OriginaveQQQ vs SPHQ: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
QQQ
SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
VOOVanguard S&P 500 ETFtracks the S&P 500 Index
IVViShares Core S&P 500 ETFtracks the S&P 500 Index- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
SPHQ
- SPYSPDR S&P 500 ETF Trusttracks the S&P 500 Index
- VOOVanguard S&P 500 ETFtracks the S&P 500 Index
- IVViShares Core S&P 500 ETFtracks the S&P 500 Index
- VTIVanguard Total Stock Market ETFtracks the CRSP US Total Market Index
- QQQInvesco QQQ Trusttracks the Nasdaq-100 Index
- QQQMInvesco NASDAQ 100 ETFtracks the Nasdaq-100 Index
- VGTVanguard Information Technology ETFtracks the MSCI US IMI Information Technology 25/50 Index
- ACWIiShares MSCI ACWI ETFtracks the MSCI ACWI Index
- VTVanguard Total World Stock ETFtracks the FTSE Global All Cap Index
- URTHiShares MSCI World ETFtracks the MSCI World Index
- SCHGSchwab U.S. Large-Cap Growth ETFtracks the Dow Jones U.S. Large-Cap Growth Total Stock Market Index
- SCHDSchwab U.S. Dividend Equity ETFtracks the Dow Jones U.S. Dividend 100 Index
- VTVVanguard Value ETFtracks the CRSP US Large Cap Value Index
- VUGVanguard Growth ETFtracks the CRSP US Large Cap Growth Index
- MTUMiShares MSCI USA Momentum Factor ETFtracks the MSCI USA Momentum SR Variant Index
- SPMOInvesco S&P 500 Momentum ETFtracks the S&P 500 Momentum Index
- SPHQInvesco S&P 500 Quality ETFtracks the S&P 500 Quality Index
QQQ tracks the Nasdaq-100 IndexSPHQ tracks the S&P 500 Quality Index
What did the last 10 years do to $10,000?
You invest $10,000 at the start of the window and touch nothing — dividends reinvested, the running year not counted.
QQQ vs SPHQ, year by year
Calendar-year total returns (dividends included) side by side, and who took the crown each year. A dash means the fund did not exist yet.
| Year | QQQ | SPHQ | Winner |
|---|---|---|---|
| 2026 (so far) | +20.83% | +12.92% | QQQ |
| 2025 | +20.77% | +13.25% | QQQ |
| 2024 | +25.58% | +25.44% | QQQ |
| 2023 | +54.86% | +24.83% | QQQ |
| 2022 | -32.58% | -15.76% | SPHQ |
| 2021 | +27.42% | +27.59% | SPHQ |
| 2020 | +48.41% | +16.93% | QQQ |
| 2019 | +38.96% | +33.63% | QQQ |
| 2018 | -0.13% | -7.09% | QQQ |
| 2017 | +32.66% | +19.10% | QQQ |
| 2016 | +7.10% | +14.30% | SPHQ |
| 2015 | +9.44% | +1.64% | QQQ |
| 2014 | +19.18% | +16.08% | QQQ |
| 2013 | +36.63% | +32.73% | QQQ |
| 2012 | +18.11% | +14.32% | QQQ |
| 2011 | +3.48% | +6.28% | SPHQ |
| 2010 | +20.14% | +20.50% | SPHQ |
| 2009 | +54.68% | +12.59% | QQQ |
| 2008 | -41.73% | -46.35% | QQQ |
| 2007 | +19.03% | +16.77% | QQQ |
| 2006 | +7.14% | +4.58% | QQQ |
| 2005 | +1.57% | -2.05% | QQQ |
| 2004 | +10.54% | — | — |
| 2003 | +49.67% | — | — |
| 2002 | -37.37% | — | — |
| 2001 | -33.34% | — | — |
| 2000 | -36.11% | — | — |
| 1999 | +78.95% | — | — |
QQQ vs SPHQ in plain words
QQQ tracks the Nasdaq-100 Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. QQQ charges 0.18% a year in running costs and SPHQ charges 0.15% — SPHQ is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 22 calendar years both funds were trading, QQQ finished the year ahead 17 times and SPHQ 5 times. $10,000 invested at the start of 2016 was worth $59,045 in QQQ versus $37,666 in SPHQ by the end of 2025, dividends reinvested.
Fund facts: QQQ vs SPHQ
| Fact | QQQ | SPHQ |
|---|---|---|
| Fund | Invesco QQQ Trust | Invesco S&P 500 Quality ETF |
| Tracks | Nasdaq-100 Index | S&P 500 Quality Index |
| Yearly cost (TER) | 0.18% | 0.15% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 10 Mar 1999 | 6 Dec 2005 |
| $10,000 invested | What $10,000 in QQQ became | What $10,000 in SPHQ became |
How bumpy the ride was: QQQ vs SPHQ
These head-to-head figures use only the 5,240 trading days both funds were listed: 6 Dec 2005 to 6 Oct 2026, roughly 20.8 years.
QQQ swung more than SPHQ: annualised volatility of 21.9% for QQQ against 19.2% for SPHQ, with QQQ moving 1% or more on 34.3% of trading days and SPHQ on 27.1%. Both had their worst day on 16 Mar 2020: QQQ closed -11.98% and SPHQ -10.30%.
