QQQS vs. FESM

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco NASDAQ Future Gen 200 ETF (QQQS) and Fidelity Enhanced Small Cap ETF (FESM).

QQQS and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQQS is a passively managed fund by Invesco that tracks the performance of the Nasdaq Innovators Completion Cap Total Return Index. It was launched on Oct 13, 2022. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

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.

QQQS vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQQS Invesco NASDAQ Future Gen 200 ETF	-0.97%	23.03%	10.20%	17.26%
FESM Fidelity Enhanced Small Cap ETF	0.82%	17.88%	16.22%	12.19%

Returns By Period

In the year-to-date period, QQQS achieves a -0.97% return, which is significantly lower than FESM's 0.82% return.

QQQS

• 1D: 4.87%
• 1M: -6.39%
• YTD: -0.97%
• 6M: 2.84%
• 1Y: 49.21%
• 3Y*: 8.27%
• 5Y*: —
• 10Y*: —

FESM

• 1D: 3.29%
• 1M: -4.77%
• YTD: 0.82%
• 6M: 4.42%
• 1Y: 29.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQS vs. FESM - Expense Ratio Comparison

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

FESM

Fidelity Enhanced Small Cap ETF

QQQS

Invesco NASDAQ Future Gen 200 ETF

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: 84
QQQS Sharpe Ratio Rank: 84
QQQS Sortino Ratio Rank: 85
QQQS Omega Ratio Rank: 76
QQQS Calmar Ratio Rank: 89
QQQS Martin Ratio Rank: 86

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 76
FESM Omega Ratio Rank: 69
FESM Calmar Ratio Rank: 82
FESM Martin Ratio Rank: 80

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	1.61	1.30	+0.31
Sortino ratio Return per unit of downside risk	2.20	1.87	+0.34
Omega ratio Gain probability vs. loss probability	1.28	1.24	+0.03
Calmar ratio Return relative to maximum drawdown	2.81	2.19	+0.62
Martin ratio Return relative to average drawdown	9.71	8.40	+1.32
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 1.61, which is comparable to the FESM Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of QQQS and FESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QQQS	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.30	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.96	-0.59

Correlation

The correlation between QQQS and FESM is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QQQS vs. FESM - Dividend Comparison

QQQS's dividend yield for the trailing twelve months is around 3.51%, more than FESM's 0.63% yield.

	TTM	2025	2024	2023	2022
QQQS Invesco NASDAQ Future Gen 200 ETF	3.51%	3.48%	0.80%	0.68%	0.04%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%	0.00%

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	-16.53%	-13.54%	-2.99%
Current Drawdown Current decline from peak	-9.42%	-7.23%	-2.19%
Average Drawdown Average peak-to-trough decline	-13.84%	-5.04%	-8.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	3.53%	+1.25%

Volatility

QQQS vs. FESM - Volatility Comparison

Invesco NASDAQ Future Gen 200 ETF (QQQS) has a higher volatility of 10.32% compared to Fidelity Enhanced Small Cap ETF (FESM) at 7.40%. 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	10.32%	7.40%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	14.26%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	30.79%	22.98%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.42%	21.49%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.42%	21.49%	+6.93%