TOPT vs. QQQ

Last updated Jun 23, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - TOPT is a Large Cap Growth Equities fund tracking the S&P 500 Top 20 Select Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past year, TOPT returned 27.05% vs 40.91% for QQQ. Their correlation of 0.93 suggests significant overlap in exposure. TOPT charges 0.20%/yr vs 0.18%/yr for QQQ.

Performance

TOPT vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) 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, TOPT achieves a 6.04% return, which is significantly lower than QQQ's 20.41% return.

TOPT

• 1D: -0.66%
• 1M: -2.00%
• YTD: 6.04%
• 6M: 5.84%
• 1Y: 27.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

TOPT vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOPT iShares Top 20 U.S. Stocks ETF	6.04%	20.35%	5.33%
QQQ Invesco QQQ ETF	20.41%	20.77%	4.85%

Correlation

The correlation between TOPT and QQQ is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.93

The correlation between TOPT and QQQ has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

TOPT vs. QQQ - Sectors Allocation Comparison

Sectors	TOPT	QQQ
Technology	46.8%	58.7%
Communication Services	18.0%	14.3%
Financial Services	11.4%	0.2%
Consumer Cyclical	9.3%	11.4%
Healthcare	7.9%	3.7%
Consumer Defensive	4.1%	6.4%
Energy	2.6%	0.5%
Basic Materials	-	1.0%
Industrials	-	2.6%
Real Estate	-	0.1%
Utilities	-	1.2%

Return for Risk

TOPT vs. QQQ — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 52
TOPT Sharpe Ratio Rank: 59
TOPT Sortino Ratio Rank: 57
TOPT Omega Ratio Rank: 56
TOPT Calmar Ratio Rank: 43
TOPT Martin Ratio Rank: 47

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
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.

TOPT vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) 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.

	TOPT	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.33	-0.43
Sortino ratio: Return per unit of downside risk	2.63	3.03	-0.40
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	2.07	3.44	-1.37
Martin ratio: Return relative to average drawdown	7.61	12.79	-5.18

TOPT vs. QQQ - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.90, which is comparable to the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of TOPT 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

TOPT vs. QQQ - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for TOPT and QQQ.

Drawdown Indicators

	TOPT	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-82.97%	+61.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-11.96%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-3.88%	-0.99%	-2.89%
Average Drawdown Average peak-to-trough decline	-3.48%	-32.73%	+29.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.57%	3.21%	+0.36%

Volatility

TOPT vs. QQQ - Volatility Comparison

The current volatility for iShares Top 20 U.S. Stocks ETF (TOPT) is 5.25%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that TOPT 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

	TOPT	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	8.47%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	11.16%	14.20%	-3.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	17.67%	-3.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	22.64%	-2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	22.43%	-2.53%

TOPT vs. QQQ - Expense Ratio Comparison

TOPT 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

TOPT vs. QQQ - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.38%, less than QQQ's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
TOPT iShares Top 20 U.S. Stocks ETF	0.38%	0.38%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOPT and QQQ in my portfolio?

With a correlation of 0.90, TOPT 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, TOPT or QQQ?

QQQ has higher volatility (8.47%) compared to TOPT (5.25%). In terms of maximum drawdown, TOPT dropped -21.21% vs QQQ's -82.97%.

Which ETF is better, TOPT or QQQ?

On 1-year performance, QQQ leads with 40.91% vs 27.05% for TOPT. On fees, QQQ is cheaper at 0.18% per year. On volatility, TOPT has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or QQQ?

Over the 1-year period, QQQ has performed better with a 40.91% return vs 27.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or QQQ?

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

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

QQQ has the higher dividend yield at 0.49%, compared with 0.38% for TOPT.

What is the main difference between TOPT and QQQ?

TOPT is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. TOPT tracks S&P 500 Top 20 Select Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for TOPT and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.33 vs 1.90), 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.