QQQS vs. AFSC

Last updated Jun 26, 2026

QQQS (Invesco NASDAQ Future Gen 200 ETF) and AFSC (abrdn Focused U.S. Small Cap Active ETF) are both Small Cap Blend Equities funds. QQQS is passively managed, while AFSC is actively managed. Over the past year, QQQS returned 64.41% vs 38.56% for AFSC. Their correlation of 0.80 suggests significant overlap in exposure. QQQS charges 0.20%/yr vs 0.65%/yr for AFSC.

Performance

QQQS vs. AFSC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Future Gen 200 ETF (QQQS) and abrdn Focused U.S. Small Cap Active ETF (AFSC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQS achieves a 24.25% return, which is significantly lower than AFSC's 27.72% return.

QQQS

• 1D: 0.31%
• 1M: -3.29%
• YTD: 24.25%
• 6M: 22.32%
• 1Y: 64.41%
• 3Y*: 16.95%
• 5Y*: —
• 10Y*: —

AFSC

• 1D: 1.68%
• 1M: 7.72%
• YTD: 27.72%
• 6M: 22.47%
• 1Y: 38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQS vs. AFSC - Yearly Performance Comparison

	2026 (YTD)	2025
QQQS Invesco NASDAQ Future Gen 200 ETF	24.25%	22.35%
AFSC abrdn Focused U.S. Small Cap Active ETF	27.72%	2.33%

Correlation

The correlation between QQQS and AFSC is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.80

The correlation between QQQS and AFSC has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

QQQS vs. AFSC — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 81
QQQS Sharpe Ratio Rank: 84
QQQS Sortino Ratio Rank: 78
QQQS Omega Ratio Rank: 70
QQQS Calmar Ratio Rank: 89
QQQS Martin Ratio Rank: 84

AFSC

AFSC Risk / Return Rank: 74
AFSC Sharpe Ratio Rank: 72
AFSC Sortino Ratio Rank: 71
AFSC Omega Ratio Rank: 62
AFSC Calmar Ratio Rank: 81
AFSC Martin Ratio Rank: 81

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.

QQQS vs. AFSC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Future Gen 200 ETF (QQQS) and abrdn Focused U.S. Small Cap Active ETF (AFSC). 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.

	QQQS	AFSC	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.04	+0.32
Sortino ratio: Return per unit of downside risk	3.03	2.84	+0.19
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	4.75	3.77	+0.99
Martin ratio: Return relative to average drawdown	14.96	14.31	+0.65

QQQS vs. AFSC - Sharpe Ratio Comparison

The current QQQS Sharpe Ratio is 2.36, which is comparable to the AFSC Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of QQQS and AFSC, 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

QQQS vs. AFSC - Drawdown Comparison

The maximum QQQS drawdown since its inception was -38.06%, which is greater than AFSC's maximum drawdown of -21.93%. Use the drawdown chart below to compare losses from any high point for QQQS and AFSC.

Drawdown Indicators

	QQQS	AFSC	Difference
Max Drawdown Largest peak-to-trough decline	-38.06%	-21.93%	-16.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-10.29%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-34.32%	—	—
Current Drawdown Current decline from peak	-4.86%	0.00%	-4.86%
Average Drawdown Average peak-to-trough decline	-13.13%	-4.09%	-9.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	2.70%	+1.62%

Volatility

QQQS vs. AFSC - Volatility Comparison

Invesco NASDAQ Future Gen 200 ETF (QQQS) has a higher volatility of 9.36% compared to abrdn Focused U.S. Small Cap Active ETF (AFSC) at 5.47%. This indicates that QQQS's price experiences larger fluctuations and is considered to be riskier than AFSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQS	AFSC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.36%	5.47%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	14.65%	+5.25%
Volatility (1Y) Calculated over the trailing 1-year period	27.43%	19.02%	+8.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.56%	22.50%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.56%	22.50%	+6.06%

QQQS vs. AFSC - Expense Ratio Comparison

QQQS has a 0.20% expense ratio, which is lower than AFSC's 0.65% expense ratio.

Dividends

QQQS vs. AFSC - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 2.65%, more than AFSC's 0.06% yield.

Position	TTM	2025	2024	2023	2022
AFSC abrdn Focused U.S. Small Cap Active ETF	0.06%	0.08%	0.00%	0.00%	0.00%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.65%	3.48%	0.80%	0.68%	0.04%

Frequently Asked Questions

Can I hold both QQQS and AFSC in my portfolio?

QQQS and AFSC have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQS or AFSC?

QQQS has higher volatility (9.36%) compared to AFSC (5.47%). In terms of maximum drawdown, QQQS dropped -38.06% vs AFSC's -21.93%.

Which ETF is better, QQQS or AFSC?

On 1-year performance, QQQS leads with 64.41% vs 38.56% for AFSC. On fees, QQQS is cheaper at 0.20% per year. On volatility, AFSC has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQS or AFSC?

Over the 1-year period, QQQS has performed better with a 64.41% return vs 38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQS or AFSC?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.65% for AFSC.

Which ETF pays a higher dividend yield, QQQS or AFSC?

QQQS has the higher dividend yield at 2.65%, compared with 0.06% for AFSC.

What is the main difference between QQQS and AFSC?

They also come from different issuers: Invesco and Aberdeen. Their fees differ too: 0.20% for QQQS and 0.65% for AFSC.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (2.36 vs 2.04), 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.