Compare/Updated Oct 26, 2026, refreshed every trading day
QQQM vs SPY
Invesco NASDAQ 100 ETF against State Street SPDR S&P 500 ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
QQM outperformed SPY over the period: $1,000 invested on October 28, 2022 would be worth $2,572 versus $2,052, a total-return advantage of 52.0 percentage points. QQQM also led over three years (+97.5% versus +82.7%), year to date (+15.1% versus +12.0%), and one year (+16.9% versus +14.7%), reflecting stronger exposure to Nasdaq-100 companies. The trade-off was higher risk: QQQM’s 12-month volatility was 19.9% versus SPY’s 12.7%, and its worst drawdown was -22.7% versus -18.8%. QQQM’s expense ratio was also higher at 0.15% versus 0.09%. The funds remained highly correlated, with daily-move correlation of 0.943, while QQQM moved 1.27% for each 1% move in SPY.
- Price is above its 200-day average ($278); 50-day at $299.
- 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, QQQM or SPY?
QQQM beat SPY in 29 of the last 48 months; SPY won the other 19. The typical monthly gap was 1.37 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.943
- correlation of daily moves, 4 years
- 1.27
- QQQM move per 1% in SPY
- 0.925
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 1.37 points.
When did they diverge?
| Month | QQQM | SPY | Gap |
|---|---|---|---|
| May 2023 | +7.8% | +0.5% | +7.38 pts |
| July 2026 | -6.5% | +0.0% | -6.53 pts |
| March 2023 | +9.5% | +3.7% | +5.80 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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