QQQS vs SCHA: Grades, Fees and Holdings Compared

Invesco NASDAQ Future Gen 200 ETF

QQQSDNasdaq

Schwab U.S. Small-Cap ETF

SCHAANYSE Arca

Overlap

4.5%by weight

Expense ratio

SCHA −0.17pt a year

QQQS0.20%SCHA0.03%

Avg volume · 30D

SCHA 491.1×the volume

QQQS6.22KSCHA3.05M

3Y return · a year

QQQS +5.9pt

QQQS+26.7%SCHA+20.8%

QQQS vs SCHA Performance

Nov 7, 2025 – Nov 9, 2026

+22.0%QQQS+21.8%SCHA

Expense ratio: QQQS 0.20%; SCHA 0.03%, better
Fund size: QQQS $20M; SCHA $21.7B
1Y total return: QQQS +22.0%, better; SCHA +21.8%
Yield (12M): QQQS 1.89%, better; SCHA 1.11%
Holdings: QQQS 203; SCHA 1738
Avg volume (30D): QQQS 6.22K sh; SCHA 3.05M sh, better
NAV per share: QQQS $37.89; SCHA $32.39
52W range

ETF.net Grade

Pillar letters and Scores for QQQS, SCHA, with each pillar’s weight
Pillar	QQQS	SCHA
Cost30% weight	C47	A91Higher
Mission25% weight	Not scored	A96
Risk15% weight	F15	D38Higher
Tradability15% weight	C44	A86Higher
Holdings10% weight	D29	A82Higher
Durability5% weight	F21	A77Higher

Rank among US Small-Cap funds

How we build Categories ›

Same Category. QQQS and SCHA are both graded against the same 16 US Small-Cap funds, so their Grades compare head to head.

US Small-Cap⁠

Category · 16 funds

See all 16 ›

SCHA ranks 1st and QQQS 16th of 16 funds in the US Small-Cap Category.

Rank 1ASCHASchwab U.S. Small-Cap ETFScore 81
Rank 2AVBVanguard Morningstar Small-Cap ETFScore 76
Rank 15DTSCVThrivent Small Cap Value ETFScore 39
Rank 16DQQQSInvesco NASDAQ Future Gen 200 ETFScore 35

Our read on each fund

ETF.net Research

QQQSDInvesco NASDAQ Future Gen 200 ETF

SCHAASchwab U.S. Small-Cap ETF

In short

QQQS Invesco's "future gen" swing: a rules-based basket of roughly 200 Nasdaq-listed innovators for 0.20% a year. Young (2022 launch), small, and lightly traded, so the order screen matters as much as the thesis.

SCHA Schwab's small-cap workhorse: three basis points, roughly 1,700 companies, and a mandate to hold the slice of the US market that sits below the large and mid caps. Running since 2009.

Stated mandate

QQQS The Fund seeks to track, before fees and expenses, the investment results of the Nasdaq Innovators Completion Cap Index. It invests at least 90% of total assets in securities comprising that index.

SCHA The fund seeks to closely track, before fees and expenses, the total return of the Dow Jones U.S. Small-Cap Total Stock Market Index. It generally invests in that index’s small-cap stocks and normally places at least 90% of net assets in them.

Why people hold it

QQQS Costs 0.20% a year, below the typical US factor fund and undercutting peers like SUSA (0.25%) and DXUV (0.28%).
Purely rules-driven: at least 90% of assets sit in the Nasdaq Innovators Completion Cap Index. You own the index, not a manager's hunches.invesco.com
Roughly 200 holdings make for one of the better-spread portfolios in its factor peer group, rather than a handful of names carrying the load.
Distributions land on a quarterly schedule.

SCHA At 0.03% a year, it is tied for the cheapest fund in its small-cap peer group and a fraction of the 0.25% category median. The fee is the one variable you know in advance.
Roughly 1,700 stocks, weighted by size. That is the whole small-cap tail rather than a curated shortlist, and no single name gets to steer the portfolio.
The contract is plain: at least 90% of net assets in the Dow Jones U.S. Small-Cap Total Stock Market Index, and it has tracked that benchmark closely.
Sixteen years old, multi-billion-dollar, actively traded, and pays quarterly. One of the sturdier implementations among the broad small-cap index funds we cover.

Worth knowing

QQQS A small fund that trades thinly. Spreads can be wide, so limit orders and a little patience do real work here.
Up-and-coming innovators swing harder than blue chips. This has been one of the bumpier rides among US factor funds.
Launched in 2022, so the record is short, and small, young funds face more closure risk than entrenched giants.

