QQQS vs VTWO: Grades, Fees and Holdings Compared

Invesco NASDAQ Future Gen 200 ETF

QQQSDNasdaq

Vanguard Russell 2000 ETF

VTWOANasdaq

Overlap

5.0%by weight

Expense ratio

VTWO −0.14pt a year

QQQS0.20%VTWO0.06%

Avg volume · 30D

VTWO 241.8×the volume

QQQS6.22KVTWO1.5M

3Y return · a year

QQQS +6.1pt

QQQS+26.7%VTWO+20.6%

QQQS vs VTWO Performance

Nov 7, 2025 – Nov 9, 2026

+22.0%QQQS+18.3%VTWO

Expense ratio: QQQS 0.20%; VTWO 0.06%, better
Fund size: QQQS $20M; VTWO $16.6B
1Y total return: QQQS +22.0%, better; VTWO +18.3%
Yield (12M): QQQS 1.89%, better; VTWO 1.19%
Holdings: QQQS 203; VTWO 2002
Avg volume (30D): QQQS 6.22K sh; VTWO 1.5M sh, better
NAV per share: QQQS $37.89; VTWO $110.58
52W range

ETF.net Grade

Pillar letters and Scores for QQQS, VTWO, with each pillar’s weight
Pillar	QQQS	VTWO
Cost30% weight	C47	A75Higher
Mission25% weight	Not scored	A100
Risk15% weight	F15	D38Higher
Tradability15% weight	C44	B57Higher
Holdings10% weight	D29	B69Higher
Durability5% weight	F21	A81Higher

Rank among US Small-Cap funds

How we build Categories ›

Same Category. QQQS and VTWO 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 ›

VTWO ranks 3rd 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 3AVTWOVanguard Russell 2000 ETFScore 72
Rank 4ABKSEBNY Mellon US Small Cap Core Equity ETFScore 71
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

VTWOAVanguard Russell 2000 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.

VTWO The Russell 2000 is the small-cap benchmark every headline quotes. VTWO is Vanguard's cheap seat on it: about 2,000 small US companies for 0.06% a year, a fraction of the fee on the best-known fund tracking the same index.

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.

VTWO The fund invests in stocks in the Russell 2000 Index and seeks to closely track that index's return, representing small-cap U.S. stock exposure.

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.

VTWO Same index, smaller toll. VTWO charges 0.06% while IWM, the other big Russell 2000 tracker, charges 0.19%. The small-cap category median is 0.25%.vanguard.com
Holds roughly 2,000 stocks, the whole small-cap benchmark rather than a trimmed slice. A multi-billion-dollar fund, actively traded, running since 2010 and paying quarterly.
Tracking has been about as tight as this corner of the market gets, one of the closest index-replication records among US small-cap funds.

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.

VTWO Small-cap stocks swing harder than large caps, and this fund stays fully invested in them through the rough stretches.vanguard.com
Cheaper exists on the shelf: VB and SCHA run 0.03%, though they follow different small-cap indexes with different membership rules.
The Russell 2000 rebuilds its membership on a published schedule (June, plus a December rebalance from 2026), which packs index-driven trading into those dates.lseg.com

Full QQQS profile⁠

Full VTWO profile⁠

QQQS vs VTWO Holdings

How QQQS and VTWO differ

Overlap by weight

5.0%

Shared holdings make up 65.4% of QQQS and 5.0% of VTWO.

Level by level

Holdings128 in both5.0%
Sector11 Sectors52.2%
Countryby domicile89.3%
Asset classStocks100%

Sector

Sector weights in QQQS and VTWO, widest gap first
Sector	Gap	QQQS	VTWO
Health Care	QQQS +32.4 points	53.3%	20.9%
Financials	VTWO +18.0 points	0.0%	18.0%
Technology	QQQS +14.3 points	28.8%	14.5%
Industrials	VTWO +6.9 points	6.4%	13.3%
Real Estate	VTWO +6.4 points	0.0%	6.4%
Energy	VTWO +6.0 points	0.4%	6.4%
Materials	VTWO +3.8 points	0.5%	4.3%
Consumer Discretionary	VTWO +3.1 points	5.5%	8.6%
Utilities	VTWO +2.7 points	0.0%	2.7%
Communication	QQQS +1.2 points	3.5%	2.3%
Consumer Staples	VTWO +1.0 points	1.6%	2.6%

