Compare/Updated Oct 26, 2026, refreshed every trading day
QQQ vs SPY
Invesco QQQ Trust, Series 1 against State Street SPDR S&P 500 ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
QQQ did better over the period: $1,000 invested on October 28, 2022 grew to $2,565, versus $2,052 for SPY. QQQ’s total return was +156.5%, compared with +105.2% for SPY, reflecting stronger exposure to growth-oriented companies. That outperformance came with meaningfully higher risk: QQQ’s 12-month volatility was 20.0% versus SPY’s 12.7%, and its worst drawdown was -22.8% versus -18.8% for SPY. QQQ also costs more, with a 0.20% expense ratio versus 0.09% for SPY. The funds remain highly correlated, with daily-move correlation of 0.944, but QQQ moved 1.28% for each 1% move in SPY. In short, QQQ delivered substantially higher returns, while SPY provided a smoother, lower-cost experience.
- Price is above its 200-day average ($676); 50-day at $725.
- RSI 37, neutral. Supertrend says sell. ADX 25, so the trend is developing.
- Price is above its 200-day average ($725); 50-day at $767.
- RSI 42, neutral. Supertrend says sell. ADX 14, so the trend is weak.
Head to head
Which has returned more, QQQ or SPY?
QQQ beat SPY in 28 of the last 48 months; SPY won the other 20. The typical monthly gap was 1.34 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.944
- correlation of daily moves, 4 years
- 1.28
- QQQ move per 1% in SPY
- 0.925
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 1.34 points.
When did they diverge?
| Month | QQQ | SPY | Gap |
|---|---|---|---|
| May 2023 | +7.9% | +0.5% | +7.42 pts |
| July 2026 | -6.6% | +0.0% | -6.61 pts |
| March 2023 | +9.5% | +3.7% | +5.78 pts |
| May 2026 | +10.6% | +5.3% | +5.31 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
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