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PNQI vs. QUS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PNQI vs. QUS

Last updated Jun 26, 2026

PNQI (Invesco NASDAQ Internet ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds - PNQI tracks the NASDAQ Internet Index while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 10 years, PNQI returned 11.73%/yr vs 13.99%/yr for QUS. A 0.66 correlation means they provide meaningful diversification when combined. PNQI charges 0.62%/yr vs 0.15%/yr for QUS.

Performance

PNQI vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Internet ETF (PNQI) and SPDR MSCI USA StrategicFactors ETF (QUS). 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 -18.59% return, which is significantly lower than QUS's 5.96% return. Over the past 10 years, PNQI has underperformed QUS with an annualized return of 11.73%, while QUS has yielded a comparatively higher 13.99% annualized return.

PNQI

1D
-2.67%
1M
-8.54%
YTD
-18.59%
6M
-19.34%
1Y
-13.81%
3Y*
12.87%
5Y*
-3.03%
10Y*
11.73%

QUS

1D
0.11%
1M
-1.07%
YTD
5.96%
6M
4.89%
1Y
16.21%
3Y*
16.89%
5Y*
10.69%
10Y*
13.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PNQI vs. QUS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PNQI
Invesco NASDAQ Internet ETF		-18.59%15.56%29.44%60.69%-47.92%-5.57%61.36%28.76%-5.08%40.05%
QUS
SPDR MSCI USA StrategicFactors ETF		5.96%14.13%18.99%21.78%-14.15%26.72%12.40%32.45%-3.66%21.67%

Correlation

The correlation between PNQI and QUS is 0.63, 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

0.63

Correlation (3Y)
Calculated over the trailing 3-year period

0.70

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (10Y)
Calculated over the trailing 10-year period

0.70

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2015

0.66

The correlation between PNQI and QUS shifts across timeframes, from 0.63 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

PNQI vs. QUS - Sectors Allocation Comparison

Sectors
PNQI
QUS

Technology

39.8%
29.2%

Communication Services

30.4%
9.9%

Consumer Cyclical

27.0%
5.5%

Financial Services

2.4%
14.0%

Real Estate

0.4%
1.3%

Industrials

0.1%
8.2%

Healthcare

0.0%
13.4%

Basic Materials

-

2.2%

Consumer Defensive

-

8.7%

Energy

-

4.2%

Utilities

-

3.4%

Technology

PNQI
39.8%
QUS
29.2%

Communication Services

PNQI
30.4%
QUS
9.9%

Consumer Cyclical

PNQI
27.0%
QUS
5.5%

Financial Services

PNQI
2.4%
QUS
14.0%

Real Estate

PNQI
0.4%
QUS
1.3%

Industrials

PNQI
0.1%
QUS
8.2%

Healthcare

PNQI
0.0%
QUS
13.4%

Basic Materials

PNQI

-

QUS
2.2%

Consumer Defensive

PNQI

-

QUS
8.7%

Energy

PNQI

-

QUS
4.2%

Utilities

PNQI

-

QUS
3.4%

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

SPDR MSCI USA StrategicFactors ETF

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Often compared with QUS:
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Return for Risk

PNQI vs. QUS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PNQI
PNQI Risk / Return Rank: 44
Overall Rank
PNQI Sharpe Ratio Rank: 44
Sharpe Ratio Rank
PNQI Sortino Ratio Rank: 44
Sortino Ratio Rank
PNQI Omega Ratio Rank: 44
Omega Ratio Rank
PNQI Calmar Ratio Rank: 55
Calmar Ratio Rank
PNQI Martin Ratio Rank: 44
Martin Ratio Rank
QUS
QUS Risk / Return Rank: 6161
Overall Rank
QUS Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
QUS Sortino Ratio Rank: 6262
Sortino Ratio Rank
QUS Omega Ratio Rank: 6060
Omega Ratio Rank
QUS Calmar Ratio Rank: 5555
Calmar Ratio Rank
QUS Martin Ratio Rank: 6767
Martin Ratio Rank
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.

PNQI vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and SPDR MSCI USA StrategicFactors ETF (QUS). 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.

PNQIQUSDifference
Sharpe ratioReturn per unit of total volatility
-0.74
1.78

-2.52

Sortino ratioReturn per unit of downside risk
-0.91
2.53

-3.44

Omega ratioGain probability vs. loss probability

0.89

1.32

-0.43

Calmar ratioReturn relative to maximum drawdown

-0.56

2.38

-2.93

Martin ratioReturn relative to average drawdown

-1.20

10.45

-11.65

PNQI vs. QUS - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.74, which is lower than the QUS Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of PNQI and QUS, 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. QUS - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, which is greater than QUS's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for PNQI and QUS.

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Drawdown Indicators

PNQIQUSDifference

Max Drawdown

Largest peak-to-trough decline

-59.70%

-33.78%

-25.92%

Max Drawdown (1Y)

Largest decline over 1 year

-24.85%

-6.85%

-18.00%

Max Drawdown (3Y)

Largest decline over 3 years

-24.85%

-13.94%

-10.91%

Max Drawdown (5Y)

Largest decline over 5 years

-59.56%

-22.30%

-37.26%

Max Drawdown (10Y)

Largest decline over 10 years

-59.70%

-33.78%

-25.92%

Current Drawdown

Current decline from peak

-23.06%

-1.69%

-21.37%

Average Drawdown

Average peak-to-trough decline

-12.98%

-3.69%

-9.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.55%

1.55%

+10.00%

Volatility

PNQI vs. QUS - Volatility Comparison

Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 7.49% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 2.71%. This indicates that PNQI's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PNQIQUSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.49%

2.71%

+4.78%

Volatility (6M)

Calculated over the trailing 6-month period

15.12%

6.94%

+8.18%

Volatility (1Y)

Calculated over the trailing 1-year period

18.83%

9.16%

+9.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.93%

14.34%

+12.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.32%

16.43%

+8.89%

PNQI vs. QUS - Expense Ratio Comparison

PNQI has a 0.62% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

PNQI vs. QUS - Dividend Comparison

PNQI has not paid dividends to shareholders, while QUS's dividend yield for the trailing twelve months is around 1.32%.

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%
QUS
SPDR MSCI USA StrategicFactors ETF		1.32%1.38%1.49%1.57%1.68%1.27%1.73%1.81%2.12%1.86%2.07%1.48%

Frequently Asked Questions

PNQI and QUS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PNQI has higher volatility (7.49%) compared to QUS (2.71%). In terms of maximum drawdown, PNQI dropped -59.70% vs QUS's -33.78%.

On 10-year performance, QUS leads with 13.99% vs 11.73% for PNQI. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUS has performed better with a 13.99% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUS is cheaper with a 0.15% expense ratio, compared with 0.62% for PNQI.

QUS has the higher dividend yield at 1.32%, compared with 0.00% for PNQI.

PNQI tracks NASDAQ Internet Index, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.62% for PNQI and 0.15% for QUS.

QUS currently has the higher Sharpe Ratio (1.78 vs -0.74), 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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