Are QCAP and QQQM in the same category?

QCAP is a buffer ETF and QQQM 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, QCAP or QQQM?

In the year to Oct 28, 2026, with distributions reinvested, QCAP returned +8.8% and QQQM +15.2%.

Which is cheaper, QCAP or QQQM?

QQQM is cheaper, by 0.75 percentage points a year. That is about $75 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

QCAP vs QQQM: Differences, Returns & Fees

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Over the year to Oct 28, 2026, QCAP returned +8.8% to QQQM's +15.2%, and QQQM charges 0.15% to QCAP's 0.90%.

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Net assets on Oct 27, 2026: $126m for FT Vest Nasdaq-100 Conservative Buffer ETF - April and $110.4bn for Invesco NASDAQ 100 ETF.

QCAP on its own →QQQM on its own →

At a glance

+8.8%

QCAP total return, 1 year

+15.2%

QQQM total return, 1 year

0.90%

QCAP expense ratio

0.15%

QQQM expense ratio

Pair scorecard

QQQM costs 0.75 points a year less; their one-year returns differ by 6.4 points; QQQM is far larger, $110.4bn against $126m.

QCAP vs QQQM: Differences, Returns & Fees
Measure	QCAP	QQQM
Return
Measure	QCAP	QQQM
Total return, 1 year	+8.8%	+15.2%
Drawdown
Measure	QCAP	QQQM
Below its high		4.5%, high on Oct 6, 2026
Index fall to the buffer	10.6%
Fund price fall to the buffer	6.5%
Benchmark
Measure	QCAP	QQQM
What it tracks	QQQ	Nasdaq-100 Index
The outcome period
Measure	QCAP	QQQM
Room to the cap	5.8%
Buffer left, in index points	20.0% of 20.0%
Days left in the period	170
Period ends	Apr 16, 2027
Cost and size
Measure	QCAP	QQQM
Expense ratio	0.90%	0.15%
Net assets, as of Oct 27, 2026	$126m	$110.4bn
Holdings
Measure	QCAP	QQQM
Holdings in common	not published
In the S&P 500, by weight		96%
Top ten holdings, share of the fund		46.7%

Method

Risk and return

May 3, 2024 to Oct 23, 2026 · 129 weekly returns · each against QQQ

QCAP QQQM

Return

Total return edge QQQM +24.1% +64.1%

Annualized edge QQQM +9.1% +22.1%

Price return edge QQQM +24.1% +61.9%

Risk

Volatility edge QCAP 7.2% 20.0%

Max drawdown edge QCAP −8.3% −21.2%

Downside capture 33.8% 99.7%

Beta 0.30 1.00

Risk-adjusted

Sharpe edge QQQM 0.65 0.89

Sortino edge QQQM 0.90 1.37

Treynor 0.155 0.178

Calmar edge QCAP (slight) 1.09 1.04

Against the benchmark

Alpha −0.7% a year +0.1% a year

Alpha t-stat −0.27 0.66

Information ratio −0.90 0.12

Tracking error 14.5% 0.3%

Reading

QQQM returned more: +64.1% to +24.1%. QCAP swung less: 7.2% to 20.0%. QCAP fell less at its worst: −8.3% to −21.2%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: QCAP vs QQQM: Differences, Returns & Fees
Measure	QCAP	QQQM	QQQ	Edge	How it is measured
Return
Total return	+24.1%	+64.1%		QQQM	Price change plus distributions, reinvested.
Annualized	+9.1%	+22.1%		QQQM	Total return as a yearly rate.
Price return	+24.1%	+61.9%		QQQM	Price change alone, distributions left out.
Risk
Volatility	7.2%	20.0%		QCAP	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.2%	12.9%		QCAP	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−8.3%	−21.2%		QCAP	Deepest fall from a high to the low after it.
Upside capture	18.9%	99.6%	100.0%	QQQM	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	33.8%	99.7%	100.0%	QCAP	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.30	1.00	1.00	QCAP lower	How far it moves for each 1% its benchmark moves.
R squared	0.72	1.00	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.65	0.89		QQQM	Return above Treasury bills per unit of volatility.
Sortino	0.90	1.37		QQQM	Return above Treasury bills per unit of downside deviation.
Treynor	0.155	0.178	0.177	QQQM	Return above Treasury bills per unit of beta.
Calmar	1.09	1.04		QCAP (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	QQQ	QQQ	QQQ		The ETF each fund is measured against.
Alpha	−0.7% a year	+0.1% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.27	0.66		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−5.5% to +4.2%	−0.2% to +0.5%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.90	0.12		QQQM	Return against its benchmark per unit of tracking error.
Tracking error	14.5%	0.3%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 129 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

QCAP FT Vest Nasdaq-100 Conservative Buffer ETF - April QQQM Invesco NASDAQ 100 ETF

Where it sits Buffer ETF Stock ETF

Issuer First Trust Invesco

What it is Defined outcome, 20% on QQQ Tracks the Nasdaq-100

Total return, 1 year +8.8% +15.2%

Its benchmark over the same days +14.6% (QQQ) +15.2% (QQQ)

Gap to its benchmark −5.8 pts vs QQQ 0.0 pts vs QQQ

Expense ratio 0.90% 0.15%

Holdings not read by ETFIQ 105

Net assets, as of Oct 27, 2026 $126m $110.4bn

QCAP and QQQM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-577E10E8C2

QCAP and QQQM do different jobs. What does each one do in a portfolio?

What each follows. QCAP follows QQQ and QQQM follows Nasdaq-100 Index.
One-year total return. Over 1 year to Oct 28, 2026 QCAP returned +8.8% and QQQM +15.2% with distributions reinvested, a gap of 6.4 points.
Cost. QCAP charges 0.90% of assets a year and QQQM 0.15%, a gap of 0.75 points.

Data as of Oct 28, 2026.

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About each fund

QCAP

From its price on Oct 28, 2026, the fund can gain about 5.8% more before it reaches its cap. The fund's price can fall 6.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, QQQ can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's QQQ level. 170 days remained on Oct 28, 2026. On Apr 16, 2027 the period ends and a new cap is set.

QQQM

QQQM 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 0.15% 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 105 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 QCAP and QQQM in the same category?: QCAP is a buffer ETF and QQQM 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, QCAP or QQQM?: In the year to Oct 28, 2026, with distributions reinvested, QCAP returned +8.8% and QQQM +15.2%.
Which is cheaper, QCAP or QQQM?: QQQM is cheaper, by 0.75 percentage points a year. That is about $75 on $10,000 held for a year. Fees come from each fund's prospectus.

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Where to next

Invesco QQQ Trust →QCAP on its own →QQQM on its own →Hold both: look the portfolio through →Rankings →QQQM dividend history →QQQM holdings →Standards and sources →

Sources and dates

QCAP filings on SEC EDGAR ↗

First Trust page for QCAP ↗

QQQM filings on SEC EDGAR ↗

QQQM prospectus with the expense ratio (SEC) ↗

Invesco page for QQQM ↗

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

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ETFIQ, QCAP against QQQM, data as of Oct 28, 2026. https://etfiq.com/compare/any/qcap-vs-qqqm

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