QQQM vs. SPHQ

Last updated Jun 4, 2026

QQQM (Invesco NASDAQ 100 ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. Over the past 5 years, QQQM returned 18.07%/yr vs 14.54%/yr for SPHQ. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

QQQM vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ 100 ETF (QQQM) 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, QQQM achieves a 21.39% return, which is significantly higher than SPHQ's 15.48% return.

QQQM

• 1D: -0.20%
• 1M: 10.67%
• YTD: 21.39%
• 6M: 19.75%
• 1Y: 41.98%
• 3Y*: 28.89%
• 5Y*: 18.07%
• 10Y*: —

SPHQ

• 1D: 0.28%
• 1M: 7.17%
• YTD: 15.48%
• 6M: 16.06%
• 1Y: 23.22%
• 3Y*: 22.41%
• 5Y*: 14.54%
• 10Y*: 15.01%

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

QQQM vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%
SPHQ Invesco S&P 500 Quality ETF	15.48%	13.25%	25.44%	24.83%	-15.76%	28.03%	5.48%

Correlation

The correlation between QQQM and SPHQ is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.84

The correlation between QQQM and SPHQ shifts across timeframes, from 0.71 (1 year) to 0.84 (5 years), reflecting how their relationship changes across market environments.

QQQM vs. SPHQ - Sectors Allocation Comparison

Sectors	QQQM	SPHQ
Technology	53.8%	28.1%
Communication Services	15.8%	2.0%
Consumer Cyclical	12.3%	4.6%
Consumer Defensive	7.7%	15.4%
Healthcare	4.2%	8.4%
Industrials	2.8%	24.3%
Utilities	1.4%	1.0%
Basic Materials	1.1%	2.2%
Energy	0.6%	0.7%
Financial Services	0.2%	13.3%
Real Estate	0.1%	-

Return for Risk

QQQM vs. SPHQ — Risk / Return Rank

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

QQQM

QQQM Risk / Return Rank: 74
QQQM Sharpe Ratio Rank: 80
QQQM Sortino Ratio Rank: 75
QQQM Omega Ratio Rank: 75
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 71

SPHQ

SPHQ Risk / Return Rank: 54
SPHQ Sharpe Ratio Rank: 53
SPHQ Sortino Ratio Rank: 55
SPHQ Omega Ratio Rank: 49
SPHQ Calmar Ratio Rank: 52
SPHQ Martin Ratio Rank: 61

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.

QQQM vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 ETF (QQQM) 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.

	QQQM	SPHQ	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.85	+0.80
Sortino ratio: Return per unit of downside risk	3.46	2.69	+0.78
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.14
Calmar ratio: Return relative to maximum drawdown	3.53	2.62	+0.90
Martin ratio: Return relative to average drawdown	13.52	11.17	+2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQM vs. SPHQ - Sharpe Ratio Comparison

The current QQQM Sharpe Ratio is 2.65, which is higher than the SPHQ Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of QQQM 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.

Sharpe Ratios by Period

	QQQM	SPHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	1.85	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.89	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.53	+0.32

Drawdowns

QQQM vs. SPHQ - Drawdown Comparison

The maximum QQQM drawdown since its inception was -35.04%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for QQQM and SPHQ.

Drawdown Indicators

	QQQM	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.04%	-57.83%	+22.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.96%	-8.90%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	-22.70%	-16.57%	-6.13%
Max Drawdown (5Y) Largest decline over 5 years	-35.04%	-25.04%	-10.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.60%	—
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-8.25%	-10.70%	+2.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.08%	+1.03%

Volatility

QQQM vs. SPHQ - Volatility Comparison

Invesco NASDAQ 100 ETF (QQQM) has a higher volatility of 4.48% compared to Invesco S&P 500 Quality ETF (SPHQ) at 3.49%. This indicates that QQQM'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

	QQQM	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.49%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	10.18%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.91%	12.62%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	16.45%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.12%	17.86%	+4.26%

QQQM vs. SPHQ - Expense Ratio Comparison

Both QQQM and SPHQ have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

QQQM vs. SPHQ - Dividend Comparison

QQQM's dividend yield for the trailing twelve months is around 0.41%, less than SPHQ's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.04%	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 QQQM and SPHQ in my portfolio?

QQQM and SPHQ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQM or SPHQ?

QQQM has higher volatility (4.48%) compared to SPHQ (3.49%). In terms of maximum drawdown, QQQM dropped -35.04% vs SPHQ's -57.83%.

Which ETF is better, QQQM or SPHQ?

On 5-year performance, QQQM leads with 18.07% vs 14.54% for SPHQ. Both ETFs have the same 0.15% expense ratio. On volatility, SPHQ has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQM or SPHQ?

Over the 5-year period, QQQM has performed better with a 18.07% return vs 14.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQM or SPHQ?

QQQM and SPHQ have the same expense ratio: 0.15% per year.

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

SPHQ has the higher dividend yield at 1.04%, compared with 0.41% for QQQM.

What is the main difference between QQQM and SPHQ?

QQQM is categorized as Nasdaq-100, while SPHQ is S&P 500. QQQM tracks NASDAQ-100 Index, while SPHQ tracks S&P 500 Quality Index.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.65 vs 1.85), 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.