USNQX vs. QQQ

Last updated Jun 24, 2026

USNQX (USAA Nasdaq 100 Index Fund) and QQQ (Invesco QQQ ETF) are both Nasdaq-100 funds - USNQX tracks the Nasdaq-100 Index while QQQ tracks the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, USNQX returned 22.17%/yr vs 22.07%/yr for QQQ. With a 0.98 correlation, they move nearly in lockstep. USNQX charges 0.42%/yr vs 0.18%/yr for QQQ.

Performance

USNQX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) 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, USNQX achieves a 20.37% return, which is significantly higher than QQQ's 16.45% return. Both investments have delivered pretty close results over the past 10 years, with USNQX having a 22.17% annualized return and QQQ not far behind at 22.07%.

USNQX

• 1D: -0.19%
• 1M: 3.00%
• YTD: 20.37%
• 6M: 18.78%
• 1Y: 39.22%
• 3Y*: 27.25%
• 5Y*: 16.67%
• 10Y*: 22.17%

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)

USNQX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USNQX USAA Nasdaq 100 Index Fund	20.37%	20.52%	25.42%	54.46%	-32.71%	26.82%	48.31%	38.86%	-0.43%	32.30%
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 USNQX and QQQ is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 27, 2000	0.98

The correlation between USNQX and QQQ has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

Return for Risk

USNQX vs. QQQ — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 69
USNQX Sharpe Ratio Rank: 74
USNQX Sortino Ratio Rank: 61
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 79
USNQX Martin Ratio Rank: 70

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.

USNQX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) 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.

	USNQX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.95	+0.35
Sortino ratio: Return per unit of downside risk	3.00	2.57	+0.43
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.39	2.93	+0.46
Martin ratio: Return relative to average drawdown	12.56	10.86	+1.70

USNQX vs. QQQ - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 2.31, which is comparable to the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of USNQX 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

USNQX vs. QQQ - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for USNQX and QQQ.

Drawdown Indicators

	USNQX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-82.97%	+6.73%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-11.96%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	-22.77%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	-35.12%	-1.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	-35.12%	-1.83%
Current Drawdown Current decline from peak	-0.97%	-4.25%	+3.28%
Average Drawdown Average peak-to-trough decline	-26.70%	-32.73%	+6.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.22%	+0.03%

Volatility

USNQX vs. QQQ - Volatility Comparison

The current volatility for USAA Nasdaq 100 Index Fund (USNQX) is 8.38%, while Invesco QQQ ETF (QQQ) has a volatility of 9.17%. This indicates that USNQX 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

	USNQX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	9.17%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	14.20%	14.57%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	17.96%	-0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.14%	22.69%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.79%	22.42%	+0.37%

USNQX vs. QQQ - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

USNQX vs. QQQ - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.50%, 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%
USNQX USAA Nasdaq 100 Index Fund	2.50%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both USNQX and QQQ in my portfolio?

With a correlation of 1.00, USNQX 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, USNQX or QQQ?

QQQ has higher volatility (9.17%) compared to USNQX (8.38%). In terms of maximum drawdown, USNQX dropped -76.24% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

USNQX currently has the higher Sharpe Ratio (2.31 vs 1.95), 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.