QQQS vs. ASCE

Last updated Jul 14, 2026

QQQS (Invesco NASDAQ Future Gen 200 ETF) and ASCE (Allspring SMID Core ETF) are both Small Cap Blend Equities funds. QQQS is passively managed, while ASCE is actively managed. Over the past year, QQQS returned 61.07% vs 36.63% for ASCE. Their correlation of 0.80 suggests significant overlap in exposure. QQQS charges 0.20%/yr vs 0.38%/yr for ASCE.

Performance

QQQS vs. ASCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco NASDAQ Future Gen 200 ETF (QQQS) and Allspring SMID Core ETF (ASCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQS achieves a 28.18% return, which is significantly higher than ASCE's 25.79% return.

QQQS

• 1D: -0.99%
• 1M: 4.05%
• 6M: 21.10%
• YTD: 28.18%
• 1Y: 61.07%
• 3Y*: 16.48%
• 5Y*: —
• 10Y*: —

ASCE

• 1D: -1.03%
• 1M: -2.51%
• 6M: 19.63%
• YTD: 25.79%
• 1Y: 36.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQS vs. ASCE - Yearly Performance Comparison

	2026 (YTD)	2025
QQQS Invesco NASDAQ Future Gen 200 ETF	28.18%	28.37%
ASCE Allspring SMID Core ETF	25.79%	8.46%

Correlation

The correlation between QQQS and ASCE is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.80

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

Return for Risk

QQQS vs. ASCE — Risk / Return Rank

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

QQQS

QQQS Risk / Return Rank: 85
QQQS Sharpe Ratio Rank: 88
QQQS Sortino Ratio Rank: 83
QQQS Omega Ratio Rank: 75
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 86

ASCE

ASCE Risk / Return Rank: 77
ASCE Sharpe Ratio Rank: 73
ASCE Sortino Ratio Rank: 76
ASCE Omega Ratio Rank: 66
ASCE Calmar Ratio Rank: 87
ASCE 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. ASCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Future Gen 200 ETF (QQQS) and Allspring SMID Core ETF (ASCE). 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	ASCE	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.87	+0.39
Sortino ratio: Return per unit of downside risk	2.95	2.71	+0.24
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	4.50	3.99	+0.51
Martin ratio: Return relative to average drawdown	14.21	12.48	+1.74

QQQS vs. ASCE - Sharpe Ratio Comparison

The current QQQS Sharpe Ratio is 2.26, which is comparable to the ASCE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of QQQS and ASCE, 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. ASCE - Drawdown Comparison

The maximum QQQS drawdown since its inception was -38.06%, which is greater than ASCE's maximum drawdown of -9.22%. Use the drawdown chart below to compare losses from any high point for QQQS and ASCE.

Drawdown Indicators

	QQQS	ASCE	Difference
Max Drawdown Largest peak-to-trough decline	-38.06%	-9.22%	-28.84%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-9.22%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	-34.32%	—	—
Current Drawdown Current decline from peak	-2.04%	-4.17%	+2.13%
Average Drawdown Average peak-to-trough decline	-12.99%	-2.03%	-10.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.31%	2.94%	+1.37%

Volatility

QQQS vs. ASCE - Volatility Comparison

The current volatility for Invesco NASDAQ Future Gen 200 ETF (QQQS) is 6.29%, while Allspring SMID Core ETF (ASCE) has a volatility of 7.16%. This indicates that QQQS experiences smaller price fluctuations and is considered to be less risky than ASCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQS	ASCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	7.16%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	20.02%	14.91%	+5.11%
Volatility (1Y) Calculated over the trailing 1-year period	27.25%	19.75%	+7.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.47%	19.65%	+8.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.47%	19.65%	+8.82%

QQQS vs. ASCE - Expense Ratio Comparison

QQQS has a 0.20% expense ratio, which is lower than ASCE's 0.38% expense ratio.

Dividends

QQQS vs. ASCE - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 2.57%, more than ASCE's 0.17% yield.

Position	TTM	2025	2024	2023	2022
ASCE Allspring SMID Core ETF	0.17%	0.22%	0.00%	0.00%	0.00%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.57%	3.48%	0.80%	0.68%	0.04%

Frequently Asked Questions

Can I hold both QQQS and ASCE in my portfolio?

QQQS and ASCE have a correlation of 0.80, 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 ASCE?

ASCE has higher volatility (7.16%) compared to QQQS (6.29%). In terms of maximum drawdown, QQQS dropped -38.06% vs ASCE's -9.22%.

Which ETF is better, QQQS or ASCE?

On 1-year performance, QQQS leads with 61.07% vs 36.63% for ASCE. On fees, QQQS is cheaper at 0.20% per year. On volatility, QQQS has been the lower-risk option at 6.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQS or ASCE?

Over the 1-year period, QQQS has performed better with a 61.07% return vs 36.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQS or ASCE?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.38% for ASCE.

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

QQQS has the higher dividend yield at 2.57%, compared with 0.17% for ASCE.

What is the main difference between QQQS and ASCE?

They also come from different issuers: Invesco and Allspring. Their fees differ too: 0.20% for QQQS and 0.38% for ASCE.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (2.26 vs 1.87), 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.