QQQ vs QQQM: Grades, Fees and Holdings Compared

Invesco QQQ Trust, Series 1

QQQANasdaq

Invesco NASDAQ 100 ETF

QQQMANasdaq

Overlap

99.8%by weight

Both track Nasdaq-100 Index

Expense ratio

QQQM −0.03pt a year

QQQ0.18%QQQM0.15%

Avg volume · 30D

QQQ 12.1×the volume

QQQ37.1MQQQM3.07M

5Y return · a year

QQQM +0.1pt

QQQ+10.8%QQQM+10.9%

QQQ vs QQQM Performance

Nov 5, 2021 – Nov 5, 2026

+67.2%QQQ+68.1%QQQM

Expense ratio: QQQ 0.18%; QQQM 0.15%, better
Fund size: QQQ $469B; QQQM $107B
1Y total return: QQQ +4.3%; QQQM +4.5%, better
Yield (12M): QQQ 0.48%; QQQM 0.49%, better
Holdings: QQQ 105; QQQM 105
Avg volume (30D): QQQ 37.1M sh, better; QQQM 3.07M sh
NAV per share: QQQ $691.74; QQQM $284.83
52W range

ETF.net Grade

Pillar letters and Scores for QQQ, QQQM, with each pillar’s weight
Pillar	QQQ	QQQM
Cost30% weight	B64	A74Higher
Mission25% weight	A100	A100
Risk15% weight	C50	C50
Tradability15% weight	A93Higher	A88
Holdings10% weight	B61	B61
Durability5% weight	A81Higher	A76

Rank among Nasdaq-100 funds

How we build Categories ›

Same Category. QQQ and QQQM are both graded against the same 10 Nasdaq-100 funds, so their Grades compare head to head.

Nasdaq-100⁠

Category · 10 funds

See all 10 ›

QQQM ranks 1st and QQQ 2nd of 10 funds in the Nasdaq-100 Category.

Rank 1AQQQMInvesco NASDAQ 100 ETFScore 77
Rank 2AQQQInvesco QQQ Trust, Series 1Score 75
Rank 3AIQQiShares Nasdaq 100 ETFScore 70

Our read on each fund

ETF.net Research

QQQAInvesco QQQ Trust, Series 1

QQQMAInvesco NASDAQ 100 ETF

In short

QQQ The 1999 original. QQQ tracks the Nasdaq-100, roughly 100 of the largest non-financial companies listed on the Nasdaq, and has become one of the most heavily traded funds on the market.

QQQM The Nasdaq-100 in a thriftier wrapper. Launched in 2020, QQQM holds the same index as Invesco's famous original and charges 0.15% a year instead of 0.18%, built for people who buy and sit rather than trade.

Stated mandate

QQQ The trust is designed to match the pre-expense investment performance of the Nasdaq-100 Index.

QQQM The Fund seeks to track the performance of the NASDAQ-100 Index before fees and expenses by generally investing at least 90% of its assets in index securities.

Why people hold it

QQQ Launched in 1999, it is one of the longest-running ETFs in the US and one of the most actively traded, which usually means tight spreads and easy fills at size.
The mandate is simple: match the Nasdaq-100 before expenses. Tracking has stayed about as close to the index as this structure allows.
At 0.18%, the fee sits below the typical Nasdaq-100 tracker, and the fund is one of the largest ETFs in existence.
The index screens out financial companies, so you own Nasdaq-listed tech, consumer and healthcare heavyweights rather than a broad slice of the market.nasdaq.com

QQQM Same NASDAQ-100 index as Invesco's original fund, for 0.15% instead of 0.18%. Identical mandate, smaller toll.invesco.com
Undercuts the typical Nasdaq-100 wrapper (cohort median 0.20%) and costs well under half the equal-weight version, QQQE, at 0.35%.
The mandate is literal: at least 90% of assets in index securities, tracking about 100 of the largest Nasdaq-listed non-financial companies.nasdaq.com
A multi-billion-dollar, actively traded fund and one of the stronger implementations in its Nasdaq-100 peer group.

