PNQI vs. SPHQ

Last updated Jun 26, 2026

PNQI (Invesco NASDAQ Internet ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - PNQI is a Large Cap Growth Equities fund tracking the NASDAQ Internet Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 10 years, PNQI returned 11.73%/yr vs 15.88%/yr for SPHQ. A 0.68 correlation means they provide meaningful diversification when combined. PNQI charges 0.62%/yr vs 0.15%/yr for SPHQ.

Performance

PNQI vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Internet ETF (PNQI) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNQI achieves a -18.59% return, which is significantly lower than SPHQ's 18.67% return. Over the past 10 years, PNQI has underperformed SPHQ with an annualized return of 11.73%, while SPHQ has yielded a comparatively higher 15.88% 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%

SPHQ

• 1D: 1.74%
• 1M: 3.62%
• YTD: 18.67%
• 6M: 16.66%
• 1Y: 28.06%
• 3Y*: 23.22%
• 5Y*: 14.39%
• 10Y*: 15.88%

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

PNQI vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPHQ Invesco S&P 500 Quality ETF	18.67%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%

Correlation

The correlation between PNQI and SPHQ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 13, 2008	0.68

Over the past year, the correlation between PNQI and SPHQ has dropped to 0.46 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

PNQI vs. SPHQ - Sectors Allocation Comparison

Sectors	PNQI	SPHQ
Technology	39.8%	32.0%
Communication Services	30.4%	2.5%
Consumer Cyclical	27.0%	4.4%
Financial Services	2.4%	12.4%
Real Estate	0.4%	-
Industrials	0.1%	22.7%
Healthcare	0.0%	8.0%
Basic Materials	-	2.1%
Consumer Defensive	-	14.4%
Energy	-	0.6%
Utilities	-	0.9%

Return for Risk

PNQI vs. SPHQ — Risk / Return Rank

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

PNQI

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

SPHQ

SPHQ Risk / Return Rank: 75
SPHQ Sharpe Ratio Rank: 76
SPHQ Sortino Ratio Rank: 77
SPHQ Omega Ratio Rank: 72
SPHQ Calmar Ratio Rank: 72
SPHQ Martin Ratio Rank: 80

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. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Internet ETF (PNQI) and Invesco S&P 500 Quality ETF (SPHQ). 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.

	PNQI	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	2.10	-2.83
Sortino ratio: Return per unit of downside risk	-0.91	2.95	-3.86
Omega ratio: Gain probability vs. loss probability	0.89	1.37	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.56	3.17	-3.73
Martin ratio: Return relative to average drawdown	-1.20	13.51	-14.71

PNQI vs. SPHQ - Sharpe Ratio Comparison

The current PNQI Sharpe Ratio is -0.74, which is lower than the SPHQ Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of PNQI and SPHQ, 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

PNQI vs. SPHQ - Drawdown Comparison

The maximum PNQI drawdown since its inception was -59.70%, roughly equal to the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for PNQI and SPHQ.

Drawdown Indicators

	PNQI	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.70%	-57.83%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-24.85%	-8.90%	-15.95%
Max Drawdown (3Y) Largest decline over 3 years	-24.85%	-16.57%	-8.28%
Max Drawdown (5Y) Largest decline over 5 years	-59.56%	-25.04%	-34.52%
Max Drawdown (10Y) Largest decline over 10 years	-59.70%	-31.60%	-28.10%
Current Drawdown Current decline from peak	-23.06%	-1.15%	-21.91%
Average Drawdown Average peak-to-trough decline	-12.98%	-10.67%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	2.08%	+9.47%

Volatility

PNQI vs. SPHQ - Volatility Comparison

Invesco NASDAQ Internet ETF (PNQI) has a higher volatility of 7.49% compared to Invesco S&P 500 Quality ETF (SPHQ) at 5.93%. This indicates that PNQI's price experiences larger fluctuations and is considered to be riskier than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNQI	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.49%	5.93%	+1.56%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	11.40%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	13.48%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.93%	16.60%	+10.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.32%	17.91%	+7.41%

PNQI vs. SPHQ - Expense Ratio Comparison

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

Dividends

PNQI vs. SPHQ - Dividend Comparison

PNQI has not paid dividends to shareholders, while SPHQ's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPHQ Invesco S&P 500 Quality ETF	1.05%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both PNQI and SPHQ in my portfolio?

PNQI and SPHQ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNQI or SPHQ?

PNQI has higher volatility (7.49%) compared to SPHQ (5.93%). In terms of maximum drawdown, PNQI dropped -59.70% vs SPHQ's -57.83%.

Which ETF is better, PNQI or SPHQ?

On 10-year performance, SPHQ leads with 15.88% vs 11.73% for PNQI. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PNQI or SPHQ?

Over the 10-year period, SPHQ has performed better with a 15.88% return vs 11.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PNQI or SPHQ?

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

Which ETF pays a higher dividend yield, PNQI or SPHQ?

SPHQ has the higher dividend yield at 1.05%, compared with 0.00% for PNQI.

What is the main difference between PNQI and SPHQ?

PNQI is categorized as Large Cap Growth Equities, while SPHQ is S&P 500. PNQI tracks NASDAQ Internet Index, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.62% for PNQI and 0.15% for SPHQ.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (2.10 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.