SCHA Small caps move harder than large caps in both directions. This fund takes the full ride with no hedge, buffer, or volatility damper in the design.
The index sorts by size, not quality. Unprofitable and lightly covered companies come along with everything else, since no earnings screen sits in front of the portfolio.
It follows a Dow Jones small-cap index, not the Russell 2000 that IWM and VTWO track, so its returns and headlines about that benchmark will not line up exactly.

Full QQQS profile⁠

Full SCHA profile⁠

QQQS vs SCHA Holdings

How QQQS and SCHA differ

Overlap by weight

4.5%

Shared holdings make up 54.5% of QQQS and 4.5% of SCHA.

Level by level

Holdings102 in both4.5%
Sector11 Sectors49.4%
Countryby domicile89.7%
Asset classStocks100%

Sector

Sector weights in QQQS and SCHA, widest gap first
Sector	Gap	QQQS	SCHA
Health Care	QQQS +36.0 points	53.3%	17.3%
Financials	SCHA +17.3 points	0.0%	17.3%
Technology	QQQS +14.1 points	28.8%	14.7%
Industrials	SCHA +8.0 points	6.4%	14.4%
Real Estate	SCHA +7.1 points	0.0%	7.1%
Consumer Discretionary	SCHA +6.0 points	5.5%	11.5%
Energy	SCHA +4.6 points	0.4%	5.0%
Materials	SCHA +3.6 points	0.5%	4.1%
Utilities	SCHA +2.6 points	0.0%	2.6%
Consumer Staples	SCHA +1.4 points	1.6%	3.0%
Communication	QQQS +0.5 points	3.5%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in QQQS and SCHA, widest gap first
Country	Gap	QQQS	SCHA
United States	SCHA +9.7 points	89.3%	99.0%
Canada	QQQS +2.5 points	2.6%	0.1%
China	QQQS +2.3 points	2.3%	0.0%
Sweden	QQQS +1.0 points	1.0%	0.0%
United Kingdom	QQQS +0.9 points	0.9%	0.0%
Spain	QQQS +0.6 points	0.6%	0.0%
Singapore	QQQS +0.6 points	0.6%	0.0%
Other countries (11)	QQQS +1.9 points	2.8%	0.9%

Concentration

Weight in the 10 largest Holdings

QQQS8.4%
SCHA2.8%

Securities held

QQQS202
SCHA1,737

Asset class

QQQS: Stocks
SCHA: Stocks

Holdings

Only in QQQS100
In both102
Only in SCHA1,635

Only in QQQS

100 securities, 45.6% of QQQS by weight

Precision BioSciences Inc0.81%
QTREX Quantum Ltd0.73%
Skyworks Solutions Inc0.72%
Azenta Inc0.70%
Arq Inc0.70%
Turtle Beach Corp0.70%
Lakefront Biotherapeutics NV0.69%
Opus Genetics Inc0.68%
MediWound Ltd0.66%
Inogen Inc0.66%
Grifols SA0.64%
Quanterix Corp0.64%
JOYY Inc0.63%
Profound Medical Corp0.62%
BRP Inc0.61%
Align Technology Inc0.61%
TTEC Holdings Inc0.60%
GoPro Inc0.60%
iQIYI Inc0.60%
Innovative Solutions and Support Inc0.60%
Telefonaktiebolaget LM Ericsson0.60%
Lovesac Co/The0.59%
Agora Inc0.59%
Open Text Corp0.58%
Zevra Therapeutics Inc0.58%
Cerence Inc0.57%
Standard BioTools Inc0.57%
Inovio Pharmaceuticals Inc0.56%
Entegris Inc0.55%
Agenus Inc0.55%
Heron Therapeutics Inc0.54%
Canadian Solar Inc0.53%
Immersion Corp0.53%
Aviat Networks Inc0.52%
Sol-Gel Technologies Ltd0.52%
MasterCraft Boat Holdings Inc0.51%
Bicycle Therapeutics PLC0.51%
Vistance Networks Inc0.51%
KVH Industries Inc0.50%
Mesoblast Ltd0.50%
Spero Therapeutics Inc0.50%
Stratasys Ltd0.49%
Cartesian Therapeutics Inc0.48%
Lifetime Brands Inc0.47%
Arqit Quantum Inc0.47%
ChipMOS Technologies Inc0.47%
Exagen Inc0.46%
Spruce Biosciences Inc0.46%
X4 Pharmaceuticals Inc0.46%
Lakeland Industries Inc0.45%