Worth knowing

QQQ Invesco's own QQQM follows the same index for 0.15%. QQQ's edge is trading depth, not price.
About 100 market-cap-weighted names with no financials: the biggest few carry a lot of the index, and sector swings land harder than in a total-market fund.nasdaq.com
Income is a side effect here, not the point. Distributions are paid quarterly and the index leans toward growth companies.nasdaq.com

QQQM The index excludes financial companies and requires a Nasdaq listing, so whole slices of the US market never show up here.nasdaq.com
Modified market-cap weighting means the biggest names carry the biggest weights, so a short list of mega-caps drives most of the ride.nasdaq.com
Distributions land quarterly, and the index selects on size, not dividends.nasdaq.com

Full QQQ profile⁠

Full QQQM profile⁠

QQQ vs QQQM Holdings

How QQQ and QQQM differ

Overlap by weight

99.8%

Shared holdings make up 99.8% of QQQM and 99.8% of QQQ.

Level by level

Asset classStocks100%
Countryby domicile99.99%
Sector10 Sectors99.9%
Holdings101 in both99.8%

Sector

Sector weights in QQQ and QQQM, widest gap first
Sector	Gap	QQQ	QQQM
Financials	QQQM +0.1 points	0.2%	0.3%
Technology	QQQ +0.1 points	59.3%	59.2%
Communication	QQQ +0.1 points	11.0%	10.9%
Consumer Discretionary	Same weight	10.5%	10.5%
Industrials	Same weight	5.6%	5.6%
Consumer Staples	Same weight	6.3%	6.3%
Health Care	Same weight	4.4%	4.4%
Utilities	Same weight	1.1%	1.1%
Materials	Same weight	1.0%	1.0%
Energy	Same weight	0.5%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in QQQ and QQQM, widest gap first
Country	Gap	QQQ	QQQM
United States	Same weight	97.3%	97.3%
Canada	Same weight	1.1%	1.1%
Netherlands	Same weight	0.9%	0.9%
Brazil	Same weight	0.4%	0.4%
China	Same weight	0.2%	0.2%
United Kingdom	Same weight	0.2%	0.2%

Concentration

Weight in the 10 largest Holdings

QQQ46.9%
QQQM46.9%

Securities held

QQQ101
QQQM102

Asset class

QQQ: Stocks
QQQM: Stocks

Holdings

Only in QQQ0
In both101
Only in QQQM1

Only in QQQ

0 securities, 0.0% of QQQ by weight

Only in QQQM

1 security, 0.1% of QQQM by weight

Invesco Government & Agency Portfolio0.13%

Weight gaps

The 100 widest of 101 Holdings in both funds.

