QQQS vs. FESM

Last updated Jun 4, 2026

QQQS (Invesco NASDAQ Future Gen 200 ETF) and FESM (Fidelity Enhanced Small Cap ETF) are both Small Cap Blend Equities funds. QQQS is passively managed, while FESM is actively managed. Over the past year, QQQS returned 79.99% vs 46.73% for FESM. Their correlation of 0.89 suggests significant overlap in exposure. QQQS charges 0.20%/yr vs 0.28%/yr for FESM.

Performance

QQQS vs. FESM - Performance Comparison

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

Returns By Period

In the year-to-date period, QQQS achieves a 27.27% return, which is significantly higher than FESM's 19.64% return.

QQQS

• 1D: -1.70%
• 1M: 5.91%
• YTD: 27.27%
• 6M: 27.40%
• 1Y: 79.99%
• 3Y*: 15.89%
• 5Y*: —
• 10Y*: —

FESM

• 1D: -1.51%
• 1M: 3.13%
• YTD: 19.64%
• 6M: 19.11%
• 1Y: 46.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQS vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQQS Invesco NASDAQ Future Gen 200 ETF	27.27%	23.03%	10.20%	17.26%
FESM Fidelity Enhanced Small Cap ETF	19.64%	17.88%	16.22%	12.19%

Correlation

The correlation between QQQS and FESM is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.89

The correlation between QQQS and FESM has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

QQQS vs. FESM - Sectors Allocation Comparison

Sectors	QQQS	FESM
Technology	42.1%	21.6%
Healthcare	41.0%	15.7%
Consumer Cyclical	5.2%	7.4%
Industrials	4.8%	19.1%
Communication Services	2.4%	3.1%
Energy	2.2%	7.2%
Consumer Defensive	1.4%	1.4%
Basic Materials	1.0%	3.5%
Financial Services	0.0%	14.8%
Real Estate	-	4.2%
Utilities	-	2.0%

Return for Risk

QQQS vs. FESM — 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: 73
QQQS Calmar Ratio Rank: 91
QQQS Martin Ratio Rank: 88

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 72
FESM Omega Ratio Rank: 66
FESM Calmar Ratio Rank: 84
FESM Martin Ratio Rank: 82

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. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco NASDAQ Future Gen 200 ETF (QQQS) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	QQQS	FESM	Difference
Sharpe ratio: Return per unit of total volatility	3.00	2.48	+0.52
Sortino ratio: Return per unit of downside risk	3.78	3.34	+0.44
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.03
Calmar ratio: Return relative to maximum drawdown	5.90	4.61	+1.29
Martin ratio: Return relative to average drawdown	19.70	16.60	+3.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQS vs. FESM - Sharpe Ratio Comparison

The current QQQS Sharpe Ratio is 3.00, which is comparable to the FESM Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of QQQS and FESM, 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

	QQQS	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	2.48	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.29	-0.66

Drawdowns

QQQS vs. FESM - Drawdown Comparison

The maximum QQQS drawdown since its inception was -38.06%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for QQQS and FESM.

Drawdown Indicators

	QQQS	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-38.06%	-26.93%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-10.18%	-3.45%
Max Drawdown (3Y) Largest decline over 3 years	-34.32%	—	—
Current Drawdown Current decline from peak	-2.55%	-1.59%	-0.96%
Average Drawdown Average peak-to-trough decline	-13.26%	-4.79%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.82%	+1.25%

Volatility

QQQS vs. FESM - Volatility Comparison

Invesco NASDAQ Future Gen 200 ETF (QQQS) has a higher volatility of 7.39% compared to Fidelity Enhanced Small Cap ETF (FESM) at 5.64%. This indicates that QQQS's price experiences larger fluctuations and is considered to be riskier than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQS	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.39%	5.64%	+1.75%
Volatility (6M) Calculated over the trailing 6-month period	18.49%	13.32%	+5.17%
Volatility (1Y) Calculated over the trailing 1-year period	26.90%	18.98%	+7.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.34%	21.26%	+7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.34%	21.26%	+7.08%

QQQS vs. FESM - Expense Ratio Comparison

QQQS has a 0.20% expense ratio, which is lower than FESM's 0.28% expense ratio.

Dividends

QQQS vs. FESM - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 2.73%, more than FESM's 0.53% yield.

Position	TTM	2025	2024	2023	2022
FESM Fidelity Enhanced Small Cap ETF	0.53%	0.82%	1.08%	0.06%	0.00%
QQQS Invesco NASDAQ Future Gen 200 ETF	2.73%	3.48%	0.80%	0.68%	0.04%

Frequently Asked Questions

Can I hold both QQQS and FESM in my portfolio?

With a correlation of 0.90, QQQS and FESM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QQQS or FESM?

QQQS has higher volatility (7.39%) compared to FESM (5.64%). In terms of maximum drawdown, QQQS dropped -38.06% vs FESM's -26.93%.

Which ETF is better, QQQS or FESM?

On 1-year performance, QQQS leads with 79.99% vs 46.73% for FESM. On fees, QQQS is cheaper at 0.20% per year. On volatility, FESM has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQS or FESM?

Over the 1-year period, QQQS has performed better with a 79.99% return vs 46.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQS or FESM?

QQQS is cheaper with a 0.20% expense ratio, compared with 0.28% for FESM.

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

QQQS has the higher dividend yield at 2.73%, compared with 0.53% for FESM.

What is the main difference between QQQS and FESM?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.20% for QQQS and 0.28% for FESM.

Which has better risk-adjusted returns?

QQQS currently has the higher Sharpe Ratio (3.00 vs 2.48), 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.