Data as of Nov 4, 2026.
HFGM vs QQQ: Differences, Returns & Fees
Over the year to Nov 4, 2026, HFGM returned +2.4% to QQQ's +12.3%, and QQQ charges 0.18% to HFGM's 1.01%.
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Net assets: $151m on Aug 31, 2026 for Unlimited HFGM Global Macro ETF, and $464.6bn on Nov 3, 2026 for Invesco QQQ Trust, Series 1.
Pair scorecard
QQQ costs 0.83 points a year less; their one-year returns differ by 9.9 points.
| Measure | HFGM | QQQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.4% | +12.3% |
| Total return, 52 weeks | +2.2% | |
| Drawdown | ||
| Below its high | 8.9%, high on Oct 6, 2026 | |
| Against its benchmark | ||
| What it tracks | not published | Nasdaq-100 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 1.4 points behind | |
| Cost and size | ||
| Expense ratio | 1.01% | 0.18% |
| Net assets, HFGM as of Aug 31, 2026 and QQQ as of Nov 3, 2026 | $151m | $464.6bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 94% | |
| Top ten holdings, share of the fund | 46.7% | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.61 | |
| Beta to the S&P 500 | +1.11: about 1.11% for each 1% | |
| Its average week when the S&P 500 fell | fell 1.87% | |
| Down-week capture | 174.2% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Apr 25, 2025 to Oct 30, 2026 · 79 weekly returnsFrom Apr 2025 to Oct 2026, QQQ returned more: +47.1% to +28.8%. HFGM swung slightly less: 17.4% to 18.0%. QQQ fell less at its worst: −10.3% to −13.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | HFGM | QQQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +28.8% | +47.1% | QQQ | Price change plus distributions, reinvested. |
| Annualized | +18.1% | +28.9% | QQQ | Total return as a yearly rate. |
| Price return | +16.1% | +46.1% | QQQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 17.4% | 18.0% | HFGM (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.0% | 10.8% | Tie | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −13.4% | −10.3% | QQQ | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.82 | 1.29 | QQQ | Return above Treasury bills per unit of volatility. |
| Sortino | 1.30 | 2.15 | QQQ | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.36 | 2.80 | QQQ | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 79 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
HFGM and QQQ on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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HFGM
HFGM is a global macro fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.61 with the S&P 500’s and a beta of +1.11, so for each 1% the index moved it moved about 1.11% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFGM fell 1.87% on average, a down-week capture of 174.2%. Over the same 52 weeks HFGM returned +2.2% and a Treasury bill fund +3.7%, so it finished 1.4 percentage points behind cash.
QQQ
QQQ tracks the Nasdaq-100. Over the year to Nov 4, 2026 it returned +12.3% with distributions reinvested, against +12.3% for its benchmark, the Nasdaq-100 Index. The prospectus expense ratio is 0.18% a year. By its holdings published by its issuer for Nov 3, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 103 positions, with the top ten at 46.7%. It sat 8.9% below its high of Oct 6, 2026 on Nov 4, 2026.
Questions people ask
- Are HFGM and QQQ in the same category?
- HFGM is an alternatives ETF and QQQ is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, HFGM or QQQ?
- In the year to Nov 4, 2026, with distributions reinvested, HFGM returned +2.4% and QQQ +12.3%.
- Which is cheaper, HFGM or QQQ?
- QQQ is cheaper, by 0.83 percentage points a year. That is about $83 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, HFGM against QQQ, data as of Nov 4, 2026. https://etfiq.com/compare/any/hfgm-vs-qqq
ETFIQ. (Nov 4, 2026). HFGM against QQQ. Retrieved from https://etfiq.com/compare/any/hfgm-vs-qqq
[HFGM against QQQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/hfgm-vs-qqq)
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