MDEV vs. QQQ

Last updated Jun 23, 2026

MDEV (First Trust Indxx Medical Devices ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - MDEV is a Health & Biotech Equities fund tracking the Indxx Global Medical Equipment Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, MDEV returned -6.05%/yr vs 16.94%/yr for QQQ. A 0.64 correlation means they provide meaningful diversification when combined. MDEV charges 0.70%/yr vs 0.18%/yr for QQQ.

Performance

MDEV vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Indxx Medical Devices ETF (MDEV) 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, MDEV achieves a -11.87% return, which is significantly lower than QQQ's 20.41% return.

MDEV

• 1D: -0.70%
• 1M: -1.74%
• YTD: -11.87%
• 6M: -12.66%
• 1Y: -7.58%
• 3Y*: -3.46%
• 5Y*: -6.05%
• 10Y*: —

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

MDEV vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDEV First Trust Indxx Medical Devices ETF	-11.87%	2.00%	1.79%	7.55%	-28.59%	3.83%
QQQ Invesco QQQ ETF	20.41%	20.77%	25.58%	54.86%	-32.58%	14.74%

Correlation

The correlation between MDEV and QQQ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Jun 23, 2021	0.64

Over the past year, the correlation between MDEV and QQQ has dropped to 0.38 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

MDEV vs. QQQ - Sectors Allocation Comparison

Sectors	MDEV	QQQ
Healthcare	100.0%	3.7%
Basic Materials	-	1.0%
Communication Services	-	14.3%
Consumer Cyclical	-	11.4%
Consumer Defensive	-	6.4%
Energy	-	0.5%
Financial Services	-	0.2%
Industrials	-	2.6%
Real Estate	-	0.1%
Technology	-	58.7%
Utilities	-	1.2%

Return for Risk

MDEV vs. QQQ — Risk / Return Rank

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

MDEV

MDEV Risk / Return Rank: 5
MDEV Sharpe Ratio Rank: 5
MDEV Sortino Ratio Rank: 5
MDEV Omega Ratio Rank: 5
MDEV Calmar Ratio Rank: 5
MDEV Martin Ratio Rank: 4

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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.

MDEV vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Indxx Medical Devices ETF (MDEV) 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.

	MDEV	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	2.33	-2.80
Sortino ratio: Return per unit of downside risk	-0.57	3.03	-3.60
Omega ratio: Gain probability vs. loss probability	0.94	1.41	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.42	3.44	-3.85
Martin ratio: Return relative to average drawdown	-0.97	12.79	-13.76

MDEV vs. QQQ - Sharpe Ratio Comparison

The current MDEV Sharpe Ratio is -0.47, which is lower than the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of MDEV 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

MDEV vs. QQQ - Drawdown Comparison

The maximum MDEV drawdown since its inception was -42.34%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for MDEV and QQQ.

Drawdown Indicators

	MDEV	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-42.34%	-82.97%	+40.63%
Max Drawdown (1Y) Largest decline over 1 year	-18.13%	-11.96%	-6.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.50%	-22.77%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-42.34%	-35.12%	-7.22%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-34.04%	-0.99%	-33.05%
Average Drawdown Average peak-to-trough decline	-25.70%	-32.73%	+7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.82%	3.21%	+4.61%

Volatility

MDEV vs. QQQ - Volatility Comparison

The current volatility for First Trust Indxx Medical Devices ETF (MDEV) is 4.28%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that MDEV experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEV	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	8.47%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	11.80%	14.20%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	17.67%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	22.64%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.96%	22.43%	-3.47%

MDEV vs. QQQ - Expense Ratio Comparison

MDEV has a 0.70% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

MDEV vs. QQQ - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDEV First Trust Indxx Medical Devices ETF	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	0.41%	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 MDEV and QQQ in my portfolio?

MDEV and QQQ have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEV or QQQ?

QQQ has higher volatility (8.47%) compared to MDEV (4.28%). In terms of maximum drawdown, MDEV dropped -42.34% vs QQQ's -82.97%.

Which ETF is better, MDEV or QQQ?

On 5-year performance, QQQ leads with 16.94% vs -6.05% for MDEV. On fees, QQQ is cheaper at 0.18% per year. On volatility, MDEV has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDEV or QQQ?

Over the 5-year period, QQQ has performed better with a 16.94% return vs -6.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDEV or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.70% for MDEV.

Which ETF pays a higher dividend yield, MDEV or QQQ?

QQQ has the higher dividend yield at 0.49%, compared with 0.00% for MDEV.

What is the main difference between MDEV and QQQ?

MDEV is categorized as Health & Biotech Equities, while QQQ is Nasdaq-100. MDEV tracks Indxx Global Medical Equipment Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for MDEV and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.33 vs -0.47), 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.