Holding weights in QQQ and QQQM, widest gap first
Holding	Gap	QQQ	QQQM
Apple IncAAPL	Same weight	8.27%	8.27%
NVIDIA CorpNVDA	Same weight	7.82%	7.82%
Microsoft CorpMSFT	Same weight	6.69%	6.69%
Amazon.com IncAMZN	Same weight	4.65%	4.65%
Micron Technology IncMU	Same weight	4.02%	4.02%
MercadoLibre IncMELI	Same weight	0.39%	0.39%
Tesla IncTSLA	Same weight	3.28%	3.28%
Costco Wholesale CorpCOST	Same weight	2.08%	2.08%
Advanced Micro Devices IncAMD	Same weight	3.57%	3.57%
Broadcom IncAVGO	Same weight	2.51%	2.51%
Sandisk CorpSNDK	Same weight	0.68%	0.68%
Alphabet IncGOOGL	Same weight	2.75%	2.75%
Space Exploration Technologies CorpSPCX	Same weight	2.61%	2.61%
Walmart IncWMT	Same weight	2.81%	2.81%
Alphabet IncGOOG	Same weight	2.57%	2.57%
Meta Platforms IncMETA	Same weight	3.04%	3.04%
Monolithic Power Systems IncMPWR	Same weight	0.28%	0.28%
Roper Technologies IncROP	Same weight	0.22%	0.22%
Cisco Systems IncCSCO	Same weight	1.83%	1.83%
Lam Research CorpLRCX	Same weight	1.24%	1.24%
Lumentum Holdings IncLITE	Same weight	0.25%	0.25%
Intel CorpINTC	Same weight	1.37%	1.37%
Axon Enterprise IncAXON	Same weight	0.15%	0.15%
Automatic Data Processing IncADP	Same weight	0.54%	0.54%
Autodesk IncADSK	Same weight	0.25%	0.25%
Regeneron Pharmaceuticals IncREGN	Same weight	0.42%	0.42%
Palantir Technologies IncPLTR	Same weight	1.77%	1.77%
Adobe IncADBE	Same weight	0.44%	0.44%
ARM Holdings PLCARM	Same weight	0.37%	0.37%
Nebius Group NVNBIS	Same weight	0.15%	0.15%
Synopsys IncSNPS	Same weight	0.40%	0.40%
Fortinet IncFTNT	QQQM +0.01 points	0.42%	0.42%
Marriott International Inc/MDMAR	Same weight	0.50%	0.50%
Linde PLCLIN	Same weight	1.08%	1.08%
Honeywell International IncHON	Same weight	0.32%	0.32%
Palo Alto Networks IncPANW	Same weight	1.27%	1.27%
Datadog IncDDOG	Same weight	0.28%	0.28%
AppLovin CorpAPP	Same weight	0.37%	0.37%
Intuit IncINTU	Same weight	0.44%	0.44%
Old Dominion Freight Line IncODFL	Same weight	0.17%	0.17%
Booking Holdings IncBKNG	Same weight	0.57%	0.57%
Diamondback Energy IncFANG	Same weight	0.23%	0.23%
Crowdstrike Holdings IncCRWD	Same weight	1.10%	1.10%
Airbnb IncABNB	Same weight	0.33%	0.33%
American Electric Power Co IncAEP	Same weight	0.31%	0.31%
Strategy IncMSTR	Same weight	0.23%	0.23%
Honeywell Aerospace IncHONA	Same weight	0.22%	0.22%
Analog Devices IncADI	Same weight	0.88%	0.88%
Constellation Energy CorpCEG	Same weight	0.39%	0.39%
Netflix IncNFLX	Same weight	1.24%	1.24%
Shopify IncSHOP	Same weight	0.83%	0.83%
Applied Materials IncAMAT	Same weight	1.31%	1.31%
GE HealthCare Technologies IncGEHC	Same weight	0.17%	0.17%
Intuitive Surgical IncISRG	Same weight	0.76%	0.76%
Take-Two Interactive Software IncTTWO	Same weight	0.17%	0.17%
Texas Instruments IncTXN	Same weight	1.27%	1.27%
CoreWeave IncCRWV	Same weight	0.10%	0.10%
Ross Stores IncROST	Same weight	0.35%	0.35%
PepsiCo IncPEP	Same weight	0.87%	0.87%
Seagate Technology Holdings PLCSTX	Same weight	0.57%	0.57%
Western Digital CorpWDC	Same weight	0.52%	0.52%
Mondelez International IncMDLZ	Same weight	0.38%	0.38%
Gilead Sciences IncGILD	Same weight	0.97%	0.97%
Coca-Cola Europacific Partners PLCCCEP	Same weight	0.23%	0.23%
Exelon CorpEXC	Same weight	0.21%	0.21%
Moderna IncMRNA	Same weight	0.46%	0.46%
NXP Semiconductors NVNXPI	Same weight	0.30%	0.30%
Paychex IncPAYX	Same weight	0.19%	0.19%
Baker Hughes CoBKR	Same weight	0.22%	0.22%
Vertex Pharmaceuticals IncVRTX	Same weight	0.62%	0.62%
KLA CorpKLAC	Same weight	0.88%	0.88%
Teradyne IncTER	Same weight	0.18%	0.18%
T-Mobile US IncTMUS	Same weight	0.76%	0.76%
Astera Labs IncALAB	Same weight	0.17%	0.17%
Xcel Energy IncXEL	Same weight	0.23%	0.23%
Comcast CorpCMCSA	Same weight	0.39%	0.39%
CSX CorpCSX	Same weight	0.43%	0.43%
IDEXX Laboratories IncIDXX	Same weight	0.25%	0.25%
Workday IncWDAY	Same weight	0.18%	0.18%
Cintas CorpCTAS	Same weight	0.41%	0.41%
Cadence Design Systems IncCDNS	Same weight	0.41%	0.41%
Ferrovial NVFER	Same weight	0.19%	0.19%
PayPal Holdings IncPYPL	Same weight	0.23%	0.23%
DoorDash IncDASH	Same weight	0.36%	0.36%
Thomson Reuters CorpTRI	Same weight	0.20%	0.20%
QUALCOMM IncQCOM	Same weight	0.81%	0.81%
Alnylam Pharmaceuticals IncALNY	Same weight	0.10%	0.10%
Copart IncCPRT	Same weight	0.14%	0.14%
Fastenal CoFAST	Same weight	0.27%	0.27%
ASML Holding NVASML	Same weight	0.63%	0.63%
Rocket Lab CorpRKLB	Same weight	0.14%	0.14%
Monster Beverage CorpMNST	Same weight	0.43%	0.43%
O'Reilly Automotive IncORLY	Same weight	0.33%	0.33%
Microchip Technology IncMCHP	Same weight	0.18%	0.18%
Starbucks CorpSBUX	Same weight	0.56%	0.56%
Amgen IncAMGN	Same weight	1.16%	1.16%
PDD Holdings IncPDD	Same weight	0.25%	0.25%
Marvell Technology IncMRVL	Same weight	0.63%	0.63%
Keurig Dr Pepper IncKDP	Same weight	0.22%	0.22%
PACCAR IncPCAR	Same weight	0.25%	0.25%

