QQQM vs VOO: Returns, Drawdowns and Dividends Since 2020
QQQM (Invesco NASDAQ 100 ETF) and VOO (Vanguard S&P 500 ETF) mostly moved together (a daily correlation of 0.937, where 1 would mean identical). QQQM came out ahead, returning 15.9% a year with dividends reinvested from October 2020 to November 2026, against 15.4% for VOO.
Bought on any day and held five years, QQQM finished ahead 95% of the time. The extra return came with deeper falls: QQQM dropped 35.0% at its worst, VOO 24.5%.
| Measure | QQQM | VOO |
|---|---|---|
| Annual return | 15.9% | 15.4% |
| $10,000 grew to | $24,416 | $23,836 |
| Worst decline | −35.0%Nov 2022 | −24.5%Oct 2022 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 22.2% | 16.3% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.64 | 0.78 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 0.5% | 1.1% |
| Best year | +55.0%2023 | +28.8%2021 |
| Worst year | −32.5%2022 | −18.2%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.937 | |
QQQM: Invesco NASDAQ 100 ETFVOO: Vanguard S&P 500 ETF
Oct 13, 2020 to Nov 4, 2026, dividends reinvested.
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Worst declines
QQQM fell 35.0% from Nov 19, 2021 to Nov 3, 2022 and was back at its high on Dec 12, 2023. VOO fell 24.5% from Jan 3, 2022 to Oct 12, 2022 and was back at its high on Dec 13, 2023.
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Year by year
QQQM was ahead in 3 of the 7 calendar years.
| Year | QQQM | VOO | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +13.1% | +13.4% | VOO+0.3 |
| 2025 | +20.8% | +17.8% | QQQM+3.0 |
| 2024 | +25.7% | +25.0% | QQQM+0.7 |
| 2023 | +55.0% | +26.3% | QQQM+28.7 |
| 2022 | −32.5% | −18.2% | VOO+14.3 |
| 2021 | +27.4% | +28.8% | VOO+1.3 |
| 2020 (from Oct 13) | +6.7% | +7.3% | VOO+0.6 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Oct 13, 2020, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 1,271 | QQQM63% | +2.3 |
| 3 years | 767 | QQQM85% | +12.1 |
| 5 years | 263 | QQQM95% | +14.1 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months QQQM paid 0.5% of its price in dividends and VOO 1.1%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | QQQM | VOO |
|---|---|---|
| 2026 (to Nov 4) | $0.99 3 payments | $5.66 3 payments |
| 2025 | $1.26 4 payments | $7.07 4 payments |
| 2024 | $1.28 4 payments | $6.70 4 payments |
| 2023 | $1.10 4 payments | $6.36 4 payments |
| 2022 | $0.91 4 payments | $5.95 4 payments |
| 2021 | $0.65 4 payments | $5.44 4 payments |
| 2020 (from Oct 13) | $0.21 1 payment | $1.38 1 payment |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- QQQM
- Invesco NASDAQ 100 ETF, an ETF launched Oct 13, 2020. FinLab prices start Oct 13, 2020.
- QQQM price and signal backtests
- VOO
- Vanguard S&P 500 ETF, an ETF launched Sep 7, 2010. FinLab prices start Jan 4, 2016.
- VOO price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Oct 13, 2020 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.