Country, concentration and asset class

Country by domicile

Country weights in QQQS and VTWO, widest gap first
Country	Gap	QQQS	VTWO
United States	VTWO +10.7 points	89.3%	100.0%
Canada	QQQS +2.6 points	2.6%	0.0%
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%
Taiwan	QQQS +0.5 points	0.5%	0.0%
Other countries (5)	QQQS +2.2 points	2.2%	0.0%

Concentration

Weight in the 10 largest Holdings

QQQS8.4%
VTWO5.4%

Securities held

QQQS202
VTWO2,000

Asset class

QQQS: Stocks
VTWO: Stocks

Holdings

Only in QQQS74
In both128
Only in VTWO1,872

Only in QQQS

74 securities, 34.7% of QQQS by weight

QTREX Quantum Ltd0.73%
Skyworks Solutions Inc0.72%
Azenta Inc0.70%
Arq Inc0.70%
Turtle Beach Corp0.70%
Lakefront Biotherapeutics NV0.69%
Grifols SA0.64%
JOYY Inc0.63%
Universal Display Corp0.62%
Profound Medical Corp0.62%
Bruker Corp0.62%
BRP Inc0.61%
Align Technology Inc0.61%
Cirrus Logic Inc0.61%
TTEC Holdings Inc0.60%
iQIYI Inc0.60%
Innovative Solutions and Support Inc0.60%
Telefonaktiebolaget LM Ericsson0.60%
Lyft Inc0.59%
Agora Inc0.59%
Open Text Corp0.58%
DMC Global Inc0.58%
Dropbox Inc0.58%
Standard BioTools Inc0.57%
Inovio Pharmaceuticals Inc0.56%
Entegris Inc0.55%
Gentex Corp0.52%
Sol-Gel Technologies Ltd0.52%
Bicycle Therapeutics PLC0.51%
Vistance Networks Inc0.51%
Rambus Inc0.50%
IPG Photonics Corp0.50%
SolarEdge Technologies Inc0.50%
Mesoblast Ltd0.50%
Spero Therapeutics Inc0.50%
Stratasys Ltd0.49%
Arqit Quantum Inc0.47%
ChipMOS Technologies Inc0.47%
Exagen Inc0.46%
Viavi Solutions Inc0.46%
Lakeland Industries Inc0.45%
Fate Therapeutics Inc0.45%
Compugen Ltd0.45%
Helus Pharma Inc0.45%
Neuronetics Inc0.44%
Microbot Medical Inc0.44%
Geospace Technologies Corp0.42%
Optical Cable Corp0.41%
Comtech Telecommunications Corp0.39%
Ballard Power Systems Inc0.39%

Only in VTWO

1,872 securities, 94.8% of VTWO by weight

SLBBH11422.35%
Twist Bioscience Corp0.42%
Moog Inc0.36%
JFrog Ltd0.35%
UMB Financial Corp0.32%
BrightSpring Health Services Inc0.31%
Glaukos Corp0.31%
Cytokinetics Inc0.29%
Hut 8 Corp0.29%
CareTrust REIT Inc0.29%
Krystal Biotech Inc0.29%
Protagonist Therapeutics Inc0.28%
Old National Bancorp/IN0.28%
FirstCash Holdings Inc0.28%
Jackson Financial Inc0.28%
Brinker International Inc0.28%
SM Energy Co0.27%
TG Therapeutics Inc0.27%
Ryman Hospitality Properties Inc0.27%
PBF Energy Inc0.25%
Vaxcyte Inc0.25%
Oscar Health Inc0.24%
HealthEquity Inc0.24%
Silicon Laboratories Inc0.24%
Praxis Precision Medicines Inc0.24%
Arcosa Inc0.24%
Riot Platforms Inc0.24%
Zeta Global Holdings Corp0.24%
Plexus Corp0.23%
StoneX Group Inc0.23%
Zurn Elkay Water Solutions Corp0.23%
ESCO Technologies Inc0.23%
SSR Mining Inc0.23%
Commercial Metals Co0.23%
Kymera Therapeutics Inc0.23%
Terreno Realty Corp0.23%
Spyre Therapeutics Inc0.22%
Alkermes PLC0.22%
Federal Signal Corp0.22%
EnerSys0.22%
Qualys Inc0.22%
Fluor Corp0.22%
Matson Inc0.22%
Enpro Inc0.22%
Lantheus Holdings Inc0.21%
Macerich Co/The0.21%
Compass Inc0.21%
TXNM Energy Inc0.21%
Victoria's Secret & Co0.21%
Hims & Hers Health Inc0.21%

Weight gaps

The 100 widest of 128 Holdings in both funds.

