CHEF vs. QQQ

Last updated Aug 1, 2026

CHEF (The Chefs' Warehouse, Inc.) is a stock, while QQQ (Invesco QQQ ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, CHEF returned 21.73%/yr vs 20.44%/yr for QQQ. Their 0.33 correlation means their historical movements had little consistent relationship.

Performance

CHEF vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Chefs' Warehouse, Inc. (CHEF) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHEF achieves a 85.06% return, which is significantly higher than QQQ's 12.26% return. Over the past 10 years, CHEF has outperformed QQQ with an annualized return of 21.73%, while QQQ has yielded a comparatively lower 20.44% annualized return.

CHEF

• 1D: 2.79%
• 1M: 20.63%
• 6M: 83.39%
• YTD: 85.06%
• 1Y: 71.09%
• 3Y*: 46.90%
• 5Y*: 31.88%
• 10Y*: 21.73%
• ALL TIME*: 13.61%

QQQ

• 1D: 0.65%
• 1M: -3.45%
• 6M: 10.89%
• YTD: 12.26%
• 1Y: 24.81%
• 3Y*: 22.29%
• 5Y*: 14.23%
• 10Y*: 20.44%
• ALL TIME*: 10.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CHEF The Chefs' Warehouse, Inc.	$80.85M	$66.22M	$50.97M
QQQ Invesco QQQ ETF	$30.32B	$28.40B	$31.45B

CHEF vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHEF The Chefs' Warehouse, Inc.	85.06%	26.38%	67.58%	-11.57%	-0.06%	29.62%	-32.59%	19.17%	56.00%	29.75%
QQQ Invesco QQQ ETF	12.26%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between CHEF and QQQ is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 28, 2011	0.33

The correlation between CHEF and QQQ shifts across timeframes, from 0.18 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CHEF vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CHEF

CHEF Risk / Return Rank: 88
CHEF Sharpe Ratio Rank: 89
CHEF Sortino Ratio Rank: 88
CHEF Omega Ratio Rank: 87
CHEF Calmar Ratio Rank: 89
CHEF Martin Ratio Rank: 86

QQQ

QQQ Risk / Return Rank: 49
QQQ Sharpe Ratio Rank: 47
QQQ Sortino Ratio Rank: 46
QQQ Omega Ratio Rank: 45
QQQ Calmar Ratio Rank: 53
QQQ Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CHEF vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Chefs' Warehouse, Inc. (CHEF) and Invesco QQQ ETF (QQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CHEF	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.16	+0.62
Sortino ratio: Return per unit of downside risk	2.64	1.65	+0.99
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.13
Calmar ratio: Return relative to maximum drawdown	3.35	1.88	+1.47
Martin ratio: Return relative to average drawdown	7.57	6.00	+1.57

CHEF vs. QQQ - Sharpe Ratio Comparison

The current CHEF Sharpe Ratio is 1.78, which is higher than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of CHEF and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CHEF vs. QQQ - Drawdown Comparison

The maximum CHEF drawdown since its inception was -91.26%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for CHEF and QQQ.

Drawdown Indicators

	CHEF	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-91.26%	-82.97%	-8.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.48%	-11.96%	-8.52%
Max Drawdown (3Y) Largest decline over 3 years	-40.55%	-22.77%	-17.78%
Max Drawdown (5Y) Largest decline over 5 years	-56.06%	-35.12%	-20.94%
Max Drawdown (10Y) Largest decline over 10 years	-91.26%	-35.12%	-56.14%
Current Drawdown Current decline from peak	0.00%	-7.69%	+7.69%
Average Drawdown Average peak-to-trough decline	-25.41%	-32.62%	+7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.80%	3.74%	+6.06%

Volatility

CHEF vs. QQQ - Volatility Comparison

The Chefs' Warehouse, Inc. (CHEF) has a higher volatility of 12.77% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that CHEF's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHEF	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.77%	6.87%	+5.90%
Volatility (6M) Calculated over the trailing 6-month period	29.86%	16.08%	+13.78%
Volatility (1Y) Calculated over the trailing 1-year period	38.56%	19.38%	+19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.81%	22.90%	+16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.70%	22.50%	+37.20%

Dividends

CHEF vs. QQQ - Dividend Comparison

CHEF has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHEF The Chefs' Warehouse, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both CHEF and QQQ in my portfolio?

CHEF and QQQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHEF or QQQ?

CHEF has higher volatility (12.77%) compared to QQQ (6.87%). In terms of maximum drawdown, CHEF dropped -91.26% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

CHEF currently has the higher Sharpe Ratio (1.78 vs 1.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.