SPYX vs. QQQ

Last updated Jun 24, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SPYX returned 15.61%/yr vs 22.07%/yr for QQQ. Their correlation of 0.89 suggests significant overlap in exposure. SPYX charges 0.20%/yr vs 0.18%/yr for QQQ.

Performance

SPYX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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, SPYX achieves a 7.48% return, which is significantly lower than QQQ's 16.45% return. Over the past 10 years, SPYX has underperformed QQQ with an annualized return of 15.61%, while QQQ has yielded a comparatively higher 22.07% annualized return.

SPYX

• 1D: -1.36%
• 1M: -1.24%
• YTD: 7.48%
• 6M: 6.47%
• 1Y: 23.08%
• 3Y*: 20.64%
• 5Y*: 12.68%
• 10Y*: 15.61%

QQQ

• 1D: -3.29%
• 1M: -0.43%
• YTD: 16.45%
• 6M: 14.99%
• 1Y: 34.88%
• 3Y*: 26.05%
• 5Y*: 16.01%
• 10Y*: 22.07%

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

SPYX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	7.48%	17.87%	25.46%	26.38%	-19.59%	28.06%	19.87%	31.62%	-4.26%	23.25%
QQQ Invesco QQQ ETF	16.45%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between SPYX 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	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Dec 1, 2015	0.89

The correlation between SPYX and QQQ has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

SPYX vs. QQQ - Sectors Allocation Comparison

Sectors	SPYX	QQQ
Technology	39.7%	58.7%
Financial Services	11.4%	0.2%
Communication Services	10.9%	14.3%
Consumer Cyclical	10.1%	11.4%
Healthcare	8.5%	3.7%
Industrials	7.9%	2.6%
Consumer Defensive	4.6%	6.4%
Utilities	2.2%	1.2%
Real Estate	1.9%	0.1%
Basic Materials	1.7%	1.0%
Energy	1.1%	0.5%

Return for Risk

SPYX vs. QQQ — Risk / Return Rank

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

SPYX

SPYX Risk / Return Rank: 55
SPYX Sharpe Ratio Rank: 56
SPYX Sortino Ratio Rank: 54
SPYX Omega Ratio Rank: 55
SPYX Calmar Ratio Rank: 50
SPYX Martin Ratio Rank: 61

QQQ

QQQ Risk / Return Rank: 59
QQQ Sharpe Ratio Rank: 61
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 58
QQQ Calmar Ratio Rank: 61
QQQ Martin Ratio Rank: 62

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.

SPYX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) 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.

	SPYX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.95	-0.14
Sortino ratio: Return per unit of downside risk	2.48	2.57	-0.08
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.36	2.93	-0.57
Martin ratio: Return relative to average drawdown	10.49	10.86	-0.37

SPYX vs. QQQ - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 1.81, which is comparable to the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of SPYX 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

SPYX vs. QQQ - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for SPYX and QQQ.

Drawdown Indicators

	SPYX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.84%	-82.97%	+50.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-11.96%	+2.12%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-22.77%	+4.03%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-35.12%	+8.98%
Max Drawdown (10Y) Largest decline over 10 years	-32.84%	-35.12%	+2.28%
Current Drawdown Current decline from peak	-3.08%	-4.25%	+1.17%
Average Drawdown Average peak-to-trough decline	-4.52%	-32.73%	+28.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	3.22%	-1.02%

Volatility

SPYX vs. QQQ - Volatility Comparison

The current volatility for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) is 4.98%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that SPYX 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

	SPYX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	9.17%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	14.57%	-4.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.82%	17.96%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	22.69%	-5.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	22.42%	-4.39%

SPYX vs. QQQ - Expense Ratio Comparison

SPYX has a 0.20% 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

SPYX vs. QQQ - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.88%, more than QQQ's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SPYX State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF	0.88%	0.91%	1.05%	1.21%	1.41%	1.04%	1.33%	1.56%	1.92%	1.68%	1.91%	0.16%

Frequently Asked Questions

Can I hold both SPYX and QQQ in my portfolio?

With a correlation of 0.94, SPYX 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, SPYX or QQQ?

QQQ has higher volatility (9.17%) compared to SPYX (4.98%). In terms of maximum drawdown, SPYX dropped -32.84% vs QQQ's -82.97%.

Which ETF is better, SPYX or QQQ?

On 10-year performance, QQQ leads with 22.07% vs 15.61% for SPYX. On fees, QQQ is cheaper at 0.18% per year. On volatility, SPYX has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYX or QQQ?

Over the 10-year period, QQQ has performed better with a 22.07% return vs 15.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYX or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.20% for SPYX.

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

SPYX has the higher dividend yield at 0.88%, compared with 0.43% for QQQ.

What is the main difference between SPYX and QQQ?

SPYX is categorized as S&P 500, while QQQ is Nasdaq-100. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for SPYX and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.95 vs 1.81), 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.