All 102 QQQ holdings⁠All 103 QQQM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

QQQ vs QQQM Cost

Overpaying QQQ vs QQQM

$612

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

QQQ 0.18%
$3,749
QQQM 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

QQQ 0.18%
QQQM 0.15%
Overpaying

Year by year

Year	QQQ	QQQM	Overpaying
10	$328	$274	$54
20	$1,281	$1,071	$210
30	$3,749	$3,137	$612

Expense ratio

0.18%QQQ
0.15%QQQM, cheaper

QQQM0.15%QQQ0.18%

0.10%0.58%

Middle half of Nasdaq-100 funds
Median 0.20%

QQQM 3rd cheapest of 10 funds

QQQ 4th cheapest of 10 funds

QQQ vs QQQM Dividends

Last 12 months to Nov 5, 2026

Yield (12M): QQQ 0.48%; QQQM 0.49%, better
Payout (12M): QQQ $3.09; QQQM $1.32
Last payment: QQQ $0.75; QQQM $0.31
Ex-dividend: QQQ Sep 21, 2026; QQQM Sep 21, 2026
Paid on: QQQ Oct 8, 2026; QQQM Sep 25, 2026
Frequency: QQQ Quarterly; QQQM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QQQQuarterly · 40 paymentsAll QQQ payments⁠

QQQMQuarterly · 24 paymentsAll QQQM payments⁠

QQQ vs QQQM Risk

Fall from peak · 5 years

QQQ
QQQM

Risk facts

VolatilityStd dev, 3 years: QQQ 17.8%QQQM 17.8%
Return per unit of riskSharpe ratio, 3 years: QQQ 1.14QQQM 1.15, better
Worst fallMax drawdown, 5 years: QQQ −35.1%QQQM −35.0%, better
Market sensitivityBeta, 5 years: QQQ 1.23QQQM 1.23; Market = 1

QQQ and QQQM in the news

All news⁠

New ETFs
Franklin's new ETFs turn stock dividends into bitcoin, but still have to pay that income out
Oct 30, 2026QQQQQQM
New ETFs
Liquid Strategies' new Nasdaq income ETF is selling S&P 500 puts
Oct 27, 2026QQQQQQM
Deep Dive
SpaceX more than doubles its Nadaq-100 weighting as post-IPO lockups expire
Oct 23, 2026QQQQQQM
Head-to-Head
New money goes to QQQM. A taxable QQQ holding can stay.
Oct 23, 2026QQQQQQM
Opening Bell
October jobs report tests bets on a December rate increase
5 hours agoQQQ
Top Movers
Chip stocks dragged the Nasdaq down 5.5% into a correction
19 hours agoQQQ

Popular comparisons

QQQAvsIQQA
Invesco QQQ Trust, Series 1 · iShares Nasdaq 100 ETF
Expense ratio
0.18% · 0.10%
Category
QQQMAvsQNDXB
Invesco NASDAQ 100 ETF · State Street SPDR Portfolio Nasdaq 100 ETF
Expense ratio
0.15% · 0.10%
Category
QQQAvsQNDXB
Invesco QQQ Trust, Series 1 · State Street SPDR Portfolio Nasdaq 100 ETF
Expense ratio
0.18% · 0.10%
Category
QQQMAvsIQQA
Invesco NASDAQ 100 ETF · iShares Nasdaq 100 ETF
Expense ratio
0.15% · 0.10%
Category
QQQAvsQQMGB
Invesco QQQ Trust, Series 1 · Invesco ESG NASDAQ 100 ETF
Expense ratio
0.18% · 0.20%
Category
QQQMAvsQQMGB
Invesco NASDAQ 100 ETF · Invesco ESG NASDAQ 100 ETF
Expense ratio
0.15% · 0.20%
Category