FDM vs. QQQS

Last updated Jun 3, 2026

FDM (First Trust Dow Jones Select MicroCap Index Fund) and QQQS (Invesco NASDAQ Future Gen 200 ETF) are both Small Cap Blend Equities funds - FDM tracks the Dow Jones Select Microcap Index while QQQS tracks the Nasdaq Innovators Completion Cap Total Return Index. Both are passively managed. Over the past 3 years, FDM returned 18.88%/yr vs 16.56%/yr for QQQS. A 0.76 correlation means they provide meaningful diversification when combined. FDM charges 0.60%/yr vs 0.20%/yr for QQQS.

Performance

FDM vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Dow Jones Select MicroCap Index Fund (FDM) and Invesco NASDAQ Future Gen 200 ETF (QQQS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDM achieves a 9.82% return, which is significantly lower than QQQS's 29.47% return.

FDM

• 1D: 0.66%
• 1M: -2.23%
• YTD: 9.82%
• 6M: 12.70%
• 1Y: 32.32%
• 3Y*: 18.88%
• 5Y*: 8.84%
• 10Y*: 11.66%

QQQS

• 1D: 0.41%
• 1M: 7.55%
• YTD: 29.47%
• 6M: 33.29%
• 1Y: 88.16%
• 3Y*: 16.56%
• 5Y*: —
• 10Y*: —

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

FDM vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDM First Trust Dow Jones Select MicroCap Index Fund	9.82%	18.64%	13.00%	12.76%	5.50%
QQQS Invesco NASDAQ Future Gen 200 ETF	29.47%	23.03%	10.20%	-1.94%	6.56%

Correlation

The correlation between FDM and QQQS is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Oct 14, 2022	0.76

The correlation between FDM and QQQS has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.

FDM vs. QQQS - Sectors Allocation Comparison

Sectors	FDM	QQQS
Financial Services	41.2%	0.0%
Industrials	16.4%	4.8%
Consumer Cyclical	10.0%	5.2%
Technology	6.2%	42.1%
Healthcare	6.2%	41.0%
Energy	5.0%	2.2%
Consumer Defensive	4.7%	1.4%
Basic Materials	4.2%	1.0%
Communication Services	3.7%	2.4%
Real Estate	1.4%	-
Utilities	1.0%	-

Return for Risk

FDM vs. QQQS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FDM

FDM Risk / Return Rank: 55
FDM Sharpe Ratio Rank: 49
FDM Sortino Ratio Rank: 52
FDM Omega Ratio Rank: 47
FDM Calmar Ratio Rank: 69
FDM Martin Ratio Rank: 59

QQQS

QQQS Risk / Return Rank: 88
QQQS Sharpe Ratio Rank: 92
QQQS Sortino Ratio Rank: 88
QQQS Omega Ratio Rank: 79
QQQS Calmar Ratio Rank: 93
QQQS Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FDM vs. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Dow Jones Select MicroCap Index Fund (FDM) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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.

	FDM	QQQS	Difference
Sharpe ratio Return per unit of total volatility	1.73	3.30	-1.57
Sortino ratio Return per unit of downside risk	2.52	4.07	-1.56
Omega ratio Gain probability vs. loss probability	1.30	1.48	-0.17
Calmar ratio Return relative to maximum drawdown	3.47	6.59	-3.12
Martin ratio Return relative to average drawdown	10.59	22.06	-11.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDM vs. QQQS - Sharpe Ratio Comparison

The current FDM Sharpe Ratio is 1.73, which is lower than the QQQS Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of FDM and QQQS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDM	QQQS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	3.30	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.65	-0.30

Drawdowns

FDM vs. QQQS - Drawdown Comparison

The maximum FDM drawdown since its inception was -63.45%, which is greater than QQQS's maximum drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for FDM and QQQS.

Drawdown Indicators

	FDM	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-63.45%	-38.06%	-25.39%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-13.63%	+4.33%
Max Drawdown (3Y) Largest decline over 3 years	-23.47%	-34.32%	+10.85%
Max Drawdown (5Y) Largest decline over 5 years	-23.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.76%	—	—
Current Drawdown Current decline from peak	-2.23%	-0.86%	-1.37%
Average Drawdown Average peak-to-trough decline	-11.35%	-13.28%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	4.07%	-1.02%

Volatility

FDM vs. QQQS - Volatility Comparison

The current volatility for First Trust Dow Jones Select MicroCap Index Fund (FDM) is 4.22%, while Invesco NASDAQ Future Gen 200 ETF (QQQS) has a volatility of 7.11%. This indicates that FDM experiences smaller price fluctuations and is considered to be less risky than QQQS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDM	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	7.11%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	18.58%	-5.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	26.84%	-8.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.37%	28.34%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.35%	28.34%	-4.99%

FDM vs. QQQS - Expense Ratio Comparison

FDM has a 0.60% expense ratio, which is higher than QQQS's 0.20% expense ratio.

Dividends

FDM vs. QQQS - Dividend Comparison

FDM's dividend yield for the trailing twelve months is around 1.25%, less than QQQS's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDM First Trust Dow Jones Select MicroCap Index Fund	1.25%	1.43%	1.56%	1.81%	1.80%	1.08%	1.68%	1.37%	1.26%	0.97%	1.13%	1.45%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.69%	3.48%	0.80%	0.68%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDM and QQQS in my portfolio?

FDM and QQQS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDM or QQQS?

QQQS has higher volatility (7.11%) compared to FDM (4.22%). In terms of maximum drawdown, FDM dropped -63.45% vs QQQS's -38.06%.

Which ETF is better, FDM or QQQS?

On 3-year performance, FDM leads with 18.88% vs 16.56% for QQQS. On fees, QQQS is cheaper at 0.20% per year. On volatility, FDM has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDM or QQQS?

Over the 3-year period, FDM has performed better with a 18.88% return vs 16.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDM or QQQS?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.60% for FDM.

Which ETF pays a higher dividend yield, FDM or QQQS?

QQQS has the higher dividend yield at 2.69%, compared with 1.25% for FDM.

What is the main difference between FDM and QQQS?

FDM tracks Dow Jones Select Microcap Index, while QQQS tracks Nasdaq Innovators Completion Cap Total Return Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.60% for FDM and 0.20% for QQQS.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (3.30 vs 1.73), 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.