Fund comparison
QQQ vs VGT
Invesco QQQ Trust against Vanguard Information Technology ETF.
Verdict
These are not two versions of the same bet. VGT is technology as an industry classifies it; QQQ is whatever is large and listed on the Nasdaq, which includes Amazon, Alphabet, Tesla and Meta, none of which VGT holds.
People reach for these two as if they were interchangeable tech funds, and the holdings say otherwise. Only 38 companies appear in both, and the overlap is lopsided: 77.1% of VGT sits inside QQQ, but only 56.2% of QQQ sits inside VGT.
The gap is a classification story. VGT follows a technology sector index, so Amazon is a consumer company, Alphabet and Meta are communication services, and Tesla is a car maker. None of them is in VGT. All four are among the largest positions in QQQ. Conversely VGT holds Oracle, IBM, Accenture, Salesforce and Arista, which are not on the Nasdaq or not large enough for QQQ.
The consequence over three years has been real. VGT returned 116.1% against 90.7% for QQQ, and did it with more volatility, 23.4% against 19.6%, and a deeper fall of 27.2% against 22.8%. VGT is also half the price at 0.09% against 0.18%. A fund with 62.5% of its weight in its ten largest positions moves harder in both directions than one at 46.4%, and that is the trade being made here, not a preference between two labels for the same thing.
Where they hold the same companies
| Measure | Value |
|---|---|
| Overlap by weight | 52.8% |
| Share of QQQ held in common with VGT | 56.2% |
| Share of VGT held in common with QQQ | 77.1% |
| Companies in both | 38 |
| Positions in QQQ / VGT | 105 / 319 |
QQQ holdings as published 2026-09-01, VGT 2026-07-31.
Largest positions held by both
| Company | In QQQ | In VGT | Counted as overlap |
|---|---|---|---|
| NVDA | 8.49% | 17.21% | 8.49% |
| AAPL | 7.71% | 16.29% | 7.71% |
| MSFT | 6.02% | 10.99% | 6.02% |
| MU | 4.69% | 3.83% | 3.83% |
| AMD | 3.34% | 3.18% | 3.18% |
| AVGO | 2.83% | 4.22% | 2.83% |
| CSCO | 1.93% | 1.92% | 1.92% |
| INTC | 1.99% | 1.66% | 1.66% |
| AMAT | 1.57% | 1.69% | 1.57% |
| LRCX | 1.62% | 1.54% | 1.54% |
| PANW | 1.32% | 1.16% | 1.16% |
| PLTR | 1.84% | 1.14% | 1.14% |
| TXN | 1.03% | 1.07% | 1.03% |
| KLAC | 0.99% | 1.02% | 0.99% |
| CRWD | 0.98% | 0.83% | 0.83% |
Held by only one of them
| In QQQ only | Weight | In VGT only | Weight |
|---|---|---|---|
| AMZN | 4.43% | ORCL | 0.9% |
| GOOGL | 3.15% | IBM | 0.87% |
| GOOG | 2.92% | APH | 0.85% |
| TSLA | 2.87% | ANET | 0.84% |
| META | 2.77% | CRM | 0.65% |
| WMT | 2.31% | DELL | 0.58% |
| COST | 1.86% | NOW | 0.49% |
| NFLX | 1.52% | GLW | 0.49% |
| SPCX | 1.21% | ACN | 0.45% |
| AMGN | 1.06% | SNOW | 0.44% |
Cost, returns and risk
| QQQ | VGT | |
|---|---|---|
| Expense ratio | 0.18% | 0.09% |
| Dividend yield | 0.44% | 0.38% |
| Total return, 1 year | 25.7% | 38.4% |
| Total return, 3 years cumulative | 90.7% | 116.1% |
| Total return, 5 years cumulative | 91.7% | 130.0% |
| Volatility, annualised on 3 years of weekly returns | 19.6% | 23.4% |
| Worst fall in 3 years, peak to trough | -22.8% | -27.2% |
| Beta against the S&P 500 | 1.28 | 1.49 |
| Positions held | 104 | 319 |
| Weight in the ten largest positions | 46.4% | 62.5% |
| Weight in the single largest position | 8.5% | 17.2% |
| Assets under management | $452.8B | $160.6B |
Prices through 2026-09-02.
Year by year
| Year | QQQ | VGT |
|---|---|---|
| 2026 | 15.5% | 26.4% |
| 2025 | 20.8% | 21.8% |
| 2024 | 25.6% | 29.3% |
| 2023 | 54.9% | 52.7% |
| 2022 | -32.6% | -29.7% |
Do they move together
| Window | Correlation of weekly returns |
|---|---|
| 1 year | 0.96 |
| 3 years | 0.97 |
| 5 years | 0.98 |
How these numbers are produced · Portfolio x-ray · Overlap checker