Holding weights in QQQS and VTWO, widest gap first
Holding	Gap	QQQS	VTWO
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%
Precision BioSciences IncDTIL	QQQS +0.81 points	0.81%	<0.01%
Pacira BioSciences IncPCRX	QQQS +0.79 points	0.82%	0.03%
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%
Xencor IncXNCR	QQQS +0.71 points	0.77%	0.06%
Helen of Troy LtdHELE	QQQS +0.71 points	0.73%	0.02%
CryoPort IncCYRX	QQQS +0.67 points	0.70%	0.03%
OPKO Health IncOPK	QQQS +0.67 points	0.69%	0.02%
Opus Genetics IncIRD	QQQS +0.67 points	0.68%	0.01%
MediWound LtdMDWD	QQQS +0.66 points	0.66%	<0.01%
Inogen IncINGN	QQQS +0.66 points	0.66%	<0.01%
8x8 IncEGHT	QQQS +0.65 points	0.66%	0.01%
Quanterix CorpQTRX	QQQS +0.63 points	0.64%	<0.01%
AtriCure IncATRC	QQQS +0.62 points	0.71%	0.09%
Rapid7 IncRPD	QQQS +0.61 points	0.64%	0.03%
GoPro IncGPRO	QQQS +0.59 points	0.60%	<0.01%
Alector IncALEC	QQQS +0.58 points	0.59%	<0.01%
Lovesac Co/TheLOVE	QQQS +0.58 points	0.59%	<0.01%
Ironwood Pharmaceuticals IncIRWD	QQQS +0.59 points	0.61%	0.02%
Synaptics IncSYNA	QQQS +0.58 points	0.71%	0.13%
SIGA Technologies IncSIGA	QQQS +0.58 points	0.58%	<0.01%
Omnicell IncOMCL	QQQS +0.57 points	0.62%	0.05%
Columbus McKinnon Corp/NYCMCO	QQQS +0.56 points	0.58%	0.01%
Varex Imaging CorpVREX	QQQS +0.55 points	0.58%	0.03%
Zevra Therapeutics IncZVRA	QQQS +0.56 points	0.58%	0.02%
Cerence IncCRNC	QQQS +0.56 points	0.57%	0.01%
OraSure Technologies IncOSUR	QQQS +0.55 points	0.56%	<0.01%
Sonos IncSONO	QQQS +0.55 points	0.62%	0.07%
Alpha & Omega Semiconductor LtdAOSL	QQQS +0.54 points	0.56%	0.02%
Heron Therapeutics IncHRTX	QQQS +0.54 points	0.54%	<0.01%
Agenus IncAGEN	QQQS +0.54 points	0.55%	0.01%
Senseonics Holdings IncSENS	QQQS +0.54 points	0.55%	0.01%
Energy Recovery IncERII	QQQS +0.53 points	0.54%	0.01%
MannKind CorpMNKD	QQQS +0.53 points	0.57%	0.04%
Matthews International CorpMATW	QQQS +0.53 points	0.55%	0.02%
Omega Flex IncOFLX	QQQS +0.53 points	0.53%	<0.01%
Mitek Systems IncMITK	QQQS +0.52 points	0.55%	0.03%
LivaNova PLCLIVN	QQQS +0.52 points	0.66%	0.14%
Immersion CorpIMMR	QQQS +0.52 points	0.53%	<0.01%
Personalis IncPSNL	QQQS +0.51 points	0.55%	0.04%
Aviat Networks IncAVNW	QQQS +0.51 points	0.52%	<0.01%
Canadian Solar IncCSIQ	QQQS +0.51 points	0.53%	0.02%
MillerKnoll IncMLKN	QQQS +0.51 points	0.55%	0.04%
NETGEAR IncNTGR	QQQS +0.50 points	0.52%	0.02%
MasterCraft Boat Holdings IncMCFT	QQQS +0.50 points	0.51%	0.01%
KVH Industries IncKVHI	QQQS +0.50 points	0.50%	<0.01%
Progress Software CorpPRGS	QQQS +0.50 points	0.55%	0.05%
Prothena Corp PLCPRTA	QQQS +0.49 points	0.50%	0.01%
Innoviva IncINVA	QQQS +0.49 points	0.54%	0.05%
