Z vs. QQQM

Last updated Jun 4, 2026

Z (Zillow Group, Inc.) is a stock, while QQQM (Invesco NASDAQ 100 ETF) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, Z returned -20.06%/yr vs 18.07%/yr for QQQM. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

Z vs. QQQM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zillow Group, Inc. (Z) 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, Z achieves a -47.95% return, which is significantly lower than QQQM's 21.39% return.

Z

• 1D: -2.36%
• 1M: -19.35%
• YTD: -47.95%
• 6M: -53.28%
• 1Y: -48.62%
• 3Y*: -8.71%
• 5Y*: -20.06%
• 10Y*: 1.93%

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)

Z vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
Z Zillow Group, Inc.	-47.95%	-7.87%	27.98%	79.63%	-49.55%	-50.81%	28.26%
QQQM Invesco NASDAQ 100 ETF	21.39%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.67%

Correlation

The correlation between Z and QQQM is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 14, 2020	0.52

Over the past year, the correlation between Z and QQQM has dropped to 0.29 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

Z vs. QQQM — Risk / Return Rank

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

Z

Z Risk / Return Rank: 6
Z Sharpe Ratio Rank: 3
Z Sortino Ratio Rank: 4
Z Omega Ratio Rank: 5
Z Calmar Ratio Rank: 11
Z Martin Ratio Rank: 6

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.

Z vs. QQQM - Risk-Adjusted Trends Comparison

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

	Z	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	2.65	-3.76
Sortino ratio: Return per unit of downside risk	-1.66	3.46	-5.12
Omega ratio: Gain probability vs. loss probability	0.80	1.45	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.80	3.53	-4.32
Martin ratio: Return relative to average drawdown	-1.48	13.52	-15.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Z vs. QQQM - Sharpe Ratio Comparison

The current Z Sharpe Ratio is -1.11, which is lower than the QQQM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of Z 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

	Z	QQQM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	2.65	-3.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.39	0.82	-1.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.85	-0.80

Drawdowns

Z vs. QQQM - Drawdown Comparison

The maximum Z drawdown since its inception was -86.51%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for Z and QQQM.

Drawdown Indicators

	Z	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-86.51%	-35.04%	-51.47%
Max Drawdown (1Y) Largest decline over 1 year	-61.25%	-11.96%	-49.29%
Max Drawdown (3Y) Largest decline over 3 years	-61.25%	-22.70%	-38.55%
Max Drawdown (5Y) Largest decline over 5 years	-78.29%	-35.04%	-43.25%
Max Drawdown (10Y) Largest decline over 10 years	-86.51%	—	—
Current Drawdown Current decline from peak	-82.24%	-0.20%	-82.04%
Average Drawdown Average peak-to-trough decline	-44.42%	-8.25%	-36.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.84%	3.11%	+29.73%

Volatility

Z vs. QQQM - Volatility Comparison

Zillow Group, Inc. (Z) has a higher volatility of 9.47% compared to Invesco NASDAQ 100 ETF (QQQM) at 4.48%. This indicates that Z's price experiences larger fluctuations and is considered to be riskier than QQQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	Z	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.47%	4.48%	+4.99%
Volatility (6M) Calculated over the trailing 6-month period	35.68%	12.05%	+23.63%
Volatility (1Y) Calculated over the trailing 1-year period	43.88%	15.91%	+27.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.05%	22.24%	+29.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.88%	22.12%	+30.76%

Dividends

Z vs. QQQM - Dividend Comparison

Z has not paid dividends to shareholders, while QQQM's dividend yield for the trailing twelve months is around 0.41%.

Position	TTM	2025	2024	2023	2022	2021	2020
QQQM Invesco NASDAQ 100 ETF	0.41%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%
Z Zillow Group, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both Z and QQQM in my portfolio?

Z and QQQM have a correlation of 0.29, 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 QQQM?

Z has higher volatility (9.47%) compared to QQQM (4.48%). In terms of maximum drawdown, Z dropped -86.51% vs QQQM's -35.04%.

Which has better risk-adjusted returns?

QQQM currently has the higher Sharpe Ratio (2.65 vs -1.11), 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.