QQQ vs SPLG
Invesco QQQ Trust, Series 1 vs SPDR(R) Portfolio S&P 500 ETF
Which is better, QQQ or SPLG?
QQQ has been ahead.
SPLG has a lower expense ratio. QQQ led over the full window. SPLG is less concentrated, with 36.5% 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 | QQQ | SPLG |
|---|---|---|
| Expense Ratio | 0.18% | 0.02%Best |
| AUM | $506.1B | - |
| Dividend Yield | 0.42% | - |
| Holdings | 321 | 506 |
| Volatility (annualized) | 18.3% | 15.3%Best |
| Max Drawdown | -53.5%Best | -55.8% |
| $10,000 over 20 years | $160,005Best | $56,457 |
| Top 10 Weight | 46.7% | 36.5%Best |
| Fund Family | Invesco (US) | - |
| Category | Equity | - |
| Style | Large Cap Growth | - |
| Inception | Mar 10, 1999 | - |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 349 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. QQQ has data through Oct 14, 2026 and SPLG through Oct 30, 2025.
Volatility and max drawdown, and the $10,000 over 20 years row, are measured over the window both funds cover: Nov 15, 2005 to Oct 30, 2025 (20 years).
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 18.3% compared with 15.3% for SPLG. 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 -53.5% for QQQ and -55.8% for SPLG. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
QQQ charges 0.18% per year while SPLG charges 0.02%. On a $10,000 position that is $18 vs $2 annually, a gap of $16 per year that compounds over a long holding period.
Holdings Overlap
85.8% of QQQ's money is in holdings SPLG also owns. 48.6% of SPLG's money is in holdings QQQ also owns.
Most of QQQ is already inside SPLG. Owning both mostly buys the same companies twice.
The two holdings books were reported 458 days apart, QQQ as of Oct 1, 2026 and SPLG as of Jun 30, 2025, so some of the difference between them is the time between the two reports rather than the funds.
77 positions in common, counted across the 101 positions we hold weights for in QQQ and 506 in SPLG, against full books of 321 and 506.
What only one of them owns
Our book lists 426 positions for SPLG that do not appear in our book for QQQ (51.4% of the fund), and 15 for QQQ that do not appear in SPLG (9.6%).
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 QQQ | Weight in SPLG | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.33% | 7.33% | 1.00% |
| AAPLApple, Inc | 7.35% | 5.83% | 1.52% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.76% | 7.03% | 1.27% |
| AMZNAmazon.Com Inc | 4.07% | 3.94% | 0.13% |
| METAMeta Platform Inc | 3.26% | 3.05% | 0.21% |
| MUMicron Technology, Inc. | 5.02% | 0.26% | 4.76% |
| GOOGLAlphabet Inc-cl A | 3.05% | 1.95% | 1.10% |
| AVGOBroadcom Inc | 2.53% | 2.46% | 0.07% |
| AMDAdvanced Micro Devices Inc. | 4.17% | 0.44% | 3.73% |
| TSLATesla Motors Inc | 2.82% | 1.69% | 1.13% |
85.8% of QQQ is already inside SPLG.
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, QQQ or SPLG?
QQQ has an expense ratio of 0.18% while SPLG charges 0.02%. SPLG is the cheaper option, by $16 a year on a $10,000 investment.
Which is riskier, QQQ or SPLG?
QQQ has been the more volatile fund at 18.3% annualized versus 15.3% for SPLG. Worst drawdown: QQQ -53.5% vs SPLG -55.8%.
Should I hold both QQQ and SPLG?
QQQ and SPLG have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between QQQ and SPLG?
85.8% of QQQ's money is in holdings SPLG also owns. 48.6% of SPLG's is in holdings QQQ also owns. They hold 77 positions in common, counted across the 101 positions we hold weights for in QQQ and 506 in SPLG.
Is SPLG better than QQQ?
SPLG has a lower expense ratio. QQQ led over the full window. SPLG is less concentrated, with 36.5% 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.