Z vs. QQQ

Last updated Jun 24, 2026

Z (Zillow Group, Inc.) is a stock, while QQQ (Invesco QQQ ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 10 years, Z returned -1.25%/yr vs 22.07%/yr for QQQ. At a 0.46 correlation, their price movements are largely independent.

Performance

Z vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zillow Group, Inc. (Z) 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, Z achieves a -55.29% return, which is significantly lower than QQQ's 16.45% return. Over the past 10 years, Z has underperformed QQQ with an annualized return of -1.25%, while QQQ has yielded a comparatively higher 22.07% annualized return.

Z

• 1D: 0.63%
• 1M: -16.07%
• YTD: -55.29%
• 6M: -55.62%
• 1Y: -55.84%
• 3Y*: -14.07%
• 5Y*: -24.11%
• 10Y*: -1.25%

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)

Z vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
Z Zillow Group, Inc.	-55.29%	-7.87%	27.98%	79.63%	-49.55%	-50.81%	182.54%	45.47%	-22.83%	12.20%
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 Z and QQQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 3, 2015	0.46

Over the past year, the correlation between Z and QQQ has dropped to 0.26 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.

Return for Risk

Z vs. QQQ — Risk / Return Rank

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

Z

Z Risk / Return Rank: 5
Z Sharpe Ratio Rank: 2
Z Sortino Ratio Rank: 3
Z Omega Ratio Rank: 4
Z Calmar Ratio Rank: 9
Z Martin Ratio Rank: 5

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.

Z vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zillow Group, Inc. (Z) 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.

	Z	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.26	1.95	-3.21
Sortino ratio: Return per unit of downside risk	-2.04	2.57	-4.60
Omega ratio: Gain probability vs. loss probability	0.76	1.35	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.84	2.93	-3.77
Martin ratio: Return relative to average drawdown	-1.56	10.86	-12.42

Z vs. QQQ - Sharpe Ratio Comparison

The current Z Sharpe Ratio is -1.26, which is lower than the QQQ Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of Z 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

Z vs. QQQ - Drawdown Comparison

The maximum Z drawdown since its inception was -86.51%, roughly equal to the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for Z and QQQ.

Drawdown Indicators

	Z	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-86.51%	-82.97%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-66.44%	-11.96%	-54.48%
Max Drawdown (3Y) Largest decline over 3 years	-66.44%	-22.77%	-43.67%
Max Drawdown (5Y) Largest decline over 5 years	-78.29%	-35.12%	-43.17%
Max Drawdown (10Y) Largest decline over 10 years	-86.51%	-35.12%	-51.39%
Current Drawdown Current decline from peak	-84.74%	-4.25%	-80.49%
Average Drawdown Average peak-to-trough decline	-44.59%	-32.73%	-11.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.85%	3.22%	+32.63%

Volatility

Z vs. QQQ - Volatility Comparison

Zillow Group, Inc. (Z) has a higher volatility of 11.05% compared to Invesco QQQ ETF (QQQ) at 9.17%. This indicates that Z's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	Z	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.05%	9.17%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	35.04%	14.57%	+20.47%
Volatility (1Y) Calculated over the trailing 1-year period	44.55%	17.96%	+26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.11%	22.69%	+29.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.93%	22.42%	+30.51%

Dividends

Z vs. QQQ - Dividend Comparison

Z has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.43%.

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%
Z Zillow Group, Inc.	0.00%	0.00%	0.00%	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 Z and QQQ in my portfolio?

Z and QQQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, Z or QQQ?

Z has higher volatility (11.05%) compared to QQQ (9.17%). In terms of maximum drawdown, Z dropped -86.51% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.95 vs -1.26), 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.