SPHQ had the deeper drawdown: it fell -57.83% from its peak on 29 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 14 May 2013, 53 months after the low; QQQ fell -53.40% from its peak on 31 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 8 Dec 2010, 24 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.87, and they closed in opposite directions on 18.4% of the 5,239 days measured. The widest single-day gap came on 21 Jun 2007, when QQQ moved +0.91% and SPHQ +7.38%.
| Measure | QQQ | SPHQ |
|---|---|---|
| Annualised volatility | 21.9% | 19.2% |
| Worst day | -11.98% on 16 Mar 2020 | -10.30% on 16 Mar 2020 |
| Best day | +12.16% on 13 Oct 2008 | +12.89% on 13 Oct 2008 |
| Days moving 1% or more | 34.3% of days | 27.1% of days |
| Deepest drawdown | -53.40% | -57.83% |
| Peak to trough | 31 Oct 2007 → 20 Nov 2008 | 29 Oct 2007 → 20 Nov 2008 |
| Back above the old peak | 8 Dec 2010 · 24 months | 14 May 2013 · 53 months |
Years QQQ and SPHQ parted ways
In 10 of the 21 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 2009: QQQ returned +54.68% and SPHQ +12.59%, a gap of 42.1 points. They rose together in 17 years, fell together in 3 years and went opposite ways in 1 year.
| Year | QQQ | SPHQ | Gap (QQQ − SPHQ) |
|---|---|---|---|
| 2025 | +20.77% | +13.25% | +7.5 pts |
| 2023 | +54.86% | +24.83% | +30.0 pts |
| 2022 | -32.58% | -15.76% | -16.8 pts |
| 2020 | +48.41% | +16.93% | +31.5 pts |
| 2019 | +38.96% | +33.63% | +5.3 pts |
| 2018 | -0.13% | -7.09% | +7.0 pts |
| 2017 | +32.66% | +19.10% | +13.6 pts |
| 2016 | +7.10% | +14.30% | -7.2 pts |
| 2015 | +9.44% | +1.64% | +7.8 pts |
| 2009 | +54.68% | +12.59% | +42.1 pts |
How often QQQ beat SPHQ over any 12 months
Across the 238 rolling 12-month windows since December 2005, measured month-end to month-end, QQQ finished ahead in 75.6% of them (180) and SPHQ in 24.4% (58).
$200 a month into each, 2006–2025
Putting $200 into each fund at the start of every month from January 2006 to December 2025 (240 payments, $48,000 in total) would have grown to $383,680 in QQQ and $202,349 in SPHQ, leaving QQQ $181,331 ahead.
| Outcome | QQQ | SPHQ |
|---|---|---|
| Paid in | $48,000 | $48,000 |
| Value at the end of 2025 | $383,680 | $202,349 |
| Gain on the money paid in | +$335,680 | +$154,349 |
| Gain in % | +699.33% | +321.56% |
Each payment rides the return of the month it lands in, dividends reinvested. Only calendar years with all twelve months of data for both funds count, so the plan may start later than the shared history.
Frequently asked
Is QQQ or SPHQ better?
Across the 22 calendar years both funds were trading, QQQ finished the year ahead 17 times and SPHQ 5 times. $10,000 invested at the start of 2016 was worth $59,045 in QQQ versus $37,666 in SPHQ by the end of 2025, dividends reinvested. Past returns don't promise future ones — but this is what actually happened.
What is the difference between QQQ and SPHQ?
QQQ tracks the Nasdaq-100 Index while SPHQ follows the S&P 500 Quality Index, so they own different slices of the market and their years can look very different. QQQ charges 0.18% a year in running costs and SPHQ charges 0.15% — SPHQ is the cheaper fund to hold. Both funds distribute: dividends land in your account as cash instead of being reinvested automatically.
Which is more volatile, QQQ or SPHQ?
QQQ swung more than SPHQ: annualised volatility of 21.9% for QQQ against 19.2% for SPHQ, with QQQ moving 1% or more on 34.3% of trading days and SPHQ on 27.1%. Both had their worst day on 16 Mar 2020: QQQ closed -11.98% and SPHQ -10.30%.
Which had the deeper drawdown, QQQ or SPHQ?
SPHQ had the deeper drawdown: it fell -57.83% from its peak on 29 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 14 May 2013, 53 months after the low; QQQ fell -53.40% from its peak on 31 Oct 2007 to a low on 20 Nov 2008, then closed back above the old peak on 8 Dec 2010, 24 months after the low.
How often did QQQ beat SPHQ over a 12-month period?
Across the 238 rolling 12-month windows since December 2005, measured month-end to month-end, QQQ finished ahead in 75.6% of them (180) and SPHQ in 24.4% (58).
What would $10,000 in QQQ have become?
$10,000 invested in QQQ at the start of 2016 grew to $59,045 by the end of 2025, with dividends reinvested — an average of 19.4% per year.
Source: Yahoo Finance daily adjusted closes for the US primary listings, dividends reinvested. Prices through · refreshed 7 Oct 2026, 08:49 UTC. How every number is calculated.