SPXE vs. QQQ

Last updated Jun 4, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPXE returned 15.72%/yr vs 21.94%/yr for QQQ. Their correlation of 0.81 suggests significant overlap in exposure. SPXE charges 0.09%/yr vs 0.18%/yr for QQQ.

Performance

SPXE vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) 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, SPXE achieves a 10.29% return, which is significantly lower than QQQ's 21.30% return. Over the past 10 years, SPXE has underperformed QQQ with an annualized return of 15.72%, while QQQ has yielded a comparatively higher 21.94% annualized return.

SPXE

• 1D: -0.72%
• 1M: 5.33%
• YTD: 10.29%
• 6M: 10.47%
• 1Y: 27.46%
• 3Y*: 22.55%
• 5Y*: 13.56%
• 10Y*: 15.72%

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

SPXE vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXE ProShares S&P 500 Ex-Energy ETF	10.29%	18.03%	25.72%	27.71%	-20.58%	27.93%	20.62%	32.45%	-5.52%	24.99%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between SPXE and QQQ is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Sep 25, 2015	0.81

The correlation between SPXE and QQQ shifts across timeframes, from 0.81 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

SPXE vs. QQQ - Sectors Allocation Comparison

Sectors	SPXE	QQQ
Technology	39.6%	53.8%
Financial Services	11.6%	0.2%
Communication Services	11.0%	15.8%
Consumer Cyclical	10.1%	12.3%
Healthcare	8.6%	4.2%
Industrials	7.9%	2.8%
Consumer Defensive	4.7%	7.7%
Utilities	2.7%	1.4%
Real Estate	1.9%	0.1%
Basic Materials	1.8%	1.1%
Energy	0.0%	0.6%

Return for Risk

SPXE vs. QQQ — Risk / Return Rank

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

SPXE

SPXE Risk / Return Rank: 64
SPXE Sharpe Ratio Rank: 67
SPXE Sortino Ratio Rank: 66
SPXE Omega Ratio Rank: 65
SPXE Calmar Ratio Rank: 55
SPXE Martin Ratio Rank: 68

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ 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.

SPXE vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.64	-0.42
Sortino ratio: Return per unit of downside risk	3.07	3.45	-0.38
Omega ratio: Gain probability vs. loss probability	1.40	1.45	-0.05
Calmar ratio: Return relative to maximum drawdown	2.73	3.51	-0.78
Martin ratio: Return relative to average drawdown	12.40	13.49	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXE vs. QQQ - Sharpe Ratio Comparison

The current SPXE Sharpe Ratio is 2.22, which is comparable to the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of SPXE 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.

Sharpe Ratios by Period

	SPXE	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.64	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.81	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.99	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.41	+0.50

Drawdowns

SPXE vs. QQQ - Drawdown Comparison

The maximum SPXE drawdown since its inception was -32.27%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPXE and QQQ.

Drawdown Indicators

	SPXE	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-82.97%	+50.70%
Max Drawdown (1Y) Largest decline over 1 year	-10.09%	-11.96%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-22.77%	+3.87%
Max Drawdown (5Y) Largest decline over 5 years	-26.50%	-35.12%	+8.62%
Max Drawdown (10Y) Largest decline over 10 years	-32.27%	-35.12%	+2.85%
Current Drawdown Current decline from peak	-0.72%	-0.26%	-0.46%
Average Drawdown Average peak-to-trough decline	-4.47%	-32.79%	+28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.22%	3.11%	-0.89%

Volatility

SPXE vs. QQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Energy ETF (SPXE) is 3.20%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that SPXE experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	4.49%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	12.10%	-2.49%
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	15.94%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	22.38%	-5.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	22.29%	-4.87%

SPXE vs. QQQ - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than QQQ's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPXE vs. QQQ - Dividend Comparison

SPXE's dividend yield for the trailing twelve months is around 0.91%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SPXE ProShares S&P 500 Ex-Energy ETF	0.91%	0.99%	1.09%	1.29%	1.49%	0.94%	1.16%	1.38%	1.61%	1.65%	1.53%	0.51%

Frequently Asked Questions

Can I hold both SPXE and QQQ in my portfolio?

With a correlation of 0.94, SPXE and QQQ 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, SPXE or QQQ?

QQQ has higher volatility (4.49%) compared to SPXE (3.20%). In terms of maximum drawdown, SPXE dropped -32.27% vs QQQ's -82.97%.

Which ETF is better, SPXE or QQQ?

On 10-year performance, QQQ leads with 21.94% vs 15.72% for SPXE. On fees, SPXE is cheaper at 0.09% per year. On volatility, SPXE has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXE or QQQ?

Over the 10-year period, QQQ has performed better with a 21.94% return vs 15.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXE or QQQ?

SPXE is cheaper with a 0.09% expense ratio, compared with 0.18% for QQQ.

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

SPXE has the higher dividend yield at 0.91%, compared with 0.38% for QQQ.

What is the main difference between SPXE and QQQ?

SPXE is categorized as S&P 500, while QQQ is Nasdaq-100. SPXE tracks S&P 500 Ex-Energy Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.09% for SPXE and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 2.22), 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.