QQQ vs TCAL
Invesco QQQ Trust, Series 1 vs T. Rowe Price Capital Appreciation Premium Income ETF
Which is better, QQQ or TCAL?
Large Cap Growth against Large Cap Blend.
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. TCAL is less concentrated, with 17.2% 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 | TCAL |
|---|---|---|
| Expense Ratio | 0.18%Best | 0.34% |
| AUM | $483.5B | $307M |
| Dividend Yield | 0.44% | 11.33% |
| Holdings | 107 | 488 |
| YTD Return | +17.95%Best | +0.01% |
| 1Y Return | +21.77%Best | +1.06% |
| 3Y Return (annualized) | +25.63% | - |
| 5Y Return (annualized) | +15.24% | - |
| Volatility (annualized) | 19.1% | 7.2%Best |
| Max Drawdown | -13.6% | -7.2%Best |
| $10,000 over 1.5 years | $15,159Best | $10,193 |
| Top 10 Weight | 46.5% | 17.2%Best |
| Fund Family | Invesco (US) | T.Rowe Price |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Mar 10, 1999 | Mar 26, 2025 |
Volatility and max drawdown, and the $10,000 over 1.5 years row, are measured over the window both funds cover: Mar 27, 2025 to Sep 18, 2026 (1.5 years).
QQQ vs TCAL 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 TCAL Performance
Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) is an ETF from T.Rowe Price. Over the past year QQQ returned +21.77% while TCAL returned +1.06%. Year to date, QQQ is up 17.95% versus a gain of 0.01% for TCAL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 19.1% compared with 7.2% for TCAL. 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 -13.6% for QQQ and -7.2% for TCAL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.16. They move largely independently of each other.
Fees and Cost Over Time
QQQ charges 0.18% per year while TCAL charges 0.34%. On a $10,000 position that is $18 vs $34 annually, a gap of $16 per year that compounds over a long holding period. On income, QQQ currently yields 0.44% against 11.33% for TCAL.
Holdings Overlap
35.8% of QQQ's money is in holdings TCAL also owns. 24.3% of TCAL's money is in holdings QQQ also owns.
The two portfolios partly overlap.
24 positions in common, counted across the 102 positions we hold weights for in QQQ and 103 in TCAL, against full books of 107 and 488.
What only one of them owns
Our book lists 72 positions for TCAL that do not appear in our book for QQQ (69.1% of the fund), and 72 for QQQ that do not appear in TCAL (61.8%).
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 TCAL | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.44% | 1.29% | 7.15% |
| MSFTMicrosoft Corp | 5.76% | 1.92% | 3.84% |
| AMZNAmazon.Com Inc | 4.67% | 1.70% | 2.97% |
| METAMeta Platforms Inc | 2.78% | 1.22% | 1.56% |
| WMTWalmart, Inc. | 2.41% | 0.75% | 1.66% |
| CSCOCisco Systems Inc. - Ordinary Shares | 2.10% | 1.05% | 1.05% |
| COSTCostco Wholesale Corp. | 1.84% | 1.11% | 0.73% |
| NFLXNetflix, Inc. | 1.37% | 1.22% | 0.15% |
| GILDGilead Sciences | 0.72% | 1.28% | 0.56% |
| LINLinde Plc Ordinary Shares | 1.00% | 0.91% | 0.09% |
35.8% of QQQ is already inside TCAL.
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 TCAL?
QQQ has an expense ratio of 0.18% while TCAL charges 0.34%. QQQ is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, QQQ or TCAL?
Over the past year QQQ returned +21.77% vs +1.06% for TCAL, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), QQQ annualized +31.96% vs +1.28% for TCAL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQ or TCAL?
QQQ has been the more volatile fund at 19.1% annualized versus 7.2% for TCAL. Worst drawdown: QQQ -13.6% vs TCAL -7.2%.
Should I hold both QQQ and TCAL?
QQQ and TCAL have a monthly-return correlation of 0.16, 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 TCAL?
35.8% of QQQ's money is in holdings TCAL also owns. 24.3% of TCAL's is in holdings QQQ also owns. They hold 24 positions in common, counted across the 102 positions we hold weights for in QQQ and 103 in TCAL.
Which pays a higher dividend, QQQ or TCAL?
QQQ yields 0.44% while TCAL yields 11.33%, so TCAL currently pays the higher dividend yield.
Is TCAL better than QQQ?
QQQ has a lower expense ratio. QQQ led over 1Y and the full window. TCAL is less concentrated, with 17.2% 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.