QQQM
Safe
High confidence
ETF Comparison
QQQM vs SPY: Which Is the Better Pick in 2026?
A head-to-head comparison of Invesco NASDAQ 100 ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- QQQMInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
- SPYInvestors who want broader S&P 500 exposure and lower measured market sensitivity.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
SPY
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  QQQM |  SPY |
|---|---|---|
| Full name | Invesco NASDAQ 100 ETF | SPDR S&P 500 ETF Trust |
| Issuer | Invesco | State Street |
| Underlying index | NASDAQ-100 Index | S&P 500 Index |
| Last Close | $270.22 as of November 6, 2026 | $735.29 as of November 6, 2026 |
| Distribution rate | 0.46% | 1.03% |
| Trailing 12-month yield | 0.49% | 1.03% |
| Distribution Safety Score™ | 97 | 100 |
| Safety-Adjusted Yield | 0.45% | 1.03% |
| Expense ratio | 0.15% | 0.0945% |
| AUM | $106B | $819B |
| Distribution frequency | Quarterly | Quarterly |
| Objective | Track the NASDAQ-100 Index with a lower expense ratio alternative to QQQ. | Track the S&P 500 Index before expenses. |
| Asset class | Equity | Equity |
| Inception date | 10/13/2020 | 01/22/1993 |
| Beta | 1.18 | 0.97 |
| Last dividend | $0.313 | $1.89 |
| Ex-dividend date | 09/21/2026 | 09/18/2026 |
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.
QQQM has lagged SPY over the trailing twelve months, posting a 4.51% total return against 9.35%. The picture flips over 5 years, though — QQQM has compounded at 10.95% a year, ahead of SPY at 10.84%. SPY has been the steadier holding, though — annualized volatility of 15.4% against 20.7% for QQQM. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since Oct 2020 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| QQQM | 5.89% | 4.51% | 21.50% | 10.95% | 14.62% | 20.7% | 0.75 | 1.06 | -22.7% |
| SPY | 8.33% | 9.35% | 20.43% | 10.84% | 14.48% | 15.4% | 0.95 | 1.37 | -18.8% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 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 Oct 2020” measures every fund from October 13, 2020 — 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.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose QQQM if you want Nasdaq-100 exposure and can accept a more concentrated book. Choose SPY if you want broader S&P 500 exposure and lower measured market sensitivity.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs248
Total AUM$971B
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 QQQM.
ETFs186
Total AUM$2.15T
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
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.
Quick verdict
QQQM (Invesco NASDAQ 100 ETF) 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 1.03% vs 0.46% for QQQM. 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 0.15%.
They have different reference exposures: QQQM 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 ($819B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose QQQM
Invesco NASDAQ 100 ETF
- Want Nasdaq-100 exposure — fewer names and a heavier technology weight.
- Want a growth tilt and can accept larger swings for more upside.
Choose SPY
SPDR S&P 500 ETF Trust
- Want broader S&P 500 exposure — more sectors and less mega-cap concentration, with a lower beta (0.97 vs 1.18).
- Want higher current income — SPY yields 1.03% vs 0.46% for QQQM.
- Want simple, diversified core exposure as a portfolio building block.
- Want to keep costs low — a 0.0945% expense ratio vs 0.15% for QQQM.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
5 shared positions
QQQM 29.3% of its top-10 weight
SPY 26.6% of its top-10 weight
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, QQQM would pay about $46.00 a year (about $11.50 per quarterly distribution), while SPY would pay about $103.00 a year (about $25.75 per quarterly distribution). Both pay quarterly distributions.
QQQM yield0.46%
SPY yield1.03%
Annual cash diff on $10K$57.00
Cost & efficiency
Over 10 years on $10,000, QQQM would cost approximately $150 in fees vs $95 for SPY (simplified, not compounded). The $55.50 difference may be offset by yield or performance.
QQQM ER0.15%
SPY ER0.0945%
Strategy & risk
QQQM tracks NASDAQ-100 Index with a growth approach, while SPY tracks S&P 500 Index with a large cap approach. Beta is 1.18 for QQQM and 0.97 for SPY, making SPY the less sensitive to market moves of the two by this measure.
