PWB vs QQQ
Invesco Large Cap Growth ETF vs Invesco QQQ Trust, Series 1
Which is better, PWB or QQQ?
Each has led over a different period.
QQQ has a lower expense ratio. PWB led over 1Y, 3Y and 5Y, QQQ over the full window. The two have moved almost in lockstep, correlation 0.93. PWB is less concentrated, with 35.8% of the fund in its ten largest positions against 46.7%.
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 | PWB | QQQ |
|---|---|---|
| Expense Ratio | 0.55% | 0.18%Best |
| AUM | $2.7B | $506.1B |
| Dividend Yield | 0.00% | 0.42% |
| Holdings | 107 | 321 |
| YTD Return | +22.13%Best | +19.30% |
| 1Y Return | +24.82%Best | +22.47% |
| 3Y Return (annualized) | +31.80%Best | +26.18% |
| 5Y Return (annualized) | +16.00%Best | +15.42% |
| Volatility (annualized) | 16.6%Best | 18.4% |
| Max Drawdown | -52.6%Best | -53.5% |
| $10,000 over 5 years | $21,003Best | $20,484 |
| Top 10 Weight | 35.8%Best | 46.7% |
| Fund Family | Invesco (US) | Invesco (US) |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Mar 3, 2005 | Mar 10, 1999 |
Volatility and max drawdown are measured over the window both funds cover: Mar 3, 2005 to Oct 14, 2026 (21.6 years).
PWB 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 21.6 years both funds cover.
PWB vs QQQ Performance
Invesco Large Cap Growth ETF (PWB) is an ETF from Invesco (US) and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year PWB returned +24.82% while QQQ returned +22.47%. Year to date, PWB is up 22.13% versus a gain of 19.30% for QQQ.
Over three years, PWB compounded at +31.80% per year against +26.18% for QQQ; over five years the annualized figures are +16.00% and +15.42% respectively. Across the full 22-year window we track, QQQ has the edge at +14.92% annualized vs +12.06%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 18.4% compared with 16.6% for PWB. 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 -52.6% for PWB and -53.5% 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
PWB charges 0.55% per year while QQQ charges 0.18%. On a $10,000 position that is $55 vs $18 annually, a gap of $37 per year that compounds over a long holding period. On income, PWB currently yields 0.00% against 0.42% for QQQ.
Holdings Overlap
59.8% of PWB's money is in holdings QQQ also owns. 54.6% of QQQ's money is in holdings PWB also owns.
The two portfolios partly overlap.
26 positions in common, counted across the 51 positions we hold weights for in PWB and 101 in QQQ, against full books of 107 and 321.
What only one of them owns
Our book lists 67 positions for QQQ that do not appear in our book for PWB (41.6% of the fund), and 25 for PWB that do not appear in QQQ (40.1%).
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 PWB | Weight in QQQ | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 3.44% | 8.33% | 4.89% |
| AAPLApple, Inc | 3.37% | 7.35% | 3.98% |
| MUMicron Technology, Inc. | 3.61% | 5.02% | 1.41% |
| AMDAdvanced Micro Devices Inc. | 4.14% | 4.17% | 0.03% |
| METAMeta Platform Inc | 4.00% | 3.26% | 0.74% |
| AMZNAmazon.Com Inc | 3.02% | 4.07% | 1.05% |
| INTCIntel Corp. | 4.27% | 2.64% | 1.63% |
| GOOGLAlphabet Inc-cl A | 3.10% | 3.05% | 0.05% |
| AVGOBroadcom Inc | 3.12% | 2.53% | 0.59% |
| AMATApplied Materials, Inc. | 3.52% | 1.70% | 1.82% |
59.8% of PWB is already inside QQQ.
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, PWB or QQQ?
PWB has an expense ratio of 0.55% while QQQ charges 0.18%. QQQ is the cheaper option, by $37 a year on a $10,000 investment.
Which performed better, PWB or QQQ?
Over the past year PWB returned +24.82% vs +22.47% for QQQ, so PWB leads on 1-year performance. Over the longest common window we track (22 years), PWB annualized +12.06% vs +14.92% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PWB or QQQ?
QQQ has been the more volatile fund at 18.4% annualized versus 16.6% for PWB. Worst drawdown: PWB -52.6% vs QQQ -53.5%.
Should I hold both PWB and QQQ?
PWB and QQQ have a monthly-return correlation of 0.93, 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 PWB and QQQ?
59.8% of PWB's money is in holdings QQQ also owns. 54.6% of QQQ's is in holdings PWB also owns. They hold 26 positions in common, counted across the 51 positions we hold weights for in PWB and 101 in QQQ.
Which pays a higher dividend, PWB or QQQ?
PWB yields 0.00% while QQQ yields 0.42%, so QQQ currently pays the higher dividend yield.
Is QQQ better than PWB?
QQQ has a lower expense ratio. PWB led over 1Y, 3Y and 5Y, QQQ over the full window. The two have moved almost in lockstep, correlation 0.93. PWB is less concentrated, with 35.8% of the fund in its ten largest positions against 46.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.