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QQQ vs. IWP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QQQ vs. IWP

Last updated Jun 14, 2026

QQQ (Invesco QQQ ETF) and IWP (iShares Russell Mid-Cap Growth ETF) are both exchange-traded funds - QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while IWP is a Mid Cap Growth Equities fund tracking the Russell Midcap Growth Index. Both are passively managed. Over the past 10 years, QQQ returned 21.79%/yr vs 12.47%/yr for IWP. Their correlation of 0.85 suggests significant overlap in exposure. QQQ charges 0.18%/yr vs 0.23%/yr for IWP.

Performance

QQQ vs. IWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ ETF (QQQ) and iShares Russell Mid-Cap Growth ETF (IWP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QQQ achieves a 17.57% return, which is significantly higher than IWP's 2.86% return. Over the past 10 years, QQQ has outperformed IWP with an annualized return of 21.79%, while IWP has yielded a comparatively lower 12.47% annualized return.

QQQ

1D
0.59%
1M
0.22%
YTD
17.57%
6M
17.85%
1Y
37.55%
3Y*
26.43%
5Y*
16.85%
10Y*
21.79%

IWP

1D
0.06%
1M
2.33%
YTD
2.86%
6M
1.29%
1Y
5.92%
3Y*
14.57%
5Y*
5.82%
10Y*
12.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ vs. IWP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QQQ
Invesco QQQ ETF		17.57%20.77%25.58%54.86%-32.58%27.42%48.62%38.96%-0.13%32.66%
IWP
iShares Russell Mid-Cap Growth ETF		2.86%8.45%21.86%25.70%-26.90%12.60%35.25%35.04%-4.89%24.93%

Correlation

The correlation between QQQ and IWP is 0.73, 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

0.73

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

0.77

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

0.84

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

0.84

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2001

0.85

The correlation between QQQ and IWP shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

QQQ vs. IWP - Sectors Allocation Comparison

Sectors
QQQ
IWP

Technology

58.7%
22.7%

Communication Services

14.3%
3.1%

Consumer Cyclical

11.4%
19.3%

Consumer Defensive

6.4%
1.9%

Healthcare

3.7%
13.2%

Industrials

2.6%
25.2%

Utilities

1.2%
2.5%

Basic Materials

1.0%
0.4%

Energy

0.5%
3.9%

Financial Services

0.2%
6.3%

Real Estate

0.1%
1.4%

Technology

QQQ
58.7%
IWP
22.7%

Communication Services

QQQ
14.3%
IWP
3.1%

Consumer Cyclical

QQQ
11.4%
IWP
19.3%

Consumer Defensive

QQQ
6.4%
IWP
1.9%

Healthcare

QQQ
3.7%
IWP
13.2%

Industrials

QQQ
2.6%
IWP
25.2%

Utilities

QQQ
1.2%
IWP
2.5%

Basic Materials

QQQ
1.0%
IWP
0.4%

Energy

QQQ
0.5%
IWP
3.9%

Financial Services

QQQ
0.2%
IWP
6.3%

Real Estate

QQQ
0.1%
IWP
1.4%

Compare stocks, funds, or ETFs

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

Invesco QQQ ETF

iShares Russell Mid-Cap Growth ETF

Often compared with QQQ:
QQQ vs. SPYQQQ vs. VOOQQQ vs. VGTQQQ vs. TQQQQQQ vs. SMHQQQ vs. QQQMQQQ vs. QQQI
Often compared with IWP:
IWP vs. VOTIWP vs. IWSIWP vs. VOIWP vs. IMCGIWP vs. IJKIWP vs. SCHGIWP vs. VOO

Return for Risk

QQQ vs. IWP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QQQ
QQQ Risk / Return Rank: 7171
Overall Rank
QQQ Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
QQQ Sortino Ratio Rank: 7070
Sortino Ratio Rank
QQQ Omega Ratio Rank: 7373
Omega Ratio Rank
QQQ Calmar Ratio Rank: 6969
Calmar Ratio Rank
QQQ Martin Ratio Rank: 7070
Martin Ratio Rank
IWP
IWP Risk / Return Rank: 1313
Overall Rank
IWP Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
IWP Sortino Ratio Rank: 1313
Sortino Ratio Rank
IWP Omega Ratio Rank: 1313
Omega Ratio Rank
IWP Calmar Ratio Rank: 1313
Calmar Ratio Rank
IWP Martin Ratio Rank: 1414
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.

