TOK vs. QQQM

Last updated Jun 4, 2026

TOK (iShares MSCI Kokusai ETF) and QQQM (Invesco NASDAQ 100 ETF) are both exchange-traded funds - TOK is a Large Cap Growth Equities fund tracking the MSCI Kokusai Index, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, TOK returned 12.18%/yr vs 18.07%/yr for QQQM. Their correlation of 0.88 suggests significant overlap in exposure. TOK charges 0.25%/yr vs 0.15%/yr for QQQM.

Performance

TOK vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Kokusai ETF (TOK) 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, TOK achieves a 9.75% return, which is significantly lower than QQQM's 21.39% return.

TOK

• 1D: -0.80%
• 1M: 4.53%
• YTD: 9.75%
• 6M: 10.43%
• 1Y: 25.70%
• 3Y*: 20.98%
• 5Y*: 12.18%
• 10Y*: 13.60%

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)

TOK vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TOK iShares MSCI Kokusai ETF	9.75%	20.83%	19.52%	24.76%	-17.93%	23.84%	8.53%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between TOK and QQQM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.88

The correlation between TOK and QQQM has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

TOK vs. QQQM - Sectors Allocation Comparison

Sectors	TOK	QQQM
Technology	31.3%	53.8%
Financial Services	14.9%	0.2%
Industrials	9.8%	2.8%
Communication Services	9.0%	15.8%
Consumer Cyclical	9.0%	12.3%
Healthcare	8.7%	4.2%
Consumer Defensive	5.2%	7.7%
Energy	4.0%	0.6%
Basic Materials	3.2%	1.1%
Utilities	2.8%	1.4%
Real Estate	1.7%	0.1%

Return for Risk

TOK vs. QQQM — Risk / Return Rank

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

TOK

TOK Risk / Return Rank: 64
TOK Sharpe Ratio Rank: 65
TOK Sortino Ratio Rank: 65
TOK Omega Ratio Rank: 63
TOK Calmar Ratio Rank: 58
TOK Martin Ratio Rank: 70

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.

TOK vs. QQQM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Kokusai ETF (TOK) 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.

	TOK	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.65	-0.49
Sortino ratio: Return per unit of downside risk	3.03	3.46	-0.43
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.07
Calmar ratio: Return relative to maximum drawdown	2.85	3.53	-0.68
Martin ratio: Return relative to average drawdown	13.07	13.52	-0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOK vs. QQQM - Sharpe Ratio Comparison

The current TOK Sharpe Ratio is 2.16, which is comparable to the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of TOK 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

	TOK	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.65	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.82	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.85	-0.41

Drawdowns

TOK vs. QQQM - Drawdown Comparison

The maximum TOK drawdown since its inception was -56.18%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for TOK and QQQM.

Drawdown Indicators

	TOK	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-56.18%	-35.04%	-21.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-11.96%	+2.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.23%	-22.70%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-35.04%	+9.18%
Max Drawdown (10Y) Largest decline over 10 years	-34.82%	—	—
Current Drawdown Current decline from peak	-0.80%	-0.20%	-0.60%
Average Drawdown Average peak-to-trough decline	-8.52%	-8.25%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.11%	-1.14%

Volatility

TOK vs. QQQM - Volatility Comparison

The current volatility for iShares MSCI Kokusai ETF (TOK) is 3.23%, while Invesco NASDAQ 100 ETF (QQQM) has a volatility of 4.48%. This indicates that TOK 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

	TOK	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.23%	4.48%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	9.36%	12.05%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	11.94%	15.91%	-3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	22.24%	-6.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	22.12%	-4.97%

TOK vs. QQQM - Expense Ratio Comparison

TOK has a 0.25% expense ratio, which is higher than QQQM's 0.15% 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

TOK vs. QQQM - Dividend Comparison

TOK's dividend yield for the trailing twelve months is around 1.25%, more than QQQM's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
TOK iShares MSCI Kokusai ETF	1.25%	1.37%	1.66%	1.95%	3.55%	1.66%	1.52%	2.12%	2.74%	2.60%	2.56%	3.02%

Frequently Asked Questions

Can I hold both TOK and QQQM in my portfolio?

With a correlation of 0.91, TOK and QQQM 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, TOK or QQQM?

QQQM has higher volatility (4.48%) compared to TOK (3.23%). In terms of maximum drawdown, TOK dropped -56.18% vs QQQM's -35.04%.

Which ETF is better, TOK or QQQM?

On 5-year performance, QQQM leads with 18.07% vs 12.18% for TOK. On fees, QQQM is cheaper at 0.15% per year. On volatility, TOK has been the lower-risk option at 3.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOK or QQQM?

Over the 5-year period, QQQM has performed better with a 18.07% return vs 12.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOK or QQQM?

QQQM is cheaper with a 0.15% expense ratio, compared with 0.25% for TOK.

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

TOK has the higher dividend yield at 1.25%, compared with 0.41% for QQQM.

What is the main difference between TOK and QQQM?

TOK is categorized as Large Cap Growth Equities, while QQQM is Nasdaq-100. TOK tracks MSCI Kokusai Index, while QQQM tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for TOK and 0.15% for QQQM.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.65 vs 2.16), 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.