QQQM vs SCHG
Invesco Nasdaq 100 ETF against Schwab U.S. Large-Cap Growth ETF.
The short answer
Two growth funds that agree on 47 companies and disagree on the rest: 64.5% of QQQM is in SCHG and 67.5% of SCHG is in QQQM. SCHG costs 0.04% against 0.15%, a gap of $11 a year per $10,000, and over three years QQQM returned 96.8% against 89.8%.
The two funds
- Last close, 2026-09-04
- $296.07 +0.19%
- Cost per year
- 0.15%
- Return, 1 year
- 25.5%higher
- Return, 3 years
- 96.8%higher
- Worst fall, 3 years
- -21.2%shallower
- Volatility
- 19.4%
- Positions
- 101
- Top 10 weight
- 46.8%
- Last close, 2026-09-04
- $35.53 -0.86%
- Cost per year
- 0.04%cheaper
- Return, 1 year
- 15.8%
- Return, 3 years
- 89.8%
- Worst fall, 3 years
- -21.9%
- Volatility
- 19.0%calmer
- Positions
- 196
- Top 10 weight
- 51.7%
QQQM and SCHG, prices through 2026-09-04. How the badges are decided.
Holdings overlap
47 companies sit in both funds. That is 64.5% of QQQM's own weight and 67.5% of SCHG's.
Side by side
Issuer files, QQQM 5 Sep 2026, SCHG 3 Sep 2026
What the numbers say
An exchange rule against a growth rule
QQQM holds whatever is large on the Nasdaq and not a financial, 101 positions. SCHG holds the growth half of the Dow Jones US large-cap universe, 196 positions, listed anywhere. Nvidia, Apple, Microsoft, Amazon, Alphabet, Broadcom and Meta are in both and sit at the top of both, which is why the overlap reaches 59.2% of weight from only 47 shared companies.
Micron on one side, Lilly on the other
Micron is QQQM's largest position that SCHG does not hold, and Walmart, Intel, Cisco, Lam Research and Applied Materials follow it: Nasdaq listings that the growth screen does not score as growth. Eli Lilly, Visa, Mastercard, UnitedHealth and GE Aerospace go the other way, growth companies listed on the NYSE and therefore absent from QQQM. The unshared weight is 35.5% of QQQM and 32.5% of SCHG.
The fee gap is the largest measurable difference
SCHG charges 0.04% and QQQM 0.15%, so a $10,000 position pays $11 a year more in QQQM. Over three years QQQM returned 96.8% against 89.8%, and over five 97.4% against 87.5%; over the past year the gap was wider, 25.5% against 15.8%. Volatility was 19.4% against 19.0% and the worst falls -21.2% against -21.9%, close enough to call the risk the same.
How much they move together
Weekly returns correlated at 0.98 over five years, 0.97 over three and 0.91 over the past year, the last a little looser as the unshared names diverged. SCHG's top ten hold 51.7% against 46.8% for QQQM. Holding both stacks the seven largest names, which are in both funds, and spreads the remainder across 250 companies.
Where they hold the same companies
| Measure | Value |
|---|---|
| Overlap by weight | 59.2% |
| Share of QQQM held in common with SCHG | 64.5% |
| Share of SCHG held in common with QQQM | 67.5% |
| Companies in both | 47 |
| Positions in QQQM / SCHG | 101 / 196 |
QQQM holdings as published 2026-09-05, SCHG 2026-09-03.
