QQQ tracks the Nasdaq-100, covering large Nasdaq-listed nonfinancial companies, including eligible U.S. and international issuers. SPY tracks the S&P 500 U.S. large-cap benchmark. QQQ is not a pure technology fund, and both portfolios can have substantial exposure to the same large companies.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
QQQ has outpaced SPY over the trailing twelve months, posting a 24.84% total return against 16.38%. The lead holds up over 10 years too: QQQ has compounded at 21.10% a year, against 15.37% for SPY. SPY has been the steadier holding, though — annualized volatility of 15.2% against 20.4% for QQQ. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Mar 1999” measures every fund from March 10, 1999 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineChoose QQQ if you want Nasdaq-100 exposure and accept its selection and concentration. Choose SPY if you want S&P 500 exposure and accept U.S. large-cap market risk. Choose the index exposure before comparing fees or distributions. Use matching periods for total returns and current spreads for trading costs.
Nasdaq-listed nonfinancial companies versus U.S. large caps
QQQ tracks the Nasdaq-100, covering large Nasdaq-listed nonfinancial companies, including eligible U.S. and international issuers. SPY tracks the S&P 500 U.S. large-cap benchmark. QQQ is not a pure technology fund, and both portfolios can have substantial exposure to the same large companies.
QQQ
SPY
Approach
Nasdaq-100 Index
S&P 500 Index
Risk review
Sector and large-holding concentration; nonfinancial selection
U.S. large-cap equity and market-cap concentration
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.
See our curated list of related YouTube videos on QQQ.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.
See our curated list of related YouTube videos on SPY.
QQQ (Invesco QQQ Trust) and SPY (SPDR S&P 500 ETF Trust) are both quarterly-pay dividend ETFs, but they take different approaches.
SPY offers the higher yield at 0.98% vs 0.40% for QQQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SPY is cheaper with an expense ratio of 0.0945% compared to 0.18%.
They have different reference exposures: QQQ is linked to Nasdaq-100 Index while SPY is linked to S&P 500 Index, which means their performance drivers differ.
SPY is the larger fund by assets ($817B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, QQQ would generate roughly $10.00 cash per distribution, while SPY would produce $24.50 cash per distribution, at current distribution rates. Both pay quarterly distributions.
QQQ yield0.40%
SPY yield0.98%
Cash diff on $10K$14.50
Cost & efficiency
Over 10 years on $10,000, QQQ would cost approximately $180 in fees vs $95 for SPY (simplified, not compounded). The $85.50 difference may be offset by yield or performance.
QQQ ER0.18%
SPY ER0.0945%
Strategy & risk
QQQ tracks the Nasdaq-100, covering large Nasdaq-listed nonfinancial companies, including eligible U.S. and international issuers. SPY tracks the S&P 500 U.S. large-cap benchmark. QQQ is not a pure technology fund, and both portfolios can have substantial exposure to the same large companies. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
QQQ beta1.26
SPY beta1.0
Fund details
QQQ is managed by Invesco (launched 03/10/1999) with $501B in assets. SPY is managed by State Street (launched 01/22/1993) with $817B in assets.
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Frequently asked questions
Does owning QQQ and SPY double my diversification?
No. They share large holdings, so combining them can increase exposure to those companies. Review weighted holdings and sector allocations. Neither a fund's past beta nor its dividend yield identifies the next market winner, and a broader sector mix does not guarantee smaller losses in every period.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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