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PNQI vs. QQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PNQI vs. QQQ

Last updated Aug 2, 2026
Documentation

PNQI (Invesco NASDAQ Internet ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, PNQI returned 11.74%/yr vs 20.44%/yr for QQQ. Their correlation of 0.81 means they have usually moved in the same direction. PNQI charges 0.62%/yr vs 0.18%/yr for QQQ.

Performance

PNQI vs. QQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, PNQI achieves a -9.13% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, PNQI has underperformed QQQ with an annualized return of 11.74%, while QQQ has yielded a comparatively higher 20.44% annualized return.

PNQI

1D
0.70%
1M
3.25%
6M
-4.48%
YTD
-9.13%
1Y
-4.33%
3Y*
13.67%
5Y*
-0.37%
10Y*
11.74%
ALL TIME*
13.59%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PNQI

Invesco NASDAQ Internet ETF
$4.40M$3.35M$2.63M

QQQ

Invesco QQQ ETF
$30.32B$28.40B$31.45B

PNQI vs. QQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PNQI
Invesco NASDAQ Internet ETF		-9.13%15.56%29.44%60.69%-47.92%-5.57%61.36%28.76%-5.08%40.05%
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 PNQI and QQQ is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.57

Correlation (3Y)
Balances recent behavior with more history.

0.77

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.83

Correlation (10Y)
Provides a long-term view across more market conditions.

0.85

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2008

0.81

Over the past year, the correlation between PNQI and QQQ has dropped to 0.57 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

PNQI vs. QQQ - Sectors Allocation Comparison

Sectors
PNQI
QQQ

Technology

41.2%
60.9%

Communication Services

30.5%
13.1%

Consumer Cyclical

25.1%
10.7%

Financial Services

2.8%
0.2%

Real Estate

0.3%
0.1%

Healthcare

0.0%
3.6%

Industrials

0.0%
2.7%

Basic Materials

-

1.0%

Consumer Defensive

-

6.3%

Energy

-

0.5%

Utilities

-

1.1%

Technology

PNQI
41.2%
QQQ
60.9%

Communication Services

PNQI
30.5%
QQQ
13.1%

Consumer Cyclical

PNQI
25.1%
QQQ
10.7%

Financial Services

PNQI
2.8%
QQQ
0.2%

Real Estate

PNQI
0.3%
QQQ
0.1%

Healthcare

PNQI
0.0%
QQQ
3.6%

Industrials

PNQI
0.0%
QQQ
2.7%

Basic Materials

PNQI

-

QQQ
1.0%

Consumer Defensive

PNQI

-

QQQ
6.3%

Energy

PNQI

-

QQQ
0.5%

Utilities

PNQI

-

QQQ
1.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco NASDAQ Internet ETF

Invesco QQQ ETF

Often compared with PNQI:
PNQI vs. FDNPNQI vs. OGIGPNQI vs. XNTKPNQI vs. EUFNPNQI vs. SMHPNQI vs. IYWPNQI vs. SOXX
Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. SPMO

Return for Risk

PNQI vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PNQI
PNQI Risk / Return Rank: 77
Overall Rank
PNQI Sharpe Ratio Rank: 66
Sharpe Ratio Rank
PNQI Sortino Ratio Rank: 66
Sortino Ratio Rank
PNQI Omega Ratio Rank: 66
Omega Ratio Rank
PNQI Calmar Ratio Rank: 77
Calmar Ratio Rank
PNQI Martin Ratio Rank: 77
Martin Ratio Rank
QQQ
QQQ Risk / Return Rank: 4949
Overall Rank
QQQ Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 4646
Sortino Ratio Rank
QQQ Omega Ratio Rank: 4545
Omega Ratio Rank
QQQ Calmar Ratio Rank: 5353
Calmar Ratio Rank
QQQ Martin Ratio Rank: 5252
Martin Ratio Rank
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.

PNQI vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) 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.

PNQIQQQDifference
Sharpe ratioReturn per unit of total volatility
-0.35
1.16

-1.51

Sortino ratioReturn per unit of downside risk
-0.35
1.65

-2.00

Omega ratioGain probability vs. loss probability

0.96

1.21

-0.25

Calmar ratioReturn relative to maximum drawdown

-0.28

1.88

-2.16

Martin ratioReturn relative to average drawdown

-0.55

6.00

-6.55

PNQI vs. QQQ - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.35, which is lower than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of PNQI 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.

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Drawdowns

PNQI vs. QQQ - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for PNQI and QQQ.

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Drawdown Indicators

PNQIQQQDifference

Max Drawdown

Largest peak-to-trough decline

-59.70%

-82.97%

+23.27%

Max Drawdown (1Y)

Largest decline over 1 year

-24.85%

-11.96%

-12.89%

Max Drawdown (3Y)

Largest decline over 3 years

-24.85%

-22.77%

-2.08%

Max Drawdown (5Y)

Largest decline over 5 years

-59.34%

-35.12%

-24.22%

Max Drawdown (10Y)

Largest decline over 10 years

-59.70%

-35.12%

-24.58%

Current Drawdown

Current decline from peak

-14.12%

-7.69%

-6.43%

Average Drawdown

Average peak-to-trough decline

-13.00%

-32.62%

+19.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.67%

3.74%

+8.93%

Volatility

PNQI vs. QQQ - Volatility Comparison

The current volatility for Invesco NASDAQ Internet ETF (PNQI) is 6.38%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that PNQI 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.

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Volatility by Period

PNQIQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.38%

6.87%

-0.49%

Volatility (6M)

Calculated over the trailing 6-month period

16.57%

16.08%

+0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

20.14%

19.38%

+0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.04%

22.90%

+4.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.37%

22.50%

+2.87%

PNQI vs. QQQ - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

PNQI vs. QQQ - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
PNQI
Invesco NASDAQ Internet ETF		0.00%0.02%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.02%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

PNQI and QQQ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (6.87%) compared to PNQI (6.38%). In terms of maximum drawdown, PNQI dropped -59.70% vs QQQ's -82.97%.

On 10-year performance, QQQ leads with 20.44% vs 11.74% for PNQI. On fees, QQQ is cheaper at 0.18% per year. On volatility, PNQI has been the lower-risk option at 6.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QQQ has performed better with a 20.44% return vs 11.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QQQ is cheaper with a 0.18% expense ratio, compared with 0.62% for PNQI.

QQQ has the higher dividend yield at 0.44%, compared with 0.00% for PNQI.

PNQI is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. PNQI tracks NASDAQ Internet Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.62% for PNQI and 0.18% for QQQ.

QQQ currently has the higher Sharpe Ratio (1.16 vs -0.35), 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.

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