Only in SCHA

1,635 securities, 95.5% of SCHA by weight

Glaukos0.33%
Wayfair Class A0.32%
American Healthcare Reit0.31%
Halozyme Therapeutics0.29%
Brightspring Health Services Inc0.28%
Bitmine Immersion Technologies0.28%
Ensign Group0.26%
Ryder System0.25%
Flowserve0.25%
Wintrust Financial0.25%
Southstate Bank Corp0.25%
Popular0.25%
Hecla Mining0.24%
New York Times Class A0.24%
Umb Financial0.24%
Allison Transmission Holdings0.24%
Kymera Therapeutics0.24%
Watts Water Technologies Class A0.23%
Affiliated Managers Group0.23%
Solstice Advanced Materials Inc0.23%
Brixmor Property Group Reit Inc0.23%
Littelfuse0.22%
Caretrust Reit0.22%
Ryman Hospitality Properties Reit0.22%
Life Time Group Holdings0.22%
Primerica0.22%
Brinker International Inc0.22%
Vaxcyte0.22%
Agree Realty Reit0.21%
Healthequity0.21%
Prosperity Bancshares0.21%
Columbia Banking System Inc0.21%
Spyre Therapeutics Inc0.21%
Victoria’s Secret0.21%
Protagonist Therapeutics0.21%
Tg Therapeutics0.21%
Idacorp0.21%
Hanover Insurance Group0.21%
Old National Bancorp0.21%
Oshkosh Corp0.20%
Arrowhead Pharmaceuticals0.20%
Jackson Financial Class A0.20%
Epam Systems0.20%
Simpson Manufacturing0.20%
Krystal Biotech0.20%
Twist Bioscience0.20%
Globus Medical Class A0.20%
Ugi0.20%
Madrigal Pharmaceuticals0.20%
Darling Ingredients0.20%

Weight gaps

The 100 widest of 102 Holdings in both funds.

