QQQ vs QQQM: ETF Overlap

Invesco QQQ Trust vs Invesco NASDAQ 100 ETF — shared top holdings, sector duplication, and what makes each fund different.

Data as of October 20, 2026

Very high overlap

QQQ and QQQM share 10 of their 10 biggest holdings

Shared top holdings

NVIDIA: 8.3% of QQQ, 8.3% of QQQM
Apple: 7.4% of QQQ, 7.4% of QQQM
Microsoft: 5.8% of QQQ, 5.8% of QQQM
Micron: 5% of QQQ, 5% of QQQM
Advanced Micro Devices: 4.2% of QQQ, 4.2% of QQQM
Amazon: 4.1% of QQQ, 4.1% of QQQM
Meta: 3.3% of QQQ, 3.3% of QQQM
Alphabet A: 3.1% of QQQ, 3.1% of QQQM
Alphabet C: 2.8% of QQQ, 2.9% of QQQM
Tesla: 2.8% of QQQ, 2.8% of QQQM

Yearly fee on $10,000

QQQ: $18 a year, expense ratio 0.18%
QQQM: $15 a year, expense ratio 0.15%

Where they differ

Tech
Financials
Communication
Consumer
Health
Other

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What's different between QQQ and QQQM?

The two funds' disclosed top holdings are identical — the practical differences are fees, share class, liquidity and tracking, not what they hold.

What does this overlap mean?

100% sector overlap is very high. These funds are close substitutes — owning both mostly duplicates one exposure instead of diversifying it. That isn't automatically wrong (fees, share classes or account types can justify holding both), but don't count them as two different bets.

Sector breakdown: QQQ vs QQQM

Sector	QQQ	QQQM	Overlap
Technology	60.3%	60.3%	60.3%
Communication Services	12.6%	12.6%	12.6%
Consumer Discretionary	10.1%	10.1%	10.1%
Consumer Staples	5.6%	5.6%	5.6%
Industrials	5.1%	5.1%	5.1%
Health Care	3.8%	3.8%	3.8%
Utilities	1%	1%	1%
Materials	0.9%	0.9%	0.9%
Energy	0.5%	0.5%	0.5%
Financial Services	0.2%	0.2%	0.2%
Real Estate	0%	0%	0%

How we calculate it

Holdings overlap sums min(weight in fund A, weight in fund B) across positions that appear in both funds' disclosed top-holdings lists — public data discloses only each fund's largest positions, so this number is a lower bound on true full-portfolio overlap. Sector overlap applies the same min() logic to the funds' complete sector allocations, which cover ~100% of each fund, making it the more complete signal of duplication.

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Data & methodology disclaimer

This tool is for education, not investment advice. Holdings and sector data come from public market-data feeds, reflect each fund's most recently disclosed top positions, and can lag the fund's actual portfolio. Overlap computed from disclosed top holdings is a lower bound. Always verify against the fund provider's official holdings file before making decisions.

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