# 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. Canonical page: https://tickerinside.com/compare/qqq-vs-qqqm/ Prices through 2026-10-16. QQQ holdings as published 2026-10-15, QQQM 2026-10-15. Licence: CC BY 4.0, attribution to TickerInside. ## 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. ## Key figures | Measure | Value | | --- | --- | | Holdings overlap by weight | 99.9% | | Companies held by both | 101 | | Share of QQQ held in common | 100.0% | | Share of QQQM held in common | 100.0% | | Correlation of weekly returns, 3 years | 1.00 | | Cost per year | QQQ 0.18%, QQQM 0.15% | | Return, 3 years | QQQ 108.8%, QQQM 109.2% | | Worst fall, 3 years | QQQ -21.3%, QQQM -21.2% | | Volatility, annualised | QQQ 19.5%, QQQM 19.4% | | Positions | QQQ 101, QQQM 101 | ## Analysis ### 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. ## Largest positions held by both | Ticker | Company | In QQQ | In QQQM | Counted as overlap | | --- | --- | --- | --- | --- | | NVDA | Nvidia | 8.06% | 8.07% | 8.06% | | AAPL | Apple | 7.69% | 7.69% | 7.69% | | MSFT | Microsoft | 6.17% | 6.17% | 6.17% | | MU | Micron Technology | 4.47% | 4.47% | 4.47% | | AMZN | Amazon | 4.23% | 4.23% | 4.23% | | AMD | Advanced Micro Devices | 3.9% | 3.9% | 3.9% | | META | Meta Platforms | 3.37% | 3.38% | 3.37% | | GOOGL | Alphabet Class A | 3.16% | 3.16% | 3.16% | | GOOG | Alphabet Class C | 2.94% | 2.94% | 2.94% | | TSLA | Tesla | 2.93% | 2.93% | 2.93% | | SPCX | Space Exploration Technologies Corp | 2.71% | 2.71% | 2.71% | | AVGO | Broadcom | 2.52% | 2.52% | 2.52% | | WMT | Walmart | 2.44% | 2.44% | 2.44% | | INTC | Intel | 2.13% | 2.13% | 2.13% | | PLTR | Palantir Technologies | 1.96% | 1.96% | 1.96% | ## Covariance and correlation Covariance is annualised and expressed in percent squared, so the diagonal is each fund's variance. Dividing the off-diagonal by the two volatilities returns the correlation. | | QQQ | QQQM | | --- | --- | --- | | QQQ | 380 | 377.1 | | QQQM | 377.1 | 376 | Correlation over 1, 3 and 5 years: 1.00, 1.00, 1.00. ## Method How every figure is produced: https://tickerinside.com/how-the-numbers-are-produced/ Machine readable version of this comparison: https://tickerinside.com/api/v1/compare/qqq-vs-qqqm.json ## Cite this page 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 TickerInside (https://tickerinside.com/compare/qqq-vs-qqqm/)