Data as of Oct 28, 2026.
PPA vs QQQ: Differences, Returns & Fees
Over the year to Oct 28, 2026, PPA returned −0.2% to QQQ's +15.2%, and QQQ charges 0.18% to PPA's 0.58%.
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Net assets on Oct 27, 2026: $7.4bn for Invesco Aerospace & Defense ETF and $483.0bn for Invesco QQQ Trust, Series 1.
Pair scorecard
QQQ costs 0.40 points a year less; their one-year returns differ by 15.4 points; QQQ is far larger, $483.0bn against $7.4bn.
| Measure | PPA | QQQ |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.2% | +15.2% |
| Drawdown | ||
| Below its all-time high | 14.5%, high on Mar 2, 2026 | |
| Below its high | 4.5%, high on Oct 6, 2026 | |
| Against its benchmark | ||
| What it tracks | Defense | Nasdaq-100 Index |
| Against the S&P 500, 1 year | behind by 13.9 pts | |
| Against its benchmark, 1 year | behind by 13.9 pts | |
| Cost and size | ||
| Expense ratio | 0.58% | 0.18% |
| Net assets, as of Oct 27, 2026 | $7.4bn | $483.0bn |
| Holdings | ||
| Holdings in common | 3% | |
| Top ten holdings, share of the fund | 61% | 46.7% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Nov 4, 2005 to Oct 23, 2026 · 1,094 weekly returnsEach against its own benchmark: PPA against IVV, Nov 4, 2005 to Oct 23, 2026; QQQ against QQQM, Oct 23, 2020 to Oct 23, 2026.
QQQ returned more: +1,962.7% to +1,148.7%. QQQ swung slightly less: 20.1% to 21.0%. QQQ fell slightly less at its worst: −51.4% to −56.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PPA | QQQ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +1,148.7% | +1,962.7% | QQQ | Price change plus distributions, reinvested. |
| Annualized | +12.7% | +15.5% | QQQ | Total return as a yearly rate. |
| Price return | +923.5% | +1,657.5% | QQQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.0% | 20.1% | QQQ (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.6% | 13.7% | QQQ (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −56.7% | −51.4% | QQQ (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 102.4% | 100.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 98.7% | 100.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.03 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.74 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.59 | 0.73 | QQQ | Return above Treasury bills per unit of volatility. |
| Sortino | 0.86 | 1.07 | QQQ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.121 | 0.145 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.22 | 0.30 | QQQ | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IVV | QQQM | The ETF each fund is measured against. | |
| Alpha | +1.8% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.77 | −0.58 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.8% to +6.4% | −0.4% to +0.2% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.20 | −0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 10.7% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,094 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PPA and QQQ hold 3% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
3% in common
Only in one fund ↓
Side by side
PPA and QQQ on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
PPA and QQQ do different jobs. What does each one do in a portfolio?
- What each follows. PPA follows Defense and QQQ follows Nasdaq-100 Index.
- Holdings in common. 3% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 PPA returned −0.2% and QQQ +15.2% with distributions reinvested, a gap of 15.4 points.
Data as of Oct 28, 2026.
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PPA
By weight, 77% of PPA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 61% of the fund across 70 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 14.5% below its all-time high of Mar 2, 2026.
QQQ
QQQ tracks the Nasdaq-100. Over the year to Oct 28, 2026 it returned +15.2% with distributions reinvested, against +15.2% for its benchmark, the Nasdaq-100 Index. The prospectus expense ratio is 0.18% a year. By its holdings published by its issuer for Oct 27, 2026, 96% 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 4.5% below its high of Oct 6, 2026 on Oct 28, 2026.
Questions people ask
- Are PPA and QQQ in the same category?
- PPA is a thematic 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, PPA or QQQ?
- In the year to Oct 28, 2026, with distributions reinvested, PPA returned −0.2% and QQQ +15.2%.
- Which is cheaper, PPA or QQQ?
- QQQ is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, PPA against QQQ, data as of Oct 28, 2026. https://etfiq.com/compare/any/ppa-vs-qqq
ETFIQ. (Oct 28, 2026). PPA against QQQ. Retrieved from https://etfiq.com/compare/any/ppa-vs-qqq
[PPA against QQQ (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ppa-vs-qqq)
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