Fox Factory Holding CorpFOXF	QQQS +0.48 points	0.51%	0.03%
Omeros CorpOMER	QQQS +0.48 points	0.53%	0.05%
Orthofix Medical IncOFIX	QQQS +0.48 points	0.49%	0.01%
Editas Medicine IncEDIT	QQQS +0.48 points	0.49%	0.01%
C4 Therapeutics IncCCCC	QQQS +0.48 points	0.49%	0.01%
Conduent IncCNDT	QQQS +0.47 points	0.48%	<0.01%
Rigel Pharmaceuticals IncRIGL	QQQS +0.47 points	0.50%	0.03%
Cartesian Therapeutics IncRNAC	QQQS +0.48 points	0.48%	<0.01%
Enanta Pharmaceuticals IncENTA	QQQS +0.47 points	0.48%	0.01%
Itron IncITRI	QQQS +0.48 points	0.60%	0.12%
Lifetime Brands IncLCUT	QQQS +0.47 points	0.47%	<0.01%
Commvault Systems IncCVLT	QQQS +0.46 points	0.67%	0.21%
Groupon IncGRPN	QQQS +0.46 points	0.47%	0.01%
Spruce Biosciences IncSPRB	QQQS +0.46 points	0.46%	<0.01%
X4 Pharmaceuticals IncXFOR	QQQS +0.45 points	0.46%	<0.01%
ICU Medical IncICUI	QQQS +0.45 points	0.58%	0.13%
Lexicon Pharmaceuticals IncLXRX	QQQS +0.45 points	0.46%	0.01%
Agios Pharmaceuticals IncAGIO	QQQS +0.45 points	0.51%	0.06%
Newell Brands IncNWL	QQQS +0.44 points	0.51%	0.07%
DENTSPLY SIRONA IncXRAY	QQQS +0.44 points	0.50%	0.06%
Cerus CorpCERS	QQQS +0.43 points	0.45%	0.02%
Sarepta Therapeutics IncSRPT	QQQS +0.43 points	0.49%	0.06%
Gentherm IncTHRM	QQQS +0.43 points	0.46%	0.03%
Integra LifeSciences Holdings CorpIART	QQQS +0.42 points	0.46%	0.04%
Ligand Pharmaceuticals IncLGND	QQQS +0.42 points	0.63%	0.21%
Alphatec Holdings IncATEC	QQQS +0.43 points	0.47%	0.04%
Vuzix CorpVUZI	QQQS +0.42 points	0.43%	<0.01%
Atomera IncATOM	QQQS +0.41 points	0.42%	<0.01%
Everspin Technologies IncMRAM	QQQS +0.41 points	0.42%	0.01%
Tandem Diabetes Care IncTNDM	QQQS +0.41 points	0.45%	0.04%
Innospec IncIOSP	QQQS +0.41 points	0.49%	0.08%
MiMedx Group IncMDXG	QQQS +0.41 points	0.43%	0.02%
QuidelOrtho CorpQDEL	QQQS +0.41 points	0.43%	0.02%
AngioDynamics IncANGO	QQQS +0.41 points	0.43%	0.02%
Vanda Pharmaceuticals IncVNDA	QQQS +0.40 points	0.41%	<0.01%
Anika Therapeutics IncANIK	QQQS +0.40 points	0.41%	<0.01%
Whitehawk Therapeutics IncWHWK	QQQS +0.39 points	0.40%	<0.01%
Aquestive Therapeutics IncAQST	QQQS +0.39 points	0.41%	0.02%
Arbutus Biopharma CorpABUS	QQQS +0.39 points	0.42%	0.03%
Energous CorpWATT	QQQS +0.40 points	0.40%	<0.01%
Arvinas IncARVN	QQQS +0.39 points	0.41%	0.02%
Merit Medical Systems IncMMSI	QQQS +0.39 points	0.56%	0.17%
Ribbon Communications IncRBBN	QQQS +0.39 points	0.40%	<0.01%
Novocure LtdNVCR	QQQS +0.38 points	0.44%	0.06%
Iovance Biotherapeutics IncIOVA	QQQS +0.39 points	0.58%	0.19%
TriSalus Life Sciences IncTLSI	QQQS +0.37 points	0.38%	<0.01%
Altimmune IncALT	QQQS +0.37 points	0.39%	0.02%