QQQ vs. IWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ ETF (QQQ) and iShares Russell Mid-Cap Growth ETF (IWP). 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.

QQQIWPDifference
Sharpe ratioReturn per unit of total volatility
2.09
0.27

+1.83

Sortino ratioReturn per unit of downside risk
2.73
0.50

+2.23

Omega ratioGain probability vs. loss probability

1.37

1.06

+0.31

Calmar ratioReturn relative to maximum drawdown

3.01

0.31

+2.70

Martin ratioReturn relative to average drawdown

11.22

0.89

+10.33

QQQ vs. IWP - Sharpe Ratio Comparison

The current QQQ Sharpe Ratio is 2.09, which is higher than the IWP Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of QQQ and IWP, 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

QQQ vs. IWP - Drawdown Comparison

The maximum QQQ drawdown since its inception was -82.97%, which is greater than IWP's maximum drawdown of -56.92%. Use the drawdown chart below to compare losses from any high point for QQQ and IWP.

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Drawdown Indicators

QQQIWPDifference

Max Drawdown

Largest peak-to-trough decline

-82.97%

-56.92%

-26.05%

Max Drawdown (1Y)

Largest decline over 1 year

-11.96%

-14.79%

+2.83%

Max Drawdown (3Y)

Largest decline over 3 years

-22.77%

-25.20%

+2.43%

Max Drawdown (5Y)

Largest decline over 5 years

-35.12%

-38.62%

+3.50%

Max Drawdown (10Y)

Largest decline over 10 years

-35.12%

-38.62%

+3.50%

Current Drawdown

Current decline from peak

-3.33%

-2.95%

-0.38%

Average Drawdown

Average peak-to-trough decline

-32.75%

-9.68%

-23.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.20%

5.10%

-1.90%

Volatility

QQQ vs. IWP - Volatility Comparison

Invesco QQQ ETF (QQQ) has a higher volatility of 7.56% compared to iShares Russell Mid-Cap Growth ETF (IWP) at 5.68%. This indicates that QQQ's price experiences larger fluctuations and is considered to be riskier than IWP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QQQIWPDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

5.68%

+1.88%

Volatility (6M)

Calculated over the trailing 6-month period

13.81%

13.34%

+0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

17.19%

17.03%

+0.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.55%

22.37%

+0.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.38%

21.71%

+0.67%

QQQ vs. IWP - Expense Ratio Comparison

QQQ has a 0.18% expense ratio, which is lower than IWP's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QQQ vs. IWP - Dividend Comparison

QQQ's dividend yield for the trailing twelve months is around 0.39%, more than IWP's 0.33% yield.

PositionTTM20252024202320222021202020192018201720162015
IWP
iShares Russell Mid-Cap Growth ETF		0.33%0.37%0.40%0.54%0.77%0.30%0.38%0.59%1.02%0.78%1.16%0.98%
QQQ
Invesco QQQ ETF		0.39%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

QQQ and IWP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QQQ has higher volatility (7.56%) compared to IWP (5.68%). In terms of maximum drawdown, QQQ dropped -82.97% vs IWP's -56.92%.

On 10-year performance, QQQ leads with 21.79% vs 12.47% for IWP. On fees, QQQ is cheaper at 0.18% per year. On volatility, IWP has been the lower-risk option at 5.68%. 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 21.79% return vs 12.47%. 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 0.23% for IWP.

QQQ has the higher dividend yield at 0.39%, compared with 0.33% for IWP.

QQQ is categorized as Nasdaq-100, while IWP is Mid Cap Growth Equities. QQQ tracks NASDAQ-100 Index, while IWP tracks Russell Midcap Growth Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for QQQ and 0.23% for IWP.

QQQ currently has the higher Sharpe Ratio (2.09 vs 0.27), 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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