SPHQ vs. QQQM

Last updated Aug 4, 2026

SPHQ (Invesco S&P 500 Quality ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - SPHQ is a Quality Factor fund tracking the S&P 500 Quality Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, SPHQ returned 12.81%/yr vs 14.53%/yr for QQQM. Their correlation of 0.84 means they have usually moved in the same direction. Both charge a 0.15% expense ratio.

Performance

SPHQ vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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 investments are quite close, with SPHQ having a 14.14% return and QQQM slightly higher at 14.26%.

SPHQ

• 1D: 0.56%
• 1M: -3.11%
• 6M: 8.93%
• YTD: 14.14%
• 1Y: 21.69%
• 3Y*: 19.92%
• 5Y*: 12.81%
• 10Y*: 14.58%
• ALL TIME*: 10.03%

QQQM

• 1D: 1.76%
• 1M: -1.76%
• 6M: 12.09%
• YTD: 14.26%
• 1Y: 27.06%
• 3Y*: 24.26%
• 5Y*: 14.53%
• 10Y*: —
• ALL TIME*: 16.84%

*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)
QQQM Invesco NASDAQ 100 ETF	$1.05B	$933.44M	$1.20B
SPHQ Invesco S&P 500 Quality ETF	$121.34M	$134.31M	$144.70M

SPHQ vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPHQ Invesco S&P 500 Quality ETF	14.14%	13.25%	25.44%	24.83%	-15.76%	28.03%	4.70%
QQQM Invesco NASDAQ 100 ETF	14.26%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between SPHQ and QQQM is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.84

The correlation between SPHQ and QQQM has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

SPHQ vs. QQQM - Sectors Allocation Comparison

Sectors	SPHQ	QQQM
Technology	41.2%	60.9%
Industrials	17.7%	2.7%
Financial Services	15.2%	0.2%
Consumer Defensive	7.5%	6.3%
Communication Services	6.4%	13.1%
Consumer Cyclical	5.3%	10.7%
Utilities	4.5%	1.1%
Healthcare	3.2%	3.6%
Basic Materials	2.5%	1.0%
Energy	1.0%	0.5%
Real Estate	-	0.1%

Return for Risk

SPHQ vs. QQQM — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 65
SPHQ Sharpe Ratio Rank: 64
SPHQ Sortino Ratio Rank: 65
SPHQ Omega Ratio Rank: 59
SPHQ Calmar Ratio Rank: 69
SPHQ Martin Ratio Rank: 69

QQQM

QQQM Risk / Return Rank: 59
QQQM Sharpe Ratio Rank: 59
QQQM Sortino Ratio Rank: 55
QQQM Omega Ratio Rank: 55
QQQM Calmar Ratio Rank: 64
QQQM Martin Ratio Rank: 59

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.

SPHQ vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

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.

	SPHQ	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.42	+0.09
Sortino ratio: Return per unit of downside risk	2.17	1.96	+0.21
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.01
Calmar ratio: Return relative to maximum drawdown	2.45	2.27	+0.18
Martin ratio: Return relative to average drawdown	8.64	7.22	+1.43

SPHQ vs. QQQM - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.51, which is comparable to the QQQM Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of SPHQ 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.

Drawdowns

SPHQ vs. QQQM - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for SPHQ and QQQM.

Drawdown Indicators

	SPHQ	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-35.04%	-22.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-11.96%	+3.06%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-22.70%	+6.13%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-35.04%	+10.00%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	-5.50%	-6.06%	+0.56%
Average Drawdown Average peak-to-trough decline	-10.64%	-8.14%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.76%	-1.24%

Volatility

SPHQ vs. QQQM - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 4.77%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 6.91%. This indicates that SPHQ experiences smaller price fluctuations and is considered to be less risky than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHQ	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	6.91%	-2.14%
Volatility (6M) Calculated over the trailing 6-month period	12.37%	15.95%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	19.23%	-4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	22.76%	-6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	22.33%	-4.35%

SPHQ vs. QQQM - Expense Ratio Comparison

Both SPHQ and QQQM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPHQ vs. QQQM - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.10%, more than QQQM's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.45%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.10%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and QQQM in my portfolio?

SPHQ and QQQM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or QQQM?

QQQM has higher volatility (6.91%) compared to SPHQ (4.77%). In terms of maximum drawdown, SPHQ dropped -57.83% vs QQQM's -35.04%.

Which ETF is better, SPHQ or QQQM?

On 5-year performance, QQQM leads with 14.53% vs 12.81% for SPHQ. Both ETFs have the same 0.15% expense ratio. On volatility, SPHQ has been the lower-risk option at 4.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or QQQM?

Over the 5-year period, QQQM has performed better with a 14.53% return vs 12.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or QQQM?

SPHQ and QQQM have the same expense ratio: 0.15% per year.

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

SPHQ has the higher dividend yield at 1.10%, compared with 0.45% for QQQM.

What is the main difference between SPHQ and QQQM?

SPHQ is categorized as Quality Factor, while QQQM is Nasdaq-100. SPHQ tracks S&P 500 Quality Index, while QQQM tracks NASDAQ-100 Index.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.50 vs 1.42), 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.