QQQM beta1.18
SPY beta0.97
Fund details
QQQM is managed by Invesco (launched 10/13/2020) with $106B in assets. SPY is managed by State Street (launched 01/22/1993) with $819B in assets.
QQQM AUM$106B
SPY AUM$819B
Frequently asked questions
What is the current distribution rate for QQQM and SPY?
QQQM currently distributes 0.46% and SPY 1.03%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is QQQM or SPY better for dividend income?
It depends on your goals. SPY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between QQQM and SPY?
QQQM (Invesco NASDAQ 100 ETF) tracks NASDAQ-100 Index with a growth approach, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by Invesco and State Street respectively.
Can I hold both QQQM and SPY?
You can, but expect meaningful overlap: 5 of the disclosed top-10 positions are shared (see the holdings-overlap section above). Holding both may double up on the same underlying names rather than diversify.
Is QQQM or SPY safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, QQQM scores 97, so SPY's payout currently looks the more resilient of the two. SPY has also been less sensitive to market moves (beta 0.97 vs 1.18 for QQQM). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.
Which has lower fees, QQQM or SPY?
QQQM has an expense ratio of 0.15% while SPY charges 0.0945%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in QQQM vs SPY generate?
At current distribution rates, $10,000 in QQQM would pay about $46.00 a year (about $11.50 per quarterly distribution). $10,000 in SPY would pay about $103.00 a year (about $25.75 per quarterly distribution).
Which has performed better historically, QQQM or SPY?
QQQM has lagged SPY over the trailing twelve months, posting a 4.51% total return against 9.35%. The picture flips over 5 years, though — QQQM has compounded at 10.95% a year, ahead of SPY at 10.84%. SPY has been the steadier holding, though — annualized volatility of 15.4% against 20.7% for QQQM. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Dividend dates and history
QQQM vs SPY — at a glance
Generated October 31, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
QQQM and SPY are both broad equity index ETFs tracking different segments of the US stock market. QQQM follows the NASDAQ-100, which is composed of 100 of the largest non-financial companies listed on the NASDAQ exchange and carries a strong technology tilt. SPY tracks the S&P 500, a market-cap-weighted index of 500 large-cap companies across all sectors, making it much more diversified across the broader economy.
How they differ
The most fundamental difference is index composition: QQQM concentrates on the NASDAQ-100's technology-heavy ecosystem, while SPY captures the full breadth of large-cap US equities across industrials, financials, healthcare, energy, and other sectors. QQQM has a higher beta of 1.18 compared to SPY's 0.97, reflecting greater sensitivity to broad market moves. On yield, SPY distributes at 1.03%, more than double QQQM's 0.46%, though both pay quarterly. Expense ratios are nearly identical—QQQM costs 0.15% while SPY costs 0.0945%, a 6-basis-point gap—but SPY commands a vastly larger asset base of $819B versus QQQM's $106B.
Who each is best for
QQQM: Fits investors seeking concentrated exposure to large-cap growth and technology companies who accept higher volatility in exchange for potential upside participation in the sector that has driven recent market gains.
SPY: Fits investors who want broad-based US large-cap exposure with lower sector concentration and a more defensive profile—particularly those who value diversification across the full economy and don't want an outsize bet on technology.
Key risks to know
- Sector concentration: QQQM's NASDAQ-100 focus means technology, consumer discretionary, and communication services likely represent the majority of holdings. Underperformance in those sectors during a market rotation would disproportionately affect QQQM relative to SPY's more balanced sector mix.
- Growth-style drawdown risk: QQQM's higher beta and growth orientation can amplify losses during downturns that hit growth stocks hardest. SPY's blend positioning and inclusion of defensive sectors like utilities and staples may provide cushion in market stress.
- Yield sustainability and composition: SPY's higher distribution rate reflects higher earnings yields in the broader S&P 500, particularly from dividends paid by financials and industrials. QQQM's lower yield reflects the NASDAQ-100's historical emphasis on reinvestment over payout; verify this remains true in changing market environments.
Bottom line
If you want maximum diversification across the US large-cap economy with a steadier income stream, SPY's broader index and higher yield make sense. If you're comfortable with a concentrated bet on growth and technology—and expect that sector to drive returns—QQQM offers the same low-cost index tracking with more upside participation but also more downside risk. Past performance doesn't predict future results, and sector leadership can shift unpredictably over any given period.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.