TUSA vs. QQQ

Last updated Jun 3, 2026

TUSA (First Trust Total US Market AlphaDEX ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - TUSA is a Mid Cap Blend Equities fund tracking the NASDAQ AlphaDEX Total US Market Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, TUSA returned 10.77%/yr vs 21.97%/yr for QQQ. A 0.52 correlation means they provide meaningful diversification when combined. TUSA charges 0.70%/yr vs 0.18%/yr for QQQ.

Performance

TUSA vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Total US Market AlphaDEX ETF (TUSA) 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, TUSA achieves a 6.76% return, which is significantly lower than QQQ's 21.62% return. Over the past 10 years, TUSA has underperformed QQQ with an annualized return of 10.77%, while QQQ has yielded a comparatively higher 21.97% annualized return.

TUSA

• 1D: 0.68%
• 1M: -2.64%
• YTD: 6.76%
• 6M: 8.73%
• 1Y: 20.01%
• 3Y*: 16.12%
• 5Y*: 6.36%
• 10Y*: 10.77%

QQQ

• 1D: 0.46%
• 1M: 10.68%
• YTD: 21.62%
• 6M: 20.27%
• 1Y: 43.30%
• 3Y*: 28.89%
• 5Y*: 18.43%
• 10Y*: 21.97%

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

TUSA vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TUSA First Trust Total US Market AlphaDEX ETF	6.76%	13.64%	11.12%	11.75%	-13.54%	24.79%	14.16%	24.29%	-10.35%	20.07%
QQQ Invesco QQQ ETF	21.62%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between TUSA and QQQ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Apr 29, 2004	0.52

Over the past year, the correlation between TUSA and QQQ has dropped to 0.23 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

TUSA vs. QQQ - Sectors Allocation Comparison

Sectors	TUSA	QQQ
Financial Services	31.9%	0.2%
Industrials	19.8%	2.8%
Consumer Cyclical	16.0%	12.3%
Basic Materials	14.1%	1.1%
Utilities	7.5%	1.4%
Technology	6.1%	53.8%
Consumer Defensive	4.1%	7.7%
Real Estate	2.1%	0.1%
Healthcare	2.0%	4.2%
Communication Services	2.0%	15.8%
Energy	1.9%	0.6%

Return for Risk

TUSA vs. QQQ — Risk / Return Rank

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

TUSA

TUSA Risk / Return Rank: 48
TUSA Sharpe Ratio Rank: 44
TUSA Sortino Ratio Rank: 47
TUSA Omega Ratio Rank: 42
TUSA Calmar Ratio Rank: 60
TUSA Martin Ratio Rank: 48

QQQ

QQQ Risk / Return Rank: 77
QQQ Sharpe Ratio Rank: 83
QQQ Sortino Ratio Rank: 78
QQQ Omega Ratio Rank: 77
QQQ Calmar Ratio Rank: 73
QQQ Martin Ratio Rank: 74

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.

TUSA vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Total US Market AlphaDEX ETF (TUSA) 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.

	TUSA	QQQ	Difference
Sharpe ratio Return per unit of total volatility	1.56	2.73	-1.17
Sortino ratio Return per unit of downside risk	2.36	3.55	-1.19
Omega ratio Gain probability vs. loss probability	1.27	1.47	-0.19
Calmar ratio Return relative to maximum drawdown	3.04	3.71	-0.68
Martin ratio Return relative to average drawdown	8.24	14.30	-6.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TUSA vs. QQQ - Sharpe Ratio Comparison

The current TUSA Sharpe Ratio is 1.56, which is lower than the QQQ Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of TUSA 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

	TUSA	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	2.73	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.83	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.99	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.41	-0.09

Drawdowns

TUSA vs. QQQ - Drawdown Comparison

The maximum TUSA drawdown since its inception was -56.53%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for TUSA and QQQ.

Drawdown Indicators

	TUSA	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-56.53%	-82.97%	+26.44%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-11.96%	+5.39%
Max Drawdown (3Y) Largest decline over 3 years	-18.04%	-22.77%	+4.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-35.12%	+11.77%
Max Drawdown (10Y) Largest decline over 10 years	-42.47%	-35.12%	-7.35%
Current Drawdown Current decline from peak	-4.26%	0.00%	-4.26%
Average Drawdown Average peak-to-trough decline	-9.87%	-32.79%	+22.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	3.11%	-0.69%

Volatility

TUSA vs. QQQ - Volatility Comparison

The current volatility for First Trust Total US Market AlphaDEX ETF (TUSA) is 3.53%, while Invesco QQQ ETF (QQQ) has a volatility of 4.48%. This indicates that TUSA 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

	TUSA	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	4.48%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	12.11%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.92%	15.95%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	22.39%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.14%	22.30%	-2.16%

TUSA vs. QQQ - Expense Ratio Comparison

TUSA has a 0.70% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

TUSA vs. QQQ - Dividend Comparison

TUSA's dividend yield for the trailing twelve months is around 1.65%, 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%
TUSA First Trust Total US Market AlphaDEX ETF	1.65%	1.59%	2.05%	2.15%	2.31%	0.72%	0.99%	1.13%	1.14%	0.79%	1.24%	0.95%

Frequently Asked Questions

Can I hold both TUSA and QQQ in my portfolio?

TUSA and QQQ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TUSA or QQQ?

QQQ has higher volatility (4.48%) compared to TUSA (3.53%). In terms of maximum drawdown, TUSA dropped -56.53% vs QQQ's -82.97%.

Which ETF is better, TUSA or QQQ?

On 10-year performance, QQQ leads with 21.97% vs 10.77% for TUSA. On fees, QQQ is cheaper at 0.18% per year. On volatility, TUSA has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TUSA or QQQ?

Over the 10-year period, QQQ has performed better with a 21.97% return vs 10.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TUSA or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.70% for TUSA.

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

TUSA has the higher dividend yield at 1.65%, compared with 0.38% for QQQ.

What is the main difference between TUSA and QQQ?

TUSA is categorized as Mid Cap Blend Equities, while QQQ is Nasdaq-100. TUSA tracks NASDAQ AlphaDEX Total US Market Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.70% for TUSA and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.73 vs 1.56), 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.