QQQ vs QQQM: returns, risk and drawdowns compared
Invesco QQQ Trust against Invesco NASDAQ 100 ETF, over the same 5 years (March 2021 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2021 to October 2026, QQQ returned 16.4% a year and QQQM 16.4% a year on average, so QQQ came out ahead by 0.0% a year. QQQM was the more volatile of the two (20.2% against 20.2% a year), and the deepest falls from a month-end high were 32.6% for QQQ and 32.5% for QQQM.
The correlation of monthly returns was 1.00: they moved almost in lockstep. Over 33 rolling 3-year periods, QQQ did better in 3% and QQQM in 97%.
Both funds follow the same index, so differences come mostly from ongoing charges, tracking and how dividends are handled.
Side by side
| QQQ | QQQM | |
|---|---|---|
| Annual return (CAGR) | +16.4% | +16.4% |
| Total return | +136% | +136% |
| Annual volatility | 20.2% | 20.2% |
| Maximum drawdown (month-end) | −32.6% | −32.5% |
| Worst month | −13.6% | −13.4% |
| Best month | +15.6% | +15.7% |
| Positive months | 62% | 62% |
| Best year | 2023: +54.9% | 2023: +55.0% |
| Worst year | 2022: −32.6% | 2022: −32.5% |
| 1-year return | +19.5% | +19.6% |
| 5 years, a year | +14.5% | +14.6% |
| 10 years, a year | +20.6% | — |
| Trading currency | USD | USD |
First nine rows: the same 68 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: QQQ vs QQQM
Returns by calendar year
| Year | QQQ | QQQM |
|---|---|---|
| 2025 | +20.8% | +20.8% |
| 2024 | +25.6% | +25.7% |
| 2023 | +54.9% | +55.0% |
| 2022 | −32.6% | −32.5% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, QQQ or QQQM?
From March 2021 to October 2026, QQQ returned +16.4% a year and QQQM +16.4% a year, with dividends reinvested. Over rolling 3-year periods QQQ did better in 3% of cases. Past returns do not predict future returns.
Which is riskier, QQQ or QQQM?
Over the same months annual volatility was 20.2% for QQQ and 20.2% for QQQM; the deepest fall from a month-end high was 32.6% and 32.5%, and the worst single month −13.6% and −13.4%.
How correlated are QQQ and QQQM?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.