Holding weights in QQQS and SCHA, widest gap first
Holding	Gap	QQQS	SCHA
Myriad Genetics IncMYGN	QQQS +1.07 points	1.08%	0.01%
Pacific Biosciences of California IncPACB	QQQS +0.96 points	0.98%	0.02%
Gogo IncGOGO	QQQS +0.89 points	0.90%	<0.01%
Pacira BioSciences IncPCRX	QQQS +0.78 points	0.82%	0.04%
OrthoPediatrics CorpKIDS	QQQS +0.78 points	0.79%	0.01%
OneSpan IncOSPN	QQQS +0.75 points	0.77%	0.02%
SI-BONE IncSIBN	QQQS +0.72 points	0.75%	0.03%
Helen of Troy LtdHELE	QQQS +0.71 points	0.73%	0.02%
Xencor IncXNCR	QQQS +0.71 points	0.77%	0.06%
CryoPort IncCYRX	QQQS +0.68 points	0.70%	0.02%
OPKO Health IncOPK	QQQS +0.67 points	0.69%	0.02%
8x8 IncEGHT	QQQS +0.65 points	0.66%	<0.01%
AtriCure IncATRC	QQQS +0.64 points	0.71%	0.07%
Rapid7 IncRPD	QQQS +0.62 points	0.64%	0.02%
Synaptics IncSYNA	QQQS +0.60 points	0.71%	0.11%
Ironwood Pharmaceuticals IncIRWD	QQQS +0.59 points	0.61%	0.02%
Alector IncALEC	QQQS +0.58 points	0.59%	<0.01%
Omnicell IncOMCL	QQQS +0.58 points	0.62%	0.04%
DMC Global IncBOOM	QQQS +0.58 points	0.58%	<0.01%
Sonos IncSONO	QQQS +0.58 points	0.62%	0.04%
SIGA Technologies IncSIGA	QQQS +0.58 points	0.58%	<0.01%
Columbus McKinnon Corp/NYCMCO	QQQS +0.57 points	0.58%	0.01%
Varex Imaging CorpVREX	QQQS +0.56 points	0.58%	0.02%
OraSure Technologies IncOSUR	QQQS +0.55 points	0.56%	<0.01%
Alpha & Omega Semiconductor LtdAOSL	QQQS +0.55 points	0.56%	0.01%
MannKind CorpMNKD	QQQS +0.54 points	0.57%	0.03%
LivaNova PLCLIVN	QQQS +0.54 points	0.66%	0.12%
Senseonics Holdings IncSENS	QQQS +0.54 points	0.55%	0.01%
Energy Recovery IncERII	QQQS +0.53 points	0.54%	<0.01%
Matthews International CorpMATW	QQQS +0.54 points	0.55%	0.01%
Universal Display CorpOLED	QQQS +0.53 points	0.62%	0.09%
Mitek Systems IncMITK	QQQS +0.53 points	0.55%	0.02%
Personalis IncPSNL	QQQS +0.52 points	0.55%	0.03%
Omega Flex IncOFLX	QQQS +0.53 points	0.53%	<0.01%
MillerKnoll IncMLKN	QQQS +0.51 points	0.55%	0.04%
Commvault Systems IncCVLT	QQQS +0.51 points	0.67%	0.16%
NETGEAR IncNTGR	QQQS +0.51 points	0.52%	0.01%
Progress Software CorpPRGS	QQQS +0.51 points	0.55%	0.04%
Innoviva IncINVA	QQQS +0.51 points	0.54%	0.03%
Iovance Biotherapeutics IncIOVA	QQQS +0.50 points	0.58%	0.08%
Omeros CorpOMER	QQQS +0.50 points	0.53%	0.03%
Prothena Corp PLCPRTA	QQQS +0.49 points	0.50%	<0.01%
Fox Factory Holding CorpFOXF	QQQS +0.49 points	0.51%	0.02%
Itron IncITRI	QQQS +0.49 points	0.60%	0.11%
Rigel Pharmaceuticals IncRIGL	QQQS +0.48 points	0.50%	0.02%
Editas Medicine IncEDIT	QQQS +0.48 points	0.49%	<0.01%
Orthofix Medical IncOFIX	QQQS +0.48 points	0.49%	<0.01%
C4 Therapeutics IncCCCC	QQQS +0.48 points	0.49%	<0.01%
Ligand Pharmaceuticals IncLGND	QQQS +0.48 points	0.63%	0.15%
Conduent IncCNDT	QQQS +0.47 points	0.48%	<0.01%
Enanta Pharmaceuticals IncENTA	QQQS +0.47 points	0.48%	<0.01%
ICU Medical IncICUI	QQQS +0.47 points	0.58%	0.11%
Cirrus Logic IncCRUS	QQQS +0.47 points	0.61%	0.14%
Agios Pharmaceuticals IncAGIO	QQQS +0.47 points	0.51%	0.04%
Groupon IncGRPN	QQQS +0.46 points	0.47%	<0.01%
IPG Photonics CorpIPGP	QQQS +0.46 points	0.50%	0.04%
SolarEdge Technologies IncSEDG	QQQS +0.46 points	0.50%	0.04%
Dropbox IncDBX	QQQS +0.46 points	0.58%	0.12%
Newell Brands IncNWL	QQQS +0.45 points	0.51%	0.06%
Lexicon Pharmaceuticals IncLXRX	QQQS +0.45 points	0.46%	<0.01%
Bruker CorpBRKR	QQQS +0.45 points	0.62%	0.17%
DENTSPLY SIRONA IncXRAY	QQQS +0.45 points	0.50%	0.05%
Sarepta Therapeutics IncSRPT	QQQS +0.44 points	0.49%	0.05%
Fate Therapeutics IncFATE	QQQS +0.45 points	0.45%	<0.01%
Integra LifeSciences Holdings CorpIART	QQQS +0.44 points	0.46%	0.02%
Alphatec Holdings IncATEC	QQQS +0.45 points	0.47%	0.02%
Innospec IncIOSP	QQQS +0.44 points	0.49%	0.05%
Cerus CorpCERS	QQQS +0.44 points	0.45%	<0.01%
Merit Medical Systems IncMMSI	QQQS +0.43 points	0.56%	0.13%
Lyft IncLYFT	QQQS +0.43 points	0.59%	0.16%
Gentherm IncTHRM	QQQS +0.42 points	0.46%	0.04%
Tandem Diabetes Care IncTNDM	QQQS +0.42 points	0.45%	0.03%
MiMedx Group IncMDXG	QQQS +0.42 points	0.43%	<0.01%
Gentex CorpGNTX	QQQS +0.42 points	0.52%	0.10%
AngioDynamics IncANGO	QQQS +0.42 points	0.43%	0.01%
QuidelOrtho CorpQDEL	QQQS +0.41 points	0.43%	0.02%
Arbutus Biopharma CorpABUS	QQQS +0.41 points	0.42%	0.01%
Vanda Pharmaceuticals IncVNDA	QQQS +0.40 points	0.41%	<0.01%
Novocure LtdNVCR	QQQS +0.41 points	0.44%	0.03%
Power Integrations IncPOWI	QQQS +0.40 points	0.46%	0.06%
Anika Therapeutics IncANIK	QQQS +0.41 points	0.41%	<0.01%
Arvinas IncARVN	QQQS +0.40 points	0.41%	<0.01%
Ribbon Communications IncRBBN	QQQS +0.40 points	0.40%	<0.01%
Kopin CorpKOPN	QQQS +0.39 points	0.40%	0.01%
10X Genomics IncTXG	QQQS +0.38 points	0.56%	0.18%
MaxLinear IncMXL	QQQS +0.38 points	0.48%	0.10%
Goodyear Tire & Rubber Co/TheGT	QQQS +0.38 points	0.41%	0.03%
iHeartMedia IncIHRT	QQQS +0.37 points	0.38%	<0.01%
Geron CorpGERN	QQQS +0.38 points	0.39%	0.01%
Aclaris Therapeutics IncACRS	QQQS +0.37 points	0.38%	0.01%
Precigen IncPGEN	QQQS +0.36 points	0.38%	0.02%
Viasat IncVSAT	QQQS +0.34 points	0.56%	0.22%
Quantum CorpQMCO	QQQS +0.34 points	0.35%	<0.01%
Coherus Oncology IncCHRS	QQQS +0.33 points	0.33%	<0.01%
FuelCell Energy IncFCEL	QQQS +0.32 points	0.34%	0.02%
InterDigital IncIDCC	QQQS +0.32 points	0.50%	0.18%
Rambus IncRMBS	QQQS +0.30 points	0.50%	0.20%
Viavi Solutions IncVIAV	QQQS +0.29 points	0.46%	0.17%
Nektar TherapeuticsNKTR	QQQS +0.27 points	0.30%	0.03%
Akebia Therapeutics IncAKBA	QQQS +0.26 points	0.26%	<0.01%

