FSKAX vs QQQ
Fidelity Total Market Index Fund vs Invesco QQQ Trust, Series 1
Which is better, FSKAX or QQQ?
Large Cap Blend against Large Cap Growth.
FSKAX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. FSKAX is less concentrated, with 31.2% of the fund in its ten largest positions against 47.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FSKAX | QQQ |
|---|---|---|
| Expense Ratio | 0.02%Best | 0.18% |
| AUM | $99.4B | $498.6B |
| Dividend Yield | 0.92% | 0.42% |
| Holdings | 3,773 | 321 |
| YTD Price Return | +14.33% | +21.28%Best |
| 1Y Price Return | +16.75% | +23.51%Best |
| 3Y Price Return (annualized) | +21.50% | +26.34%Best |
| 5Y Price Return (annualized) | +10.89% | +15.61%Best |
| Volatility (annualized) | 15.8%Best | 20.7% |
| Max Drawdown | -26.0%Best | -35.6% |
| $10,000 over 5 years | $16,767 | $20,653Best |
| Top 10 Weight | 31.2%Best | 47.2% |
| Fund Family | Fidelity Investments (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Growth |
| Inception | Sep 8, 2011 | Mar 10, 1999 |
Returns are price returns and exclude distributions, because our data feed carries no adjusted close for FSKAX. Both funds are measured the same way, so the comparison holds. FSKAX yields 0.92% and QQQ 0.42% on top.
Volatility and max drawdown are measured over the window both funds cover: Oct 14, 2021 to Oct 12, 2026 (5 years).
FSKAX vs QQQ growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 5 years both funds cover. Prices exclude distributions, on both funds alike.
FSKAX vs QQQ Performance
Fidelity Total Market Index Fund (FSKAX) is a mutual fund from Fidelity Investments (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year FSKAX returned +16.75% while QQQ returned +23.51%. Year to date, FSKAX is up 14.33% versus a gain of 21.28% for QQQ.
Over three years, FSKAX compounded at +21.50% per year against +26.34% for QQQ; over five years the annualized figures are +10.89% and +15.61% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 20.7% compared with 15.8% for FSKAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -26.0% for FSKAX and -35.6% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FSKAX charges 0.02% per year while QQQ charges 0.18%. On a $10,000 position that is $2 vs $18 annually, a gap of $16 per year that compounds over a long holding period. On income, FSKAX currently yields 0.92% against 0.42% for QQQ.
Structure and taxes
FSKAX is a mutual fund and QQQ is an ETF. A mutual fund prices once a day at net asset value and may carry a purchase minimum. An ETF trades through the day at whatever the market pays for it.
In a taxable account the difference that usually matters is distributions. An ETF can meet redemptions in kind, so it rarely has to sell holdings and rarely passes a capital gain to the people who held it; a mutual fund that sells holdings to meet redemptions can distribute a realised gain at year end to everyone still in the fund, whether or not they sold anything themselves. In a tax-deferred account that difference largely disappears. Both are descriptions of how the two wrappers work, not a recommendation.
Tax-loss harvesting works on either wrapper.
Holdings Overlap
42.9% of FSKAX's money is in holdings QQQ also owns. 92.0% of QQQ's money is in holdings FSKAX also owns.
Most of QQQ is already inside FSKAX. Owning both mostly buys the same companies twice.
The two holdings books were reported 199 days apart, FSKAX as of Feb 28, 2026 and QQQ as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
90 positions in common, counted across the 3,694 positions we hold weights for in FSKAX and 102 in QQQ, against full books of 3,773 and 321.
What only one of them owns
Our book lists 6 positions for QQQ that do not appear in our book for FSKAX (5.8% of the fund), and 1,066 for FSKAX that do not appear in QQQ (53.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FSKAX | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp | 6.46% | 8.45% | 1.99% |
| AAPLApple, Inc | 5.85% | 7.80% | 1.95% |
| MSFTMicrosoft Corp | 4.38% | 5.88% | 1.50% |
| AMZNAmazon.Com Inc | 3.06% | 4.41% | 1.35% |
| GOOGAlphabet Inc. C | 2.72% | 2.93% | 0.21% |
| MUMicron Technology, Inc. | 0.69% | 4.85% | 4.16% |
| METAMeta Platforms Inc | 2.12% | 3.07% | 0.95% |
| AVGOBroadcom Inc | 2.26% | 2.74% | 0.48% |
| TSLATesla Inc | 1.70% | 2.92% | 1.22% |
| AMDAdvanced Micro Devices Inc | 0.49% | 3.71% | 3.22% |
92.0% of QQQ is already inside FSKAX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FSKAX or QQQ?
FSKAX has an expense ratio of 0.02% while QQQ charges 0.18%. FSKAX is the cheaper option, by $16 a year on a $10,000 investment.
Which performed better, FSKAX or QQQ?
Over the past year FSKAX returned +16.75% vs +23.51% for QQQ, so QQQ leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FSKAX or QQQ?
QQQ has been the more volatile fund at 20.7% annualized versus 15.8% for FSKAX. Worst drawdown: FSKAX -26.0% vs QQQ -35.6%.
Should I hold both FSKAX and QQQ?
FSKAX and QQQ have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FSKAX and QQQ?
92.0% of QQQ's money is in holdings FSKAX also owns. 92.0% of QQQ's is in holdings FSKAX also owns. They hold 90 positions in common, counted across the 3,694 positions we hold weights for in FSKAX and 102 in QQQ.
Which pays a higher dividend, FSKAX or QQQ?
FSKAX yields 0.92% while QQQ yields 0.42%, so FSKAX currently pays the higher dividend yield.
Is it better to hold FSKAX or QQQ in a taxable account?
QQQ is an ETF and FSKAX is a mutual fund. An ETF can meet redemptions in kind, so it rarely distributes a capital gain to the people holding it. A mutual fund that sells holdings to meet redemptions can pass a realised gain to every holder at year end. In a tax-deferred account that difference largely disappears. This is information, not a recommendation.
Is QQQ better than FSKAX?
FSKAX has a lower expense ratio. QQQ led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. FSKAX is less concentrated, with 31.2% of the fund in its ten largest positions against 47.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.