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Data as of Nov 4, 2026.

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ORR vs QQQ: Differences, Returns & Fees

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Over the year to Nov 4, 2026, ORR returned +21.6% to QQQ's +12.3%.

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Net assets: $355m on Aug 31, 2026 for Militia Long/Short Equity ETF, and $464.6bn on Nov 3, 2026 for Invesco QQQ Trust, Series 1.

ORR on its own →QQQ on its own →
At a glance

Pair scorecard

Their one-year returns differ by 9.3 points.

ORR vs QQQ: Differences, Returns & Fees
MeasureORRQQQ
Return
Total return, 1 year+21.6%+12.3%
Total return, 52 weeks+20.3%
Drawdown
Below its high8.9%, high on Oct 6, 2026
Against its benchmark
What it tracksnot publishedNasdaq-100 Index
Treasury bills, 52 weeks+3.7%
Against cash16.7 points ahead
Cost and size
Expense rationot published0.18%
Net assets, ORR as of Aug 31, 2026 and QQQ as of Nov 3, 2026$355m$464.6bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight94%
Top ten holdings, share of the fund46.7%
Risk
Correlation with the S&P 500’s weekly returns+0.41
Beta to the S&P 500+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fellfell 0.27%
Down-week capture25.0%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Risk and return

Jan 24, 2025 to Oct 30, 2026 · 92 weekly returns
ORR QQQ
Return
Total return edge ORR +44.7% +31.5%
Annualized edge ORR +23.2% +16.7%
Price return edge ORR +44.7% +30.4%
Risk
Volatility edge ORR 13.9% 20.6%
Max drawdown edge ORR −9.3% −21.3%
Risk-adjusted
Sharpe edge ORR 1.29 0.66
Sortino edge ORR 2.00 1.01
Calmar edge ORR 2.50 0.78
Reading

From Jan 2025 to Oct 2026, ORR returned more: +44.7% to +31.5%. ORR swung less: 13.9% to 20.6%. ORR fell less at its worst: −9.3% to −21.3%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: ORR vs QQQ: Differences, Returns & Fees
MeasureORRQQQEdgeHow it is measured
Return
Total return+44.7%+31.5%ORRPrice change plus distributions, reinvested.
Annualized+23.2%+16.7%ORRTotal return as a yearly rate.
Price return+44.7%+30.4%ORRPrice change alone, distributions left out.
Risk
Volatility13.9%20.6%ORRSpread of weekly returns, annualized. Lower is steadier.
Downside deviation8.9%13.5%ORRLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−9.3%−21.3%ORRDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe1.290.66ORRReturn above Treasury bills per unit of volatility.
Sortino2.001.01ORRReturn above Treasury bills per unit of downside deviation.
Calmar2.500.78ORRAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 92 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

ORR Militia Long/Short Equity ETF QQQ Invesco QQQ Trust, Series 1
Where it sits Alternatives ETF Stock ETF
Issuer Militia Invesco
What it is Long-short equity Tracks the Nasdaq-100
Total return, 1 year +21.6% +12.3%
Its benchmark over the same days not measured +12.3% (QQQM)
Gap to its benchmark not measured 0.0 pts vs QQQM
Expense ratio not published 0.18%
Holdings not read by ETFIQ 103
Net assets, ORR as of Aug 31, 2026 and QQQ as of Nov 3, 2026 $355m $464.6bn

ORR and QQQ on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

Client brief

No client brief for this pair: ETFIQ prints no expense ratio for ORR.

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About each fund
ORR

ORR is a long-short equity 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 +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of 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 ORR and QQQ in the same category?
ORR 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, ORR or QQQ?
In the year to Nov 4, 2026, with distributions reinvested, ORR returned +21.6% and QQQ +12.3%.
Other comparisons
ORR vs VOOORR vs SPYIVV vs ORRAGG vs ORRCSM vs QQQCLSE vs QQQCBLS vs QQQEHLS vs QQQ
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →ORR on its own →QQQ on its own →Hold both: look the portfolio through →Rankings →QQQ dividend history →QQQ holdings →Standards and sources →
Sources and dates
ORR filings on SEC EDGAR ↗
ORR prospectus with the expense ratio (SEC) ↗
Militia page for ORR ↗
QQQ filings on SEC EDGAR ↗
QQQ prospectus with the expense ratio (SEC) ↗
Invesco page for QQQ ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, ORR against QQQ, data as of Nov 4, 2026. https://etfiq.com/compare/any/orr-vs-qqq

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.