All 201 QQQS holdings⁠All 1,744 SCHA 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.

QQQS vs SCHA Cost

Overpaying QQQS vs SCHA

$3,517

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

QQQS 0.20%
$4,155
SCHA 0.03%
$638

Amount$10,000

Years30 years

Cost over time

QQQS 0.20%
SCHA 0.03%
Overpaying

Year by year

Year	QQQS	SCHA	Overpaying
10	$365	$55	$310
20	$1,421	$216	$1,205
30	$4,155	$638	$3,517

Expense ratio

0.20%QQQS
0.03%SCHA, cheaper

SCHA0.03%QQQS0.20%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

SCHA cheapest of 16 funds

QQQS 9th cheapest of 16 funds

QQQS vs SCHA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QQQS 1.89%, better; SCHA 1.11%
Payout (12M): QQQS $0.74; SCHA $0.37
Last payment: QQQS $0.02; SCHA $0.10
Ex-dividend: QQQS Sep 21, 2026; SCHA Sep 23, 2026
Paid on: QQQS Sep 25, 2026; SCHA Sep 28, 2026
Frequency: QQQS Quarterly; SCHA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QQQSQuarterly · 15 paymentsAll QQQS payments⁠

SCHAQuarterly · 40 paymentsAll SCHA payments⁠

QQQS vs SCHA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: QQQS 26.2%SCHA 18.6%, better
Return per unit of riskSharpe ratio, 3 years: QQQS 0.87SCHA 0.88, better
Worst fallMax drawdown, 5 years: QQQS −38.1%since Oct 2022SCHA −30.6%
Market sensitivityBeta, 5 years: QQQS 1.58SCHA 1.13; Market = 1

QQQS and SCHA in the news

All news⁠

Best ETFs
Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%
Updated Nov 2, 2026SCHA
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026SCHA

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QQQS vs SCHA

In short

Stated mandate

Why people hold it

Worth knowing

How QQQS and SCHA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QQQS

Only in SCHA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Best small-cap ETFs: Vanguard’s VB beats three great funds all charging just 0.03%

Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart

How QQQS and SCHA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in QQQS

Only in SCHA

Weight gaps