KSPI vs. QQQ

Last updated Apr 1, 2026

Compare and contrast key facts about Joint Stock Company Kaspi.kz (KSPI) and Invesco QQQ ETF (QQQ).

QQQ is a passively managed fund by Invesco that tracks the performance of the NASDAQ-100 Index. It was launched on Mar 10, 1999.

Performance

KSPI vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Joint Stock Company Kaspi.kz (KSPI) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

KSPI vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPI Joint Stock Company Kaspi.kz	-5.20%	-17.51%	8.53%
QQQ Invesco QQQ ETF	-5.93%	20.77%	22.10%

Returns By Period

In the year-to-date period, KSPI achieves a -5.20% return, which is significantly higher than QQQ's -5.93% return.

KSPI

• 1D: 2.56%
• 1M: 4.93%
• YTD: -5.20%
• 6M: -9.32%
• 1Y: -20.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQ

• 1D: 3.39%
• 1M: -4.84%
• YTD: -5.93%
• 6M: -3.62%
• 1Y: 23.68%
• 3Y*: 22.32%
• 5Y*: 12.88%
• 10Y*: 18.85%

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

Return for Risk

KSPI vs. QQQ — Risk / Return Rank

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

KSPI

KSPI Risk / Return Rank: 18
KSPI Sharpe Ratio Rank: 18
KSPI Sortino Ratio Rank: 17
KSPI Omega Ratio Rank: 19
KSPI Calmar Ratio Rank: 16
KSPI Martin Ratio Rank: 19

QQQ

QQQ Risk / Return Rank: 69
QQQ Sharpe Ratio Rank: 63
QQQ Sortino Ratio Rank: 68
QQQ Omega Ratio Rank: 67
QQQ Calmar Ratio Rank: 76
QQQ Martin Ratio Rank: 73

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.

KSPI vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Joint Stock Company Kaspi.kz (KSPI) 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.

	KSPI	QQQ	Difference
Sharpe ratio Return per unit of total volatility	-0.53	1.05	-1.58
Sortino ratio Return per unit of downside risk	-0.60	1.63	-2.23
Omega ratio Gain probability vs. loss probability	0.93	1.23	-0.30
Calmar ratio Return relative to maximum drawdown	-0.72	1.88	-2.59
Martin ratio Return relative to average drawdown	-1.20	6.95	-8.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSPI vs. QQQ - Sharpe Ratio Comparison

The current KSPI Sharpe Ratio is -0.53, which is lower than the QQQ Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of KSPI and QQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	KSPI	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	1.05	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.37	-0.56

Correlation

The correlation between KSPI and QQQ is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KSPI vs. QQQ - Dividend Comparison

KSPI has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.49%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KSPI Joint Stock Company Kaspi.kz	0.00%	0.00%	11.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Drawdowns

KSPI vs. QQQ - Drawdown Comparison

The maximum KSPI drawdown since its inception was -48.05%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for KSPI and QQQ.

Drawdown Indicators

	KSPI	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-82.97%	+34.92%
Max Drawdown (1Y) Largest decline over 1 year	-29.55%	-12.62%	-16.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-44.10%	-8.98%	-35.12%
Average Drawdown Average peak-to-trough decline	-25.06%	-32.99%	+7.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.70%	3.41%	+14.29%

Volatility

KSPI vs. QQQ - Volatility Comparison

Joint Stock Company Kaspi.kz (KSPI) has a higher volatility of 11.35% compared to Invesco QQQ ETF (QQQ) at 6.51%. This indicates that KSPI'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

	KSPI	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.35%	6.51%	+4.84%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	12.77%	+10.70%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	22.67%	+15.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.75%	22.39%	+16.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.75%	22.25%	+16.50%