QQQM vs SPY
Invesco NASDAQ 100 ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, QQQM or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. QQQM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 46.3%.
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 | QQQM | SPY |
|---|---|---|
| Expense Ratio | 0.15% | 0.09%Best |
| AUM | $103.0B | $804.7B |
| Dividend Yield | 0.46% | 0.98% |
| Holdings | 107 | 505 |
| YTD Return | +17.91%Best | +12.09% |
| 1Y Return | +21.74%Best | +16.29% |
| 3Y Return (annualized) | +25.68%Best | +21.20% |
| 5Y Return (annualized) | +15.29%Best | +13.37% |
| Volatility (annualized) | 20.1% | 15.4%Best |
| Max Drawdown | -35.0% | -24.5%Best |
| $10,000 over 5 years | $20,368Best | $18,728 |
| Top 10 Weight | 46.3% | 37.8%Best |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | Oct 13, 2020 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Oct 13, 2020 to Sep 18, 2026 (5.9 years).
QQQM vs SPY 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 5.9 years both funds cover.
QQQM vs SPY Performance
Invesco NASDAQ 100 ETF (QQQM) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year QQQM returned +21.74% while SPY returned +16.29%. Year to date, QQQM is up 17.91% versus a gain of 12.09% for SPY.
Over three years, QQQM compounded at +25.68% per year against +21.20% for SPY; over five years the annualized figures are +15.29% and +13.37% respectively. Across the full 6-year window we track, QQQM has the edge at +17.01% annualized vs +15.44%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQM has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.4% for SPY. 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 -35.0% for QQQM and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
QQQM charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, QQQM currently yields 0.46% against 0.98% for SPY.
Holdings Overlap
90.6% of QQQM's money is in holdings SPY also owns. 52.8% of SPY's money is in holdings QQQM also owns.
Most of QQQM is already inside SPY. Owning both mostly buys the same companies twice.
86 positions in common, counted across the 104 positions we hold weights for in QQQM and 504 in SPY, against full books of 107 and 505.
What only one of them owns
Our book lists 411 positions for SPY that do not appear in our book for QQQM (46.6% of the fund), and 12 for QQQM that do not appear in SPY (3.7%).
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 QQQM | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 8.08% | 8.01% | 0.07% |
| AAPLApple, Inc | 7.15% | 7.26% | 0.11% |
| MSFTMicrosoft Corp | 5.76% | 5.66% | 0.10% |
| AMZNAmazon.Com Inc | 4.70% | 3.79% | 0.91% |
| GOOGLAlphabet Inc,class A | 3.46% | 2.99% | 0.47% |
| MUMicron Technology, Inc. | 4.38% | 1.60% | 2.78% |
| AVGOBroadcom Inc | 3.12% | 2.66% | 0.46% |
| GOOGAlphabet Inc | 3.22% | 2.39% | 0.83% |
| METAMeta Platforms Inc | 2.74% | 1.93% | 0.81% |
| TSLATesla Inc | 2.57% | 1.52% | 1.05% |
90.6% of QQQM is already inside SPY.
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, QQQM or SPY?
QQQM has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, QQQM or SPY?
Over the past year QQQM returned +21.74% vs +16.29% for SPY, so QQQM leads on 1-year performance. Over the longest common window we track (6 years), QQQM annualized +17.01% vs +15.44% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, QQQM or SPY?
QQQM has been the more volatile fund at 20.1% annualized versus 15.4% for SPY. Worst drawdown: QQQM -35.0% vs SPY -24.5%.
Should I hold both QQQM and SPY?
QQQM and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between QQQM and SPY?
90.6% of QQQM's money is in holdings SPY also owns. 52.8% of SPY's is in holdings QQQM also owns. They hold 86 positions in common, counted across the 104 positions we hold weights for in QQQM and 504 in SPY.
Which pays a higher dividend, QQQM or SPY?
QQQM yields 0.46% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than QQQM?
SPY has a lower expense ratio. QQQM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.92. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 46.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.