Dividend comparison
QQQM vs SPY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Invesco NASDAQ 100 ETF and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. SPY is cheaper at 0.09% a year versus 0.15% for QQQM. On $10,000 that is $6 a year less in fees.
- Income. SPY pays more income, yielding 0.98% over the last twelve months versus 0.45% for QQQM. That is about $53 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, QQQM returned 97.0% versus 81.3% for SPY, with dividends reinvested. $10,000 would have grown to $19,699 in QQQM and $18,129 in SPY.
- Risk. QQQM has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -35.0%, against -24.5% for SPY.
- Diversification. SPY holds 504 positions and QQQM holds 103. The ten largest positions make up 47.2% of QQQM and 38.7% of SPY.
- Overlap. At least 50% of the two portfolios overlap by weight, across 36 shared holdings.
- Dividend growth. QQQM grew its yearly payout 17.8% a year over the last 4 years, versus 6.4% for SPY.
- Size. SPY is the larger fund with $816.6 billion in assets, against $108.6 billion for QQQM.
Bottom line: QQQM fits better if you care most about stronger 5-year returns and faster dividend growth. SPY fits better if you care most about lower fees, more income today, smaller drawdowns and broader diversification.
| Metric | QQQM Invesco NASDAQ 100 ETF | SPY State Street SPDR S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 0.45% | 0.98% |
| Dividend / share (TTM) | $1.32 | $7.53 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.3127 on Sep 25, 2026 | $1.9035 on Jul 31, 2026 |
| Ex-dividend date | Sep 21, 2026 | Sep 18, 2026 |
| Next payment | — | $1.8888 on Oct 30, 2026 |
| Dividend growth (CAGR) | 17.8% over 4 yrs | 6.4% over 4 yrs |
| Price | $295.59 | $769.05 |
| Dividend growth streak | — | 16 years |
| Beta | 1.23 | 1.01 |
| Max drawdown (5Y) | -35.0% | -24.5% |
| Market cap | $78.87B | $813.99B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.15% | 0.09% |
| Assets under management | $108.58B | $816.57B |
| Number of holdings | 103 | 504 |
| Top 10 concentration | 47.2% | 38.7% |
QQQM
$3.71/mo
$45 /yr at 0.45% yield
SPY
$8.15/mo
$98 /yr at 0.98% yield
| Year | QQQM | SPY |
|---|---|---|
| 2025 | $1.2592 | $7.2533 |
| 2024 | $1.2755 | $7.0056 |
| 2023 | $1.0965 | $6.5091 |
| 2022 | $0.9145 | $6.1723 |
| 2021 | $0.6549 | $5.6618 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What QQQM vs SPY actually do
Launched in 2020 as an open-end fund, it holds identical constituents at identical weights to its older sibling and charges a lower expense ratio. The gap in fee is small in any one year but compounds across a long holding period, which is the entire reason the fund exists. What it gives up is trading depth: spreads are wider and the options market on it is thin next to QQQ's.
Suits a long-term holder accumulating Nasdaq-100 exposure inside a retirement or taxable account. Not the right choice for active traders or anyone writing options against the position.
Growth-tilted core, concentrated
It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.
Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.
Core holding, trading vehicle
| Period | QQQM | SPY |
|---|---|---|
| 1 month | -0.34% | 0.97% |
| 3 months | 3.24% | 3.63% |
| Year to date | 16.87% | 13.37% |
| 1 year | 17.41% | 15.51% |
| 3 years | 105.29% | 88.86% |
| 5 years | 96.99% | 81.29% |
- QQQM
- SPY
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- QQQM
- SPY
| Largest shared holdings | QQQM weight | SPY weight |
|---|---|---|
| NVDANVIDIA Corp | 8.17% | 7.93% |
| AAPLApple Inc | 7.82% | 7.55% |
| MSFTMicrosoft Corp | 6.19% | 5.98% |
| AMZNAmazon.com Inc | 4.42% | 3.89% |
| GOOGLAlphabet Inc | 3.15% | 3.05% |
| GOOGAlphabet Inc | 2.94% | 2.44% |
| AVGOBroadcom Inc | 2.49% | 2.40% |
| METAMeta Platforms Inc | 3.28% | 2.35% |
| TSLATesla Inc | 3.02% | 1.57% |
| MUMicron Technology Inc | 4.41% | 1.54% |
QQQM103 holdings total
Quick verdict
QQQM fits better if you care most about stronger 5-year returns and faster dividend growth. SPY fits better if you care most about lower fees, more income today, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.