All 201 QQQS holdings⁠All 2,000 VTWO 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 VTWO Cost

Overpaying QQQS vs VTWO

$2,885

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

QQQS 0.20%
$4,155
VTWO 0.06%
$1,270

Amount$10,000

Years30 years

Cost over time

QQQS 0.20%
VTWO 0.06%
Overpaying

Year by year

Year	QQQS	VTWO	Overpaying
10	$365	$110	$255
20	$1,421	$432	$989
30	$4,155	$1,270	$2,885

Expense ratio

0.20%QQQS
0.06%VTWO, cheaper

VTWO0.06%QQQS0.20%

0.03%0.60%

Middle half of US Small-Cap funds
Median 0.20%

VTWO 4th cheapest of 16 funds

QQQS 9th cheapest of 16 funds

QQQS vs VTWO Dividends

Last 12 months to Nov 9, 2026

Yield (12M): QQQS 1.89%, better; VTWO 1.19%
Payout (12M): QQQS $0.74; VTWO $1.36
Last payment: QQQS $0.02; VTWO $0.39
Ex-dividend: QQQS Sep 21, 2026; VTWO Sep 23, 2026
Paid on: QQQS Sep 25, 2026; VTWO Sep 25, 2026
Frequency: QQQS Quarterly; VTWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QQQSQuarterly · 15 paymentsAll QQQS payments⁠

VTWOQuarterly · 39 paymentsAll VTWO payments⁠

QQQS vs VTWO 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%VTWO 19.0%, better
Return per unit of riskSharpe ratio, 3 years: QQQS 0.87, betterVTWO 0.86
Worst fallMax drawdown, 5 years: QQQS −38.1%since Oct 2022VTWO −31.5%
Market sensitivityBeta, 5 years: QQQS 1.58VTWO 1.15; Market = 1

QQQS and VTWO 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, 2026VTWO
Head-to-Head
Hold VB over IWM for a small-cap stake
Oct 30, 2026VTWO
New ETFs
Longnook's compounders ETF leads with tankers, Newmont and Exxon Mobil
Oct 5, 2026VTWO
Best ETFs
Schwab and Vanguard charge the same 0.03%. Their small-cap funds are 3.7 percentage points apart
Updated Oct 2, 2026VTWO

Popular comparisons

QQQSDvsSCHAA
Invesco NASDAQ Future Gen 200 ETF · Schwab U.S. Small-Cap ETF
Expense ratio
0.20% · 0.03%
Category
VTWOAvsIWMB
Vanguard Russell 2000 ETF · iShares Russell 2000 ETF
Expense ratio
0.06% · 0.19%
Category
QQQSDvsVBA
Invesco NASDAQ Future Gen 200 ETF · Vanguard Morningstar Small-Cap ETF
Expense ratio
0.20% · 0.03%
Category
VTWOAvsVBA
Vanguard Russell 2000 ETF · Vanguard Morningstar Small-Cap ETF
Expense ratio
0.06% · 0.03%
Category
QQQSDvsBKSEA
Invesco NASDAQ Future Gen 200 ETF · BNY Mellon US Small Cap Core Equity ETF
Expense ratio
0.20% · 0.04%
Category
VTWOAvsSCHAA
Vanguard Russell 2000 ETF · Schwab U.S. Small-Cap ETF
Expense ratio
0.06% · 0.03%
Category

QQQS vs VTWO

In short

Stated mandate

Why people hold it