Largest positions held by both
| Rank | Company | In QQQM | In SCHG | Weight in each | Overlap |
|---|---|---|---|---|---|
| 1 | NVDA NVIDIA Corp | 8.85% | 10.99% | 8.85% | |
| 2 | AAPL Apple Inc | 7.46% | 9.57% | 7.46% | |
| 3 | MSFT Microsoft Corp | 5.9% | 7.52% | 5.9% | |
| 4 | AMZN Amazon.com Inc | 4.42% | 5.03% | 4.42% | |
| 5 | GOOGL Alphabet Inc | 3.13% | 3.99% | 3.13% | |
| 6 | GOOG Alphabet Inc | 2.91% | 3.18% | 2.91% | |
| 7 | AVGO Broadcom Inc | 2.69% | 3.36% | 2.69% | |
| 8 | META Meta Platforms Inc | 2.9% | 2.67% | 2.67% | |
| 9 | TSLA Tesla Inc | 2.81% | 2.42% | 2.42% | |
| 10 | AMD Advanced Micro Devices Inc | 3.41% | 2.29% | 2.29% | |
| 11 | PLTR Palantir Technologies Inc | 1.75% | 1.61% | 1.61% | |
| 12 | COST Costco Wholesale Corp | 1.78% | 1.57% | 1.57% | |
| 13 | NFLX Netflix Inc | 1.44% | 1.33% | 1.33% | |
| 14 | PANW Palo Alto Networks Inc | 1.19% | 1.03% | 1.03% | |
| 15 | KLAC KLA Corp | 1.06% | 0.87% | 0.87% |
Held by only one of them
| In QQQM only | Weight | In SCHG only | Weight |
|---|---|---|---|
| MU Micron Technology Inc | 5.03% | LLY Eli Lilly | 2.92% |
| WMT Walmart Inc | 2.3% | V Visa | 2.41% |
| INTC Intel Corp | 2.11% | MA Mastercard | 1.81% |
| CSCO Cisco Systems Inc | 1.89% | UNH Unitedhealth Group Inc | 1.4% |
| LRCX Lam Research Corp | 1.69% | GE Ge Aerospace | 1.33% |
| AMAT Applied Materials Inc | 1.58% | GEV Ge Vernova | 0.97% |
| SPCX Space Exploration Technologies Corp | 1.24% | TMO Thermo Fisher Scientific Inc | 0.88% |
| SNDK Sandisk Corp | 1.13% | CRM Salesforce | 0.83% |
| AMGN Amgen Inc | 1.04% | ANET Arista Networks | 0.76% |
| TXN Texas Instruments Inc | 1.03% | DIS Walt Disney | 0.71% |
Covariance and correlation
Covariance, annualised (%2)
| QQQM | SCHG | |
|---|---|---|
| QQQM | 376 | 357.0 |
| SCHG | 357.0 | 361 |
Percent squared per year, three years of weekly returns
Correlation, 3 years
| QQQM | SCHG | |
|---|---|---|
| QQQM | 1.00 | 0.97almost always in step |
| SCHG | 0.97almost always in step | 1.00 |
Weekly total returns, what the bands mean
Check it: 357.0 divided by (19.4 × 19.0) is 0.97, the correlation in the second matrix.
One year, side by side
Cost, returns and risk
| Measure | QQQM | SCHG |
|---|---|---|
| Expense ratio | 0.15% | 0.04% |
| Dividend yield | 0.44% | 0.37% |
| Total return, 1 year | 25.5% | 15.8% |
| Total return, 3 years cumulative | 96.8% | 89.8% |
| Total return, 5 years cumulative | 97.4% | 87.5% |
| Volatility, annualised on 3 years of weekly returns | 19.4% | 19.0% |
| Worst fall in 3 years, peak to trough, weekly closes | -21.2% | -21.9% |
| Beta against the S&P 500 | 1.28 | 1.26 |
| Positions held | 101 | 196 |
| Weight in the ten largest positions | 46.8% | 51.7% |
| Weight in the single largest position | 8.9% | 11.0% |
| Assets | $104.4B | $63.0B |
Prices through 2026-09-04.
Year by year
| Year | QQQM | SCHG |
|---|---|---|
| 2026 | 17.4% | 9.2% |
| 2025 | 20.9% | 17.5% |
| 2024 | 25.7% | 35.0% |
| 2023 | 55.0% | 50.1% |
| 2022 | -32.5% | -31.8% |
Do they move together
| Window | Correlation of weekly returns |
|---|---|
| 1 year | 0.91 |
| 3 years | 0.97 |
| 5 years | 0.98 |
Where to go next
- QQQM, the full page: every holding, and what else it duplicates
- SCHG, the full page
- RSP vs SPY
- SCHD vs VYM
- SCHG vs VUG
- 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
