QQQM vs. SPHY
QQQM (Invesco NASDAQ 100 ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, QQQM returned 14.31%/yr vs 4.19%/yr for SPHY. Their 0.65 correlation means they have sometimes moved together and sometimes differently. QQQM charges 0.15%/yr vs 0.05%/yr for SPHY.
Performance
QQQM vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, QQQM achieves a 12.29% return, which is significantly higher than SPHY's 1.84% return.
QQQM
- 1D
- 0.69%
- 1M
- -5.13%
- 6M
- 10.92%
- YTD
- 12.29%
- 1Y
- 22.42%
- 3Y*
- 22.37%
- 5Y*
- 14.31%
- 10Y*
- —
- ALL TIME*
- 16.51%
SPHY
- 1D
- 0.04%
- 1M
- -0.17%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.46%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $962.22M | $908.74M | $1.19B | |
| $242.17M | $164.39M | $124.54M |
QQQM vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QQQM Invesco NASDAQ 100 ETF | 12.29% | 20.85% | 25.68% | 55.01% | -32.52% | 27.45% | 6.64% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 4.90% |
Correlation
The correlation between QQQM and SPHY is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020 | 0.65 |
The correlation between QQQM and SPHY has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
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Return for Risk
QQQM vs. SPHY — Risk / Return Rank
QQQM
SPHY
QQQM vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ 100 ETF (QQQM) and SPDR Portfolio High Yield Bond ETF (SPHY). 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.
| QQQM | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.29 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.27 | -0.39 |
| Martin ratioReturn relative to average drawdown | 6.01 | 10.10 | -4.09 |
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Drawdowns
QQQM vs. SPHY - Drawdown Comparison
The maximum QQQM drawdown since its inception was -35.04%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for QQQM and SPHY.
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Drawdown Indicators
| QQQM | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.04% | -21.97% | -13.07% |
Max Drawdown (1Y)Largest decline over 1 year | -11.96% | -2.41% | -9.55% |
Max Drawdown (3Y)Largest decline over 3 years | -22.70% | -4.85% | -17.85% |
Max Drawdown (5Y)Largest decline over 5 years | -35.04% | -15.29% | -19.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.97% | — |
Current DrawdownCurrent decline from peak | -7.69% | -0.43% | -7.26% |
Average DrawdownAverage peak-to-trough decline | -8.15% | -2.27% | -5.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.74% | 0.54% | +3.20% |
Volatility
QQQM vs. SPHY - Volatility Comparison
Invesco NASDAQ 100 ETF (QQQM) has a higher volatility of 6.83% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.75%. This indicates that QQQM's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQQM | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.83% | 0.75% | +6.08% |
Volatility (6M)Calculated over the trailing 6-month period | 15.91% | 3.02% | +12.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 3.67% | +15.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.74% | 7.18% | +15.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.32% | 7.83% | +14.49% |
QQQM vs. SPHY - Expense Ratio Comparison
QQQM has a 0.15% expense ratio, which is higher than SPHY's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
QQQM vs. SPHY - Dividend Comparison
QQQM's dividend yield for the trailing twelve months is around 0.46%, less than SPHY's 7.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QQQM Invesco NASDAQ 100 ETF | 0.46% | 0.50% | 0.61% | 0.65% | 0.83% | 0.40% | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.25% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
QQQM and SPHY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQM has higher volatility (6.83%) compared to SPHY (0.75%). In terms of maximum drawdown, QQQM dropped -35.04% vs SPHY's -21.97%.
On 5-year performance, QQQM leads with 14.31% vs 4.19% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QQQM has performed better with a 14.31% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.15% for QQQM.
SPHY has the higher dividend yield at 7.25%, compared with 0.46% for QQQM.
QQQM is categorized as Nasdaq-100, while SPHY is High Yield Bonds. QQQM tracks NASDAQ-100 Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.15% for QQQM and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.49 vs 1.17), 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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