QQQE vs. SPY

Last updated Jun 20, 2026

QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QQQE returned 15.69%/yr vs 15.48%/yr for SPY. Their correlation of 0.88 suggests significant overlap in exposure. QQQE charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

QQQE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) 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, QQQE achieves a 19.13% return, which is significantly higher than SPY's 10.09% return. Both investments have delivered pretty close results over the past 10 years, with QQQE having a 15.69% annualized return and SPY not far behind at 15.48%.

QQQE

• 1D: 1.86%
• 1M: 5.36%
• YTD: 19.13%
• 6M: 18.23%
• 1Y: 29.06%
• 3Y*: 17.43%
• 5Y*: 10.13%
• 10Y*: 15.69%

SPY

• 1D: 1.04%
• 1M: 0.80%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 27.05%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

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

QQQE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	19.13%	14.58%	6.98%	33.76%	-24.47%	17.93%	37.85%	36.43%	-5.40%	26.53%
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between QQQE and SPY is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 21, 2012	0.88

The correlation between QQQE and SPY has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

QQQE vs. SPY - Sectors Allocation Comparison

Sectors	QQQE	SPY
Technology	51.0%	39.0%
Consumer Cyclical	9.8%	9.9%
Industrials	9.3%	7.8%
Communication Services	8.4%	10.6%
Healthcare	7.8%	8.3%
Consumer Defensive	7.0%	4.5%
Utilities	3.4%	2.1%
Energy	1.7%	3.1%
Basic Materials	0.8%	1.7%
Financial Services	0.8%	11.1%
Real Estate	0.7%	1.8%

Return for Risk

QQQE vs. SPY — Risk / Return Rank

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

QQQE

QQQE Risk / Return Rank: 58
QQQE Sharpe Ratio Rank: 58
QQQE Sortino Ratio Rank: 55
QQQE Omega Ratio Rank: 54
QQQE Calmar Ratio Rank: 65
QQQE Martin Ratio Rank: 60

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

QQQE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) 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.

	QQQE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.17	-0.31
Sortino ratio: Return per unit of downside risk	2.52	2.92	-0.40
Omega ratio: Gain probability vs. loss probability	1.32	1.39	-0.07
Calmar ratio: Return relative to maximum drawdown	3.06	3.02	+0.04
Martin ratio: Return relative to average drawdown	10.32	13.61	-3.29

QQQE vs. SPY - Sharpe Ratio Comparison

The current QQQE Sharpe Ratio is 1.86, which is comparable to the SPY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of QQQE 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

QQQE vs. SPY - Drawdown Comparison

The maximum QQQE drawdown since its inception was -32.14%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQQE and SPY.

Drawdown Indicators

	QQQE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-32.14%	-55.19%	+23.05%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-8.88%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-21.38%	-18.76%	-2.62%
Max Drawdown (5Y) Largest decline over 5 years	-32.14%	-24.50%	-7.64%
Max Drawdown (10Y) Largest decline over 10 years	-32.14%	-33.72%	+1.58%
Current Drawdown Current decline from peak	-0.85%	-1.44%	+0.59%
Average Drawdown Average peak-to-trough decline	-5.16%	-9.04%	+3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	1.97%	+0.82%

Volatility

QQQE vs. SPY - Volatility Comparison

Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) has a higher volatility of 7.83% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that QQQE'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

	QQQE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	4.73%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	12.59%	9.81%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	12.41%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.52%	17.15%	+3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.83%	17.98%	+2.85%

QQQE vs. SPY - Expense Ratio Comparison

QQQE has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQQE vs. SPY - Dividend Comparison

QQQE's dividend yield for the trailing twelve months is around 0.52%, less than SPY's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	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 QQQE and SPY in my portfolio?

QQQE and SPY have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQE or SPY?

QQQE has higher volatility (7.83%) compared to SPY (4.73%). In terms of maximum drawdown, QQQE dropped -32.14% vs SPY's -55.19%.

Which ETF is better, QQQE or SPY?

On 10-year performance, QQQE leads with 15.69% vs 15.48% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQE or SPY?

Over the 10-year period, QQQE has performed better with a 15.69% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for QQQE.

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

SPY has the higher dividend yield at 1.01%, compared with 0.52% for QQQE.

What is the main difference between QQQE and SPY?

QQQE is categorized as Nasdaq-100, while SPY is S&P 500. QQQE tracks NASDAQ-100 Equal Weighted Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 0.35% for QQQE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.17 vs 1.86), 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.