TBLL vs. QQQM

Last updated Jun 4, 2026

TBLL (Invesco Short Term Treasury ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, TBLL returned 3.35%/yr vs 18.07%/yr for QQQM. At a correlation of -0.03, they often move in opposite directions. TBLL charges 0.08%/yr vs 0.15%/yr for QQQM.

Performance

TBLL vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Short Term Treasury ETF (TBLL) and Invesco NASDAQ 100 ETF (QQQM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBLL achieves a 1.43% return, which is significantly lower than QQQM's 21.39% return.

TBLL

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.74%
• 1Y: 3.93%
• 3Y*: 4.66%
• 5Y*: 3.35%
• 10Y*: —

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)

TBLL vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TBLL Invesco Short Term Treasury ETF	1.43%	4.21%	5.11%	5.01%	1.11%	-0.01%	0.01%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between TBLL and QQQM is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	-0.03

TBLL vs. QQQM - Sectors Allocation Comparison

Sectors	TBLL	QQQM
Financial Services	64.0%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

TBLL vs. QQQM — Risk / Return Rank

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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.

TBLL vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Short Term Treasury ETF (TBLL) 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.

	TBLL	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	20.94	2.65	+18.28
Sortino ratio: Return per unit of downside risk	218.31	3.46	+214.85
Omega ratio: Gain probability vs. loss probability	102.92	1.45	+101.46
Calmar ratio: Return relative to maximum drawdown	416.84	3.53	+413.31
Martin ratio: Return relative to average drawdown	3,533.11	13.52	+3,519.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBLL vs. QQQM - Sharpe Ratio Comparison

The current TBLL Sharpe Ratio is 20.94, which is higher than the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of TBLL 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

	TBLL	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	20.94	2.65	+18.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	7.53	0.82	+6.71
Sharpe Ratio (All Time) Calculated using the full available price history	4.26	0.85	+3.41

Drawdowns

TBLL vs. QQQM - Drawdown Comparison

The maximum TBLL drawdown since its inception was -0.63%, smaller than the maximum QQQM drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for TBLL and QQQM.

Drawdown Indicators

	TBLL	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-0.63%	-35.04%	+34.41%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-11.96%	+11.95%
Max Drawdown (3Y) Largest decline over 3 years	-0.36%	-22.70%	+22.34%
Max Drawdown (5Y) Largest decline over 5 years	-0.36%	-35.04%	+34.68%
Current Drawdown Current decline from peak	0.00%	-0.20%	+0.20%
Average Drawdown Average peak-to-trough decline	-0.14%	-8.25%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	3.11%	-3.11%

Volatility

TBLL vs. QQQM - Volatility Comparison

The current volatility for Invesco Short Term Treasury ETF (TBLL) is 0.05%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 4.48%. This indicates that TBLL 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

	TBLL	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	4.48%	-4.43%
Volatility (6M) Calculated over the trailing 6-month period	0.12%	12.05%	-11.93%
Volatility (1Y) Calculated over the trailing 1-year period	0.19%	15.91%	-15.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.45%	22.24%	-21.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.56%	22.12%	-21.56%

TBLL vs. QQQM - Expense Ratio Comparison

TBLL has a 0.08% expense ratio, which is lower than QQQM's 0.15% 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

TBLL vs. QQQM - Dividend Comparison

TBLL's dividend yield for the trailing twelve months is around 3.81%, more than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TBLL Invesco Short Term Treasury ETF	3.81%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both TBLL and QQQM in my portfolio?

TBLL and QQQM have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLL or QQQM?

QQQM has higher volatility (4.48%) compared to TBLL (0.05%). In terms of maximum drawdown, TBLL dropped -0.63% vs QQQM's -35.04%.

Which ETF is better, TBLL or QQQM?

On 5-year performance, QQQM leads with 18.07% vs 3.35% for TBLL. On fees, TBLL is cheaper at 0.08% per year. On volatility, TBLL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBLL or QQQM?

Over the 5-year period, QQQM has performed better with a 18.07% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBLL or QQQM?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.15% for QQQM.

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

TBLL has the higher dividend yield at 3.81%, compared with 0.41% for QQQM.

What is the main difference between TBLL and QQQM?

TBLL is categorized as Ultrashort Bond, while QQQM is Nasdaq-100. TBLL tracks ICE U.S. Treasury Short Bond Index, while QQQM tracks NASDAQ-100 Index. Their fees differ too: 0.08% for TBLL and 0.15% for QQQM.

Which has better risk-adjusted returns?

TBLL currently has the higher Sharpe Ratio (20.94 vs 2.65), 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.