SPHB vs. QQQ

Last updated Aug 2, 2026

SPHB (Invesco S&P 500® High Beta ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPHB returned 17.94%/yr vs 20.44%/yr for QQQ. Their 0.76 correlation means they have sometimes moved together and sometimes differently. SPHB charges 0.25%/yr vs 0.18%/yr for QQQ.

Performance

SPHB vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 19.95% return, which is significantly higher than QQQ's 12.26% return. Over the past 10 years, SPHB has underperformed QQQ with an annualized return of 17.94%, while QQQ has yielded a comparatively higher 20.44% annualized return.

SPHB

• 1D: 0.05%
• 1M: -5.41%
• 6M: 15.81%
• YTD: 19.95%
• 1Y: 39.56%
• 3Y*: 21.36%
• 5Y*: 14.83%
• 10Y*: 17.94%
• ALL TIME*: 13.56%

QQQ

• 1D: 0.65%
• 1M: -3.45%
• 6M: 10.89%
• YTD: 12.26%
• 1Y: 24.81%
• 3Y*: 22.29%
• 5Y*: 14.23%
• 10Y*: 20.44%
• ALL TIME*: 10.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQ Invesco QQQ ETF	$30.32B	$28.40B	$31.45B
SPHB Invesco S&P 500® High Beta ETF	$46.45M	$55.30M	$54.87M

SPHB vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHB Invesco S&P 500® High Beta ETF	19.95%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	33.96%	-15.55%	17.87%
QQQ Invesco QQQ ETF	12.26%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between SPHB and QQQ is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since May 5, 2011	0.76

The correlation between SPHB and QQQ shifts across timeframes, from 0.75 (10 years) to 0.87 (1 year), reflecting how their relationship changes across market environments.

SPHB vs. QQQ - Sectors Allocation Comparison

Sectors	SPHB	QQQ
Technology	45.0%	60.9%
Financial Services	14.9%	0.2%
Industrials	13.0%	2.7%
Consumer Cyclical	10.6%	10.7%
Healthcare	5.9%	3.6%
Utilities	3.5%	1.1%
Basic Materials	2.3%	1.0%
Communication Services	1.6%	13.1%
Consumer Defensive	0.9%	6.3%
Energy	0.8%	0.5%
Real Estate	-	0.1%

Return for Risk

SPHB vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPHB

SPHB Risk / Return Rank: 65
SPHB Sharpe Ratio Rank: 61
SPHB Sortino Ratio Rank: 57
SPHB Omega Ratio Rank: 56
SPHB Calmar Ratio Rank: 75
SPHB Martin Ratio Rank: 78

QQQ

QQQ Risk / Return Rank: 49
QQQ Sharpe Ratio Rank: 47
QQQ Sortino Ratio Rank: 46
QQQ Omega Ratio Rank: 45
QQQ Calmar Ratio Rank: 53
QQQ Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPHB vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and Invesco QQQ ETF (QQQ). 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.

	SPHB	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.16	+0.27
Sortino ratio: Return per unit of downside risk	1.95	1.65	+0.30
Omega ratio: Gain probability vs. loss probability	1.24	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	2.63	1.88	+0.75
Martin ratio: Return relative to average drawdown	9.86	6.00	+3.86

SPHB vs. QQQ - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 1.43, which is comparable to the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of SPHB and QQQ, 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

SPHB vs. QQQ - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPHB and QQQ.

Drawdown Indicators

	SPHB	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-82.97%	+36.13%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-11.96%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-22.77%	-6.44%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-35.12%	+3.63%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-35.12%	-11.72%
Current Drawdown Current decline from peak	-10.79%	-7.69%	-3.10%
Average Drawdown Average peak-to-trough decline	-8.47%	-32.62%	+24.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.74%	+0.02%

Volatility

SPHB vs. QQQ - Volatility Comparison

Invesco S&P 500® High Beta ETF (SPHB) has a higher volatility of 9.30% compared to Invesco QQQ ETF (QQQ) at 6.87%. This indicates that SPHB's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	6.87%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	16.08%	+5.46%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	19.38%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.84%	22.90%	+4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.57%	22.50%	+6.07%

SPHB vs. QQQ - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is higher than QQQ's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPHB vs. QQQ - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.58%, more than QQQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SPHB Invesco S&P 500® High Beta ETF	0.58%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both SPHB and QQQ in my portfolio?

SPHB and QQQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHB or QQQ?

SPHB has higher volatility (9.30%) compared to QQQ (6.87%). In terms of maximum drawdown, SPHB dropped -46.84% vs QQQ's -82.97%.

Which ETF is better, SPHB or QQQ?

On 10-year performance, QQQ leads with 20.44% vs 17.94% for SPHB. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 6.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or QQQ?

Over the 10-year period, QQQ has performed better with a 20.44% return vs 17.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.25% for SPHB.

Which ETF pays a higher dividend yield, SPHB or QQQ?

SPHB has the higher dividend yield at 0.58%, compared with 0.44% for QQQ.

What is the main difference between SPHB and QQQ?

SPHB is categorized as S&P 500, while QQQ is Nasdaq-100. SPHB tracks S&P 500 High Beta Index, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.25% for SPHB and 0.18% for QQQ.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (1.43 vs 1.16), 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.