheaper option, by $50 a year on a $10,000 investment.
Which performed better, QQQ or SPYH?
Over the past year QQQ returned +25.89% vs +5.81% for SPYH, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), QQQ annualized +41.00% vs +15.46% for SPYH. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or SPYH?
QQQ has been the more volatile fund at 19.6% annualized versus 7.6% for SPYH. Worst drawdown: QQQ -12.0% vs SPYH -7.7%.
Should I hold both QQQ and SPYH?
QQQ and SPYH have a monthly-return correlation of 0.83, 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 SPYH?
93.6% of QQQ's money is in holdings SPYH also owns. 53.7% of SPYH's is in holdings QQQ also owns. They hold 85 positions in common, counted across the 102 positions we hold weights for in QQQ and 483 in SPYH.
Which pays a higher dividend, QQQ or SPYH?
QQQ yields 0.44% while SPYH yields 8.27%, so SPYH currently pays the higher dividend yield.
Is SPYH better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. SPYH is less concentrated, with 38.1% 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.