OriginaveSPY vs QQQ: which ETF won each year?
Yearly returns side by side, one winner per year — dividends included, priced as you'd actually buy them.
SPY
- 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
- 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
SPY tracks the S&P 500 IndexQQQ tracks the Nasdaq-100 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.
SPY vs QQQ, 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 | SPY | QQQ | Winner |
|---|---|---|---|
| 2026 (so far) | +12.71% | +20.83% | QQQ |
| 2025 | +17.72% | +20.77% | QQQ |
| 2024 | +24.89% | +25.58% | QQQ |
| 2023 | +26.18% | +54.86% | QQQ |
| 2022 | -18.18% | -32.58% | SPY |
| 2021 | +28.73% | +27.42% | SPY |
| 2020 | +18.33% | +48.41% | QQQ |
| 2019 | +31.22% | +38.96% | QQQ |
| 2018 | -4.57% | -0.13% | QQQ |
| 2017 | +21.71% | +32.66% | QQQ |
| 2016 | +12.00% | +7.10% | SPY |
| 2015 | +1.23% | +9.44% | QQQ |
| 2014 | +13.46% | +19.18% | QQQ |
| 2013 | +32.31% | +36.63% | QQQ |
| 2012 | +15.99% | +18.11% | QQQ |
| 2011 | +1.89% | +3.48% | QQQ |
| 2010 | +15.06% | +20.14% | QQQ |
| 2009 | +26.35% | +54.68% | QQQ |
| 2008 | -36.80% | -41.73% | SPY |
| 2007 | +5.15% | +19.03% | QQQ |
| 2006 | +15.85% | +7.14% | SPY |
| 2005 | +4.83% | +1.57% | SPY |
| 2004 | +10.70% | +10.54% | SPY |
| 2003 | +28.18% | +49.67% | QQQ |
| 2002 | -21.58% | -37.37% | SPY |
| 2001 | -11.76% | -33.34% | SPY |
| 2000 | -9.74% | -36.11% | SPY |
| 1999 | +20.39% | +78.95% | QQQ |
| 1998 | +28.69% | — | — |
| 1997 | +33.48% | — | — |
| 1996 | +22.50% | — | — |
| 1995 | +38.05% | — | — |
| 1994 | +0.40% | — | — |
| 1993 | +8.71% | — | — |
SPY vs QQQ in plain words
SPY tracks the S&P 500 Index while QQQ follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and QQQ charges 0.18% — SPY is the cheaper fund to hold.
Both funds distribute: dividends land in your account as cash instead of being reinvested automatically. Across the 28 calendar years both funds were trading, SPY finished the year ahead 10 times and QQQ 18 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $59,045 in QQQ by the end of 2025, dividends reinvested.
Fund facts: SPY vs QQQ
| Fact | SPY | QQQ |
|---|---|---|
| Fund | SPDR S&P 500 ETF Trust | Invesco QQQ Trust |
| Tracks | S&P 500 Index | Nasdaq-100 Index |
| Yearly cost (TER) | 0.0945% | 0.18% |
| Dividends | Distributing — dividends paid out | Distributing — dividends paid out |
| Launched | 22 Jan 1993 | 10 Mar 1999 |
| $10,000 invested | What $10,000 in SPY became | What $10,000 in QQQ became |
How bumpy the ride was: SPY vs QQQ
These head-to-head figures use only the 6,937 trading days both funds were listed: 10 Mar 1999 to 6 Oct 2026, roughly 27.5 years.
QQQ swung more than SPY: annualised volatility of 19.2% for SPY against 26.9% for QQQ, with SPY moving 1% or more on 27.7% of trading days and QQQ on 39.8%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and QQQ -11.98%.
QQQ had the deeper drawdown: it fell -82.96% from its peak on 27 Mar 2000 to a low on 9 Oct 2002, then closed back above the old peak on 20 Feb 2015, 148 months after the low; SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low.
