QQEW vs. QQQE

Last updated Jun 4, 2026

QQEW (First Trust Nasdaq-100 Equal Weighted Index Fund) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both Nasdaq-100 funds tracking the NASDAQ-100 Equal Weighted Index, from First Trust and Direxion respectively. Both are passively managed. Over the past 10 years, QQEW returned 14.57%/yr vs 15.49%/yr for QQQE. With a 0.97 correlation, they move nearly in lockstep. QQEW charges 0.58%/yr vs 0.35%/yr for QQQE.

Performance

QQEW vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQEW achieves a 12.15% return, which is significantly lower than QQQE's 19.12% return. Over the past 10 years, QQEW has underperformed QQQE with an annualized return of 14.57%, while QQQE has yielded a comparatively higher 15.49% annualized return.

QQEW

• 1D: -0.78%
• 1M: 14.51%
• YTD: 12.15%
• 6M: 10.58%
• 1Y: 20.94%
• 3Y*: 16.13%
• 5Y*: 8.78%
• 10Y*: 14.57%

QQQE

• 1D: -0.10%
• 1M: 10.46%
• YTD: 19.12%
• 6M: 17.48%
• 1Y: 28.68%
• 3Y*: 18.69%
• 5Y*: 10.30%
• 10Y*: 15.49%

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

QQEW vs. QQQE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund	12.15%	14.22%	7.00%	33.31%	-24.59%	17.75%	37.30%	35.87%	-5.30%	26.04%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	19.12%	14.58%	6.98%	33.76%	-24.47%	17.93%	37.85%	36.43%	-5.40%	26.53%

Correlation

The correlation between QQEW and QQQE is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 22, 2012	0.97

The correlation between QQEW and QQQE has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.

QQEW vs. QQQE - Sectors Allocation Comparison

Sectors	QQEW	QQQE
Technology	55.9%	45.1%
Healthcare	14.7%	8.6%
Consumer Cyclical	12.2%	10.9%
Communication Services	10.3%	9.1%
Industrials	3.3%	10.1%
Consumer Defensive	2.0%	7.7%
Real Estate	1.6%	0.7%
Basic Materials	-	0.9%
Energy	-	2.0%
Financial Services	-	1.0%
Utilities	-	3.9%

Return for Risk

QQEW vs. QQQE — Risk / Return Rank

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

QQEW

QQEW Risk / Return Rank: 31
QQEW Sharpe Ratio Rank: 34
QQEW Sortino Ratio Rank: 33
QQEW Omega Ratio Rank: 32
QQEW Calmar Ratio Rank: 27
QQEW Martin Ratio Rank: 28

QQQE

QQQE Risk / Return Rank: 58
QQQE Sharpe Ratio Rank: 59
QQQE Sortino Ratio Rank: 57
QQQE Omega Ratio Rank: 55
QQQE Calmar Ratio Rank: 61
QQQE Martin Ratio Rank: 59

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.

QQEW vs. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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.

	QQEW	QQQE	Difference
Sharpe ratio Return per unit of total volatility	1.25	2.04	-0.79
Sortino ratio Return per unit of downside risk	1.81	2.79	-0.98
Omega ratio Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio Return relative to maximum drawdown	1.34	3.06	-1.73
Martin ratio Return relative to average drawdown	4.09	10.57	-6.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQEW vs. QQQE - Sharpe Ratio Comparison

The current QQEW Sharpe Ratio is 1.25, which is lower than the QQQE Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of QQEW and QQQE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQEW	QQQE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	2.04	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.51	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	0.75	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.76	-0.23

Drawdowns

QQEW vs. QQQE - Drawdown Comparison

The maximum QQEW drawdown since its inception was -58.16%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for QQEW and QQQE.

Drawdown Indicators

	QQEW	QQQE	Difference
Max Drawdown Largest peak-to-trough decline	-58.16%	-32.14%	-26.02%
Max Drawdown (1Y) Largest decline over 1 year	-15.74%	-9.41%	-6.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.43%	-21.38%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-32.12%	-32.14%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	-32.12%	-32.14%	+0.02%
Current Drawdown Current decline from peak	-1.53%	-0.10%	-1.43%
Average Drawdown Average peak-to-trough decline	-8.30%	-5.17%	-3.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.72%	+2.41%

Volatility

QQEW vs. QQQE - Volatility Comparison

First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) has a higher volatility of 5.54% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.79%. This indicates that QQEW's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQEW	QQQE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	3.79%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	13.85%	10.64%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	14.15%	+2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.76%	20.30%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.87%	20.72%	+0.15%

QQEW vs. QQQE - Expense Ratio Comparison

QQEW has a 0.58% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

QQEW vs. QQQE - Dividend Comparison

QQEW's dividend yield for the trailing twelve months is around 0.28%, less than QQQE's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund	0.28%	0.41%	0.57%	0.70%	0.66%	0.24%	0.34%	0.48%	0.56%	0.48%	0.73%	0.61%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	0.52%	0.52%	0.86%	0.79%	0.98%	3.83%	0.54%	0.74%	0.80%	0.65%	1.17%	0.57%

Frequently Asked Questions

Can I hold both QQEW and QQQE in my portfolio?

With a correlation of 0.95, QQEW and QQQE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QQEW or QQQE?

QQEW has higher volatility (5.54%) compared to QQQE (3.79%). In terms of maximum drawdown, QQEW dropped -58.16% vs QQQE's -32.14%.

Which ETF is better, QQEW or QQQE?

On 10-year performance, QQQE leads with 15.49% vs 14.57% for QQEW. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQEW or QQQE?

Over the 10-year period, QQQE has performed better with a 15.49% return vs 14.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQEW or QQQE?

QQQE is cheaper with a 0.35% expense ratio, compared with 0.58% for QQEW.

Which ETF pays a higher dividend yield, QQEW or QQQE?

QQQE has the higher dividend yield at 0.52%, compared with 0.28% for QQEW.

What is the main difference between QQEW and QQQE?

Both ETFs track NASDAQ-100 Equal Weighted Index. They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.58% for QQEW and 0.35% for QQQE.

Which has better risk-adjusted returns?

QQQE currently has the higher Sharpe Ratio (2.04 vs 1.25), 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.