Invesco QQQ Trust (market value $510.5 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns. Data as of Sep 30, 2026.
Over the 5 years to Sep 30, 2026, Invesco QQQ Trust (QQQ) returned +112.5% including dividends, versus +89.1% for the S&P 500 (SPY). It beat the index by 23.4 percentage points, or +16.3% a year against +13.6%.
| Period | QQQ | S&P 500 | QQQ per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +23.5% | +15.1% | +23.5% | +15.1% | Beat |
| 3 years | +109.6% | +84.1% | +28.0% | +22.6% | Beat |
| 5 years | +112.5% | +89.1% | +16.3% | +13.6% | Beat |
| 10 years | +566.2% | +310.7% | +20.9% | +15.2% | Beat |
Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
QQQ beat the S&P 500 in 7 of the 9 full calendar years shown.
| Year | QQQ | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Sep 30, 2026) | +20.6% | +12.1% | +8.5% |
| 2025 | +20.8% | +17.7% | +3.1% |
| 2024 | +25.6% | +24.9% | +0.7% |
| 2023 | +54.9% | +26.2% | +28.7% |
| 2022 | −32.6% | −18.2% | −14.4% |
| 2021 | +27.4% | +28.7% | −1.3% |
| 2020 | +48.6% | +18.3% | +30.3% |
| 2019 | +39.0% | +31.2% | +7.8% |
| 2018 | −0.1% | −4.6% | +4.5% |
| 2017 | +32.7% | +21.7% | +11.0% |
Over 5 years, QQQ had a Sharpe ratio of 0.67 against 0.69 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 20.9% and its beta 1.22: it tended to move about 1.2× as much as the market.
| Metric | QQQ | S&P 500 |
|---|---|---|
| Annual return | +16.3% | +13.6% |
| Volatility (annualized) | 20.9% | 15.7% |
| Sharpe ratio | 0.67 | 0.69 |
| Sortino ratio | 1.09 | 1.10 |
| Max drawdown (month-end) | −32.6% | −23.9% |
| Beta to the S&P 500 | 1.22 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
QQQ’s deepest fall in the crises below was −53.5% in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | QQQ | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| Global financial crisis (2007–09) | −53.5% | −56.5% | −$53,550 |
| 2018 trade-war selloff | −22.9% | −20.2% | −$22,920 |
| COVID crash (Feb–Mar 2020) | −28.6% | −34.1% | −$28,560 |
| 2022 inflation bear market | −34.6% | −25.4% | −$34,610 |
| 2025 tariff selloff | −22.9% | −19.0% | −$22,880 |
| Window | QQQ max drawdown |
|---|---|
| Last 1 year | −12.0% |
| Last 3 years | −22.8% |
| Last 5 years | −35.1% |
| Last 10 years | −35.6% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, QQQ’s correlation with the S&P 500 was 0.92, with the Nasdaq‑100 1.00, with long Treasuries (TLT) 0.54 and with gold (GLD) 0.09.
Adding a 5% QQQ position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.7% to 15.9%.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| LMT | −0.14 | NVDA | 0.79 |
| XOM | −0.13 | AMZN | 0.74 |
| BMY | −0.11 | AMD | 0.71 |
| COP | −0.10 | MCO | 0.70 |
| T | −0.08 | APH | 0.70 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| VTI | Vanguard Total Stock Market Index Fund ETF Shares | +79.7% | 17.4% |
| SPCX | SPAC and New Issue ETF | +523.4% | 8.3% |
| VOO | Vanguard S&P 500 ETF | +89.6% | 16.8% |
| IVV | iShares Core S&P 500 ETF | +89.5% | 16.9% |
| SPY | State Street SPDR S&P 500 ETF Trust | +89.1% | 17.0% |
| 1557.T | SPDR S&P 500 ETF Trust | +82.0% | 20.7% |
| VXUS | Vanguard Total Intl Stock Idx Fund | +55.5% | 16.0% |
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
Yes. QQQ returned +566.2% (+20.9% a year) over the 10 years to Sep 30, 2026, versus +310.7% (+15.2% a year) for the S&P 500, including dividends.
QQQ fell −53.5% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.
QQQ fell −28.6% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.
QQQ fell −34.6% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.
Over the 5 years to Sep 30, 2026, QQQ’s Sharpe ratio was 0.67 and its Sortino ratio 1.09, versus 0.69 and 1.10 for the S&P 500.
QQQ’s 5‑year annualized volatility was 22.3%, higher than the S&P 500’s 17.0%, with a beta of 1.22.
Among large US stocks, the lowest correlations with QQQ over the last 60 months were LMT (−0.14), XOM (−0.13), BMY (−0.11). Its correlation with long Treasuries (TLT) was 0.54 and with gold (GLD) 0.09.
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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.