An in-depth review of the QQQ ETF. We analyze its heavily concentrated tech holdings, performance history, and compare it head-to-head with SPY and its cheaper twin, QQQM.
The Invesco QQQ Trust (QQQ) tracks the Nasdaq-100 Index, holding the 100 largest non-financial companies listed on the Nasdaq. It has been one of the best-performing ETFs of the last decade, driven largely by the massive growth of mega-cap technology companies.
While its returns have been stellar, QQQ comes with significantly higher volatility and concentration risk compared to a broad market index like the S&P 500. For long-term retail investors, the newer QQQM offers the exact same portfolio at a lower expense ratio.
How does QQQ stack up against the broader S&P 500 (SPY/VOO) and its cheaper counterpart (QQQM)? Here is a side-by-side comparison:
| ETF ↕ | Name ↕ | Expense Ratio ↕ | AUM ↕ | 10Y Return ↕ |
|---|
The Verdict: For long-term holders wanting Nasdaq-100 exposure, QQQM is the superior choice over QQQ due to its lower fee (0.15% vs 0.18%). If you want more diversification and less volatility, a low-cost S&P 500 fund like VOO remains the gold standard.
Trailing total returns (including dividends). Note: QQQM inception was late 2020.
Because QQQ is market-cap weighted and focuses only on 100 companies, it is heavily concentrated. The top 10 holdings account for a massive portion of the ETF's total performance:
Data presented on this page is sourced directly from live market feeds via Yahoo Finance API. Expense ratios, Assets Under Management (AUM), and performance metrics are updated automatically to reflect real-time trailing data as of 2026. Top holdings are based on the fund's most recent disclosures.
Westmount Fundamentals. "QQQ ETF Review (2026): Invesco Nasdaq 100 Holdings." westmountfundamentals.com/qqq-etf-review-2026, 2026.