QQQ vs QQQM
QQQ and QQQM overlap by 99.9% of their weight, in the 101 companies both hold, by both issuer files of 2026-10-15.
Invesco QQQ Trust against Invesco Nasdaq 100 ETF.
The short answer
These are the same holdings at two prices. QQQM tracks the identical index with the identical companies and charges 0.15% against 0.18%. What separates them is trading: QQQ carries a deep options market and tighter spreads on large orders, QQQM does not.
The two funds
- Last close, 2026-10-15
- $728.00 -0.13%
- Cost per year
- 0.18%
- Return, 1 year
- 21.1%
- Return, 3 years
- 108.8%
- Worst fall, 3 years
- -21.3%
- Volatility
- 19.5%
- Positions
- 101
- Top 10 weight
- 46.9%
- Last close, 2026-10-15
- $299.79 -0.11%
- Cost per year
- 0.15%cheaper
- Return, 1 year
- 21.2%higher
- Return, 3 years
- 109.2%higher
- Worst fall, 3 years
- -21.2%shallower
- Volatility
- 19.4%calmer
- Positions
- 101
- Top 10 weight
- 46.9%
QQQ and QQQM, prices through 2026-10-16. How the badges are decided.
Holdings overlap
101 companies sit in both funds. That is 100.0% of QQQ's own weight and 100.0% of QQQM's.
Side by side
Issuer files, QQQ 15 Oct 2026, QQQM 15 Oct 2026
What the numbers say
The same fund at two prices
The overlap here is 99.9%; the difference between that and 100 is cash and rounding, not strategy. Both funds hold the same 101 companies, tracking the Nasdaq-100. Their weekly returns correlate at 1.00 over three years, and their three-year returns differ by less than a point, 109.2% against 108.8%, which is roughly the fee gap compounding.
Liquidity is the measurable difference
Invesco launched QQQM in 2020 as the cheaper version of its own fund and left QQQ alone because it is one of the most heavily traded instruments in the world. That trading volume is the difference that survives: QQQ has a deep options market and tighter spreads for large orders; QQQM does not.
What the fee gap is worth in dollars
The gap between 0.18% and 0.15% is $3 a year on a $10,000 position. Held together, the two tickers are one position split in two: every company appears in both at the same weight.
Where they hold the same companies
| Measure | Value |
|---|---|
| Overlap by weight | 99.9% |
| Share of QQQ held in common with QQQM | 100.0% |
| Share of QQQM held in common with QQQ | 100.0% |
| Companies in both | 101 |
| Positions in QQQ / QQQM | 101 / 101 |
QQQ holdings as published 2026-10-15, QQQM 2026-10-15.
Largest positions held by both
| Rank | Company | In QQQ | In QQQM | Weight in each | Overlap |
|---|---|---|---|---|---|
| 1 | NVDA Nvidia | 8.06% | 8.07% | 8.06% | |
| 2 | AAPL Apple | 7.69% | 7.69% | 7.69% | |
| 3 | MSFT Microsoft | 6.17% | 6.17% | 6.17% | |
| 4 | MU Micron Technology | 4.47% | 4.47% | 4.47% | |
| 5 | AMZN Amazon | 4.23% | 4.23% | 4.23% | |
| 6 | AMD Advanced Micro Devices | 3.9% | 3.9% | 3.9% | |
| 7 | META Meta Platforms | 3.37% | 3.38% | 3.37% | |
| 8 | GOOGL Alphabet Class A | 3.16% | 3.16% | 3.16% | |
| 9 | GOOG Alphabet Class C | 2.94% | 2.94% | 2.94% | |
| 10 | TSLA Tesla | 2.93% | 2.93% | 2.93% | |
| 11 | SPCX Space Exploration Technologies Corp | 2.71% | 2.71% | 2.71% | |
| 12 | AVGO Broadcom | 2.52% | 2.52% | 2.52% | |
| 13 | WMT Walmart | 2.44% | 2.44% | 2.44% | |
| 14 | INTC Intel | 2.13% | 2.13% | 2.13% | |
| 15 | PLTR Palantir Technologies | 1.96% | 1.96% | 1.96% |
Covariance and correlation
Covariance, annualised (%2)
| QQQ | QQQM | |
|---|---|---|
| QQQ | 380 | 377.1 |
| QQQM | 377.1 | 376 |
Percent squared per year, three years of weekly returns
Correlation, 3 years
| QQQ | QQQM | |
|---|---|---|
| QQQ | 1.00 | 1.00almost always in step |
| QQQM | 1.00almost always in step | 1.00 |
Weekly total returns, what the bands mean
Check it: 377.1 divided by (19.5 × 19.4) is 1.00, the correlation in the second matrix.
One year, side by side
Cost, returns and risk
| Measure | QQQ | QQQM |
|---|---|---|
| Expense ratio | 0.18% | 0.15% |
| Dividend yield | 0.42% | 0.43% |
| Total return, 1 year | 21.1% | 21.2% |
| Total return, 3 years cumulative | 108.8% | 109.2% |
| Total return, 5 years cumulative | 100.5% | 101.2% |
| Volatility, annualised on 3 years of weekly returns | 19.5% | 19.4% |
| Worst fall in 3 years, peak to trough, weekly closes | -21.3% | -21.2% |
| Beta against the S&P 500 | 1.29 | 1.28 |
| Positions held | 101 | 101 |
| Weight in the ten largest positions | 46.9% | 46.9% |
| Weight in the single largest position | 8.1% | 8.1% |
| Assets | $498.9B | $109.8B |
Prices through 2026-10-16.
Year by year
| Year | QQQ | QQQM |
|---|---|---|
| 2026 | 18.9% | 19.0% |
| 2025 | 20.8% | 20.9% |
| 2024 | 25.6% | 25.7% |
| 2023 | 54.9% | 55.0% |
| 2022 | -32.6% | -32.5% |
Do they move together
| Window | Correlation of weekly returns |
|---|---|
| 1 year | 1.00 |
| 3 years | 1.00 |
| 5 years | 1.00 |
Where to go next
- QQQ, the full page: every holding, and what else it duplicates
- QQQM, the full page
- DGRO vs SCHD
- QQQ vs SPY
- VIG vs VYM
- Run the x-ray on your whole portfolio, this pair included
- Check any other pair in the overlap calculator
How these numbers are produced · Ask the same questions from your assistant
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TickerInside, QQQ vs QQQM, holdings files of 2026-10-15 and 2026-10-15, https://tickerinside.com/compare/qqq-vs-qqqm/, CC BY 4.0
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