QQQA vs. SPY

Last updated Jun 24, 2026

QQQA (ProShares Nasdaq-100 Dorsey Wright Momentum ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QQQA is a Nasdaq-100 fund tracking the NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, QQQA returned 14.28%/yr vs 13.05%/yr for SPY. Their correlation of 0.83 suggests significant overlap in exposure. QQQA charges 0.58%/yr vs 0.09%/yr for SPY.

Performance

QQQA vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQA achieves a 64.24% return, which is significantly higher than SPY's 8.15% return.

QQQA

• 1D: -6.13%
• 1M: 11.00%
• YTD: 64.24%
• 6M: 61.01%
• 1Y: 85.96%
• 3Y*: 33.54%
• 5Y*: 14.28%
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

QQQA vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	64.24%	9.87%	16.17%	24.98%	-29.08%	9.84%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	16.76%

Correlation

The correlation between QQQA and SPY is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.83

The correlation between QQQA and SPY has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

QQQA vs. SPY - Sectors Allocation Comparison

Sectors	QQQA	SPY
Technology	78.6%	39.0%
Communication Services	6.7%	10.6%
Energy	6.0%	3.1%
Healthcare	5.4%	8.3%
Consumer Cyclical	3.3%	9.9%
Basic Materials	-	1.7%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

QQQA vs. SPY — Risk / Return Rank

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

QQQA

QQQA Risk / Return Rank: 87
QQQA Sharpe Ratio Rank: 90
QQQA Sortino Ratio Rank: 79
QQQA Omega Ratio Rank: 82
QQQA Calmar Ratio Rank: 92
QQQA Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

QQQA vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) and State Street SPDR S&P 500 ETF (SPY). 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.

	QQQA	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.86	1.90	+0.96
Sortino ratio: Return per unit of downside risk	3.31	2.58	+0.73
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.12
Calmar ratio: Return relative to maximum drawdown	5.94	2.67	+3.28
Martin ratio: Return relative to average drawdown	21.29	11.92	+9.37

QQQA vs. SPY - Sharpe Ratio Comparison

The current QQQA Sharpe Ratio is 2.86, which is higher than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of QQQA and SPY, 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

QQQA vs. SPY - Drawdown Comparison

The maximum QQQA drawdown since its inception was -38.44%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQQA and SPY.

Drawdown Indicators

	QQQA	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-38.44%	-55.19%	+16.75%
Max Drawdown (1Y) Largest decline over 1 year	-14.54%	-8.88%	-5.66%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-18.76%	-12.08%
Max Drawdown (5Y) Largest decline over 5 years	-38.44%	-24.50%	-13.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-6.13%	-3.17%	-2.96%
Average Drawdown Average peak-to-trough decline	-15.54%	-9.04%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.05%	1.98%	+2.07%

Volatility

QQQA vs. SPY - Volatility Comparison

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA) has a higher volatility of 17.13% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that QQQA's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQA	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.13%	4.87%	+12.26%
Volatility (6M) Calculated over the trailing 6-month period	26.70%	9.85%	+16.85%
Volatility (1Y) Calculated over the trailing 1-year period	30.23%	12.50%	+17.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.72%	17.15%	+9.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.55%	17.95%	+8.60%

QQQA vs. SPY - Expense Ratio Comparison

QQQA has a 0.58% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQQA vs. SPY - Dividend Comparison

QQQA's dividend yield for the trailing twelve months is around 0.06%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQA ProShares Nasdaq-100 Dorsey Wright Momentum ETF	0.06%	0.10%	0.09%	0.34%	0.28%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QQQA and SPY in my portfolio?

QQQA and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQA or SPY?

QQQA has higher volatility (17.13%) compared to SPY (4.87%). In terms of maximum drawdown, QQQA dropped -38.44% vs SPY's -55.19%.

Which ETF is better, QQQA or SPY?

On 5-year performance, QQQA leads with 14.28% vs 13.05% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQA or SPY?

Over the 5-year period, QQQA has performed better with a 14.28% return vs 13.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQA or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.58% for QQQA.

Which ETF pays a higher dividend yield, QQQA or SPY?

SPY has the higher dividend yield at 1.03%, compared with 0.06% for QQQA.

What is the main difference between QQQA and SPY?

QQQA is categorized as Nasdaq-100, while SPY is S&P 500. QQQA tracks NASDAQ-100 Dorsey Wright Momentum Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.58% for QQQA and 0.09% for SPY.

Which has better risk-adjusted returns?

QQQA currently has the higher Sharpe Ratio (2.86 vs 1.90), 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.