RFG vs. QQQM

Last updated Jun 4, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, RFG returned 8.63%/yr vs 18.07%/yr for QQQM. A 0.73 correlation means they provide meaningful diversification when combined. RFG charges 0.35%/yr vs 0.15%/yr for QQQM.

Performance

RFG vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with RFG having a 22.14% return and QQQM slightly lower at 21.39%.

RFG

• 1D: 0.61%
• 1M: 7.30%
• YTD: 22.14%
• 6M: 21.89%
• 1Y: 32.96%
• 3Y*: 20.57%
• 5Y*: 8.63%
• 10Y*: 10.49%

QQQM

• 1D: -0.20%
• 1M: 10.67%
• YTD: 21.39%
• 6M: 19.75%
• 1Y: 41.98%
• 3Y*: 28.89%
• 5Y*: 18.07%
• 10Y*: —

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

RFG vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RFG Invesco S&P MidCap 400® Pure Growth ETF	22.14%	8.80%	17.80%	16.42%	-21.70%	13.81%	11.02%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between RFG and QQQM is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.73

The correlation between RFG and QQQM has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

RFG vs. QQQM - Sectors Allocation Comparison

Sectors	RFG	QQQM
Industrials	31.3%	2.8%
Technology	21.2%	53.8%
Healthcare	19.4%	4.2%
Consumer Cyclical	7.6%	12.3%
Energy	5.4%	0.6%
Financial Services	3.7%	0.2%
Basic Materials	3.3%	1.1%
Consumer Defensive	3.1%	7.7%
Utilities	2.4%	1.4%
Real Estate	2.2%	0.1%
Communication Services	0.6%	15.8%

Return for Risk

RFG vs. QQQM — Risk / Return Rank

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

RFG

RFG Risk / Return Rank: 57
RFG Sharpe Ratio Rank: 52
RFG Sortino Ratio Rank: 52
RFG Omega Ratio Rank: 49
RFG Calmar Ratio Rank: 65
RFG Martin Ratio Rank: 69

QQQM

QQQM Risk / Return Rank: 74
QQQM Sharpe Ratio Rank: 80
QQQM Sortino Ratio Rank: 75
QQQM Omega Ratio Rank: 75
QQQM Calmar Ratio Rank: 69
QQQM Martin Ratio Rank: 71

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.

RFG vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) and Invesco NASDAQ 100 ETF (QQQM). 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.

	RFG	QQQM	Difference
Sharpe ratio Return per unit of total volatility	1.79	2.65	-0.86
Sortino ratio Return per unit of downside risk	2.55	3.46	-0.91
Omega ratio Gain probability vs. loss probability	1.31	1.45	-0.15
Calmar ratio Return relative to maximum drawdown	3.18	3.53	-0.34
Martin ratio Return relative to average drawdown	12.89	13.52	-0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFG vs. QQQM - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.79, which is lower than the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of RFG and QQQM, 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

	RFG	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.65	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.82	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.85	-0.42

Drawdowns

RFG vs. QQQM - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for RFG and QQQM.

Drawdown Indicators

	RFG	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-51.93%	-35.04%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.41%	-11.96%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-26.71%	-22.70%	-4.01%
Max Drawdown (5Y) Largest decline over 5 years	-35.16%	-35.04%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.92%	—	—
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-8.97%	-8.25%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.11%	-0.55%

Volatility

RFG vs. QQQM - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.50% compared to Invesco NASDAQ 100 ETF (QQQM) at 4.48%. This indicates that RFG's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RFG	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	4.48%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	14.72%	12.05%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	18.53%	15.91%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.81%	22.24%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.05%	22.12%	+0.93%

RFG vs. QQQM - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

RFG vs. QQQM - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.31%, less than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
RFG Invesco S&P MidCap 400® Pure Growth ETF	0.31%	0.43%	0.38%	0.99%	0.78%	0.05%	0.27%	0.64%	0.76%	0.66%	0.35%	0.61%

Frequently Asked Questions

Can I hold both RFG and QQQM in my portfolio?

RFG and QQQM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RFG or QQQM?

RFG has higher volatility (6.50%) compared to QQQM (4.48%). In terms of maximum drawdown, RFG dropped -51.93% vs QQQM's -35.04%.

Which ETF is better, RFG or QQQM?

On 5-year performance, QQQM leads with 18.07% vs 8.63% for RFG. On fees, QQQM is cheaper at 0.15% per year. On volatility, QQQM has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RFG or QQQM?

Over the 5-year period, QQQM has performed better with a 18.07% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RFG or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.35% for RFG.

Which ETF pays a higher dividend yield, RFG or QQQM?

QQQM has the higher dividend yield at 0.41%, compared with 0.31% for RFG.

What is the main difference between RFG and QQQM?

RFG is categorized as Small Cap Growth Equities, while QQQM is Nasdaq-100. RFG tracks S&P Mid Cap 400 Pure Growth, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.35% for RFG and 0.15% for QQQM.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.65 vs 1.79), 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.