Day to day the two usually move together: the correlation of their daily returns is 0.85, and they closed in opposite directions on 14.9% of the 6,936 days measured. The widest single-day gap came on 3 Jan 2001, when SPY moved +4.80% and QQQ +16.84%.
| Measure | SPY | QQQ |
|---|---|---|
| Annualised volatility | 19.2% | 26.9% |
| Worst day | -10.94% on 16 Mar 2020 | -11.98% on 16 Mar 2020 |
| Best day | +14.52% on 13 Oct 2008 | +16.84% on 3 Jan 2001 |
| Days moving 1% or more | 27.7% of days | 39.8% of days |
| Deepest drawdown | -55.19% | -82.96% |
| Peak to trough | 9 Oct 2007 → 9 Mar 2009 | 27 Mar 2000 → 9 Oct 2002 |
| Back above the old peak | 16 Aug 2012 · 41 months | 20 Feb 2015 · 148 months |
Years SPY and QQQ parted ways
In 16 of the 27 completed calendar years both funds were trading, the two returns ended more than 5 points apart. The widest split was 1999: SPY returned +20.39% and QQQ +78.95%, a gap of 58.6 points. They rose together in 21 years and fell together in 6 years.
| Year | SPY | QQQ | Gap (SPY − QQQ) |
|---|---|---|---|
| 2023 | +26.18% | +54.86% | -28.7 pts |
| 2022 | -18.18% | -32.58% | +14.4 pts |
| 2020 | +18.33% | +48.41% | -30.1 pts |
| 2019 | +31.22% | +38.96% | -7.7 pts |
| 2017 | +21.71% | +32.66% | -11.0 pts |
| 2015 | +1.23% | +9.44% | -8.2 pts |
| 2014 | +13.46% | +19.18% | -5.7 pts |
| 2010 | +15.06% | +20.14% | -5.1 pts |
| 2009 | +26.35% | +54.68% | -28.3 pts |
| 2007 | +5.15% | +19.03% | -13.9 pts |
| 2006 | +15.85% | +7.14% | +8.7 pts |
| 2003 | +28.18% | +49.67% | -21.5 pts |
| 2002 | -21.58% | -37.37% | +15.8 pts |
| 2001 | -11.76% | -33.34% | +21.6 pts |
| 2000 | -9.74% | -36.11% | +26.4 pts |
| 1999 | +20.39% | +78.95% | -58.6 pts |
How often SPY beat QQQ over any 12 months
Across the 319 rolling 12-month windows since March 1999, measured month-end to month-end, SPY finished ahead in 33.2% of them (106) and QQQ in 66.8% (213).
$200 a month into each, 2000–2025
Putting $200 into each fund at the start of every month from January 2000 to December 2025 (312 payments, $62,400 in total) would have grown to $346,197 in SPY and $659,714 in QQQ, leaving QQQ $313,517 ahead.
| Outcome | SPY | QQQ |
|---|---|---|
| Paid in | $62,400 | $62,400 |
| Value at the end of 2025 | $346,197 | $659,714 |
| Gain on the money paid in | +$283,797 | +$597,314 |
| Gain in % | +454.80% | +957.23% |
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 SPY or QQQ better?
Across the 28 calendar years both funds were trading, SPY finished the year ahead 10 times and QQQ 18 times. $10,000 invested at the start of 2016 was worth $39,466 in SPY versus $59,045 in QQQ 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 SPY and QQQ?
SPY tracks the S&P 500 Index while QQQ follows the Nasdaq-100 Index, so they own different slices of the market and their years can look very different. SPY charges 0.0945% a year in running costs and QQQ charges 0.18% — SPY 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, SPY or QQQ?
QQQ swung more than SPY: annualised volatility of 19.2% for SPY against 26.9% for QQQ, with SPY moving 1% or more on 27.7% of trading days and QQQ on 39.8%. Both had their worst day on 16 Mar 2020: SPY closed -10.94% and QQQ -11.98%.
Which had the deeper drawdown, SPY or QQQ?
QQQ had the deeper drawdown: it fell -82.96% from its peak on 27 Mar 2000 to a low on 9 Oct 2002, then closed back above the old peak on 20 Feb 2015, 148 months after the low; SPY fell -55.19% from its peak on 9 Oct 2007 to a low on 9 Mar 2009, then closed back above the old peak on 16 Aug 2012, 41 months after the low.
How often did SPY beat QQQ over a 12-month period?
Across the 319 rolling 12-month windows since March 1999, measured month-end to month-end, SPY finished ahead in 33.2% of them (106) and QQQ in 66.8% (213).
What would $10,000 in SPY have become?
$10,000 invested in SPY at the start of 2016 grew to $39,466 by the end of 2025, with dividends reinvested — an average of 14.7% 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.