Data as of Oct 28, 2026.
QQQ vs TLT: Differences, Returns & Fees
Over the year to Oct 28, 2026, QQQ returned +15.2% to TLT's −7.9%; 0% of their weight is in the same names.
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Net assets on Oct 27, 2026: $483.0bn for Invesco QQQ Trust, Series 1 and $47.4bn for iShares 20+ Year Treasury Bond ETF.
Pair scorecard
TLT costs 0.03 points a year less; their one-year returns differ by 23.1 points; QQQ is 10.2 times larger.
| Measure | QQQ | TLT |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.2% | −7.9% |
| Drawdown | ||
| Below its high | 4.5%, high on Oct 6, 2026 | 42.6%, high on Aug 4, 2020 |
| Benchmark | ||
| What it tracks | Nasdaq-100 Index | ICE U.S. Treasury 20+ Year Bond Index |
| Cost and size | ||
| Expense ratio | 0.18% | 0.15% |
| Net assets, as of Oct 27, 2026 | $483.0bn | $47.4bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 96% | |
| Top ten holdings, share of the fund | 46.7% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Aug 2, 2002 to Oct 23, 2026 · 1,264 weekly returnsEach against its own benchmark: QQQ against QQQM, Oct 23, 2020 to Oct 23, 2026; TLT against BBLB, Apr 28, 2023 to Oct 23, 2026.
QQQ returned more: +3,656.1% to +123.8%. TLT swung less: 13.4% to 20.2%. TLT fell slightly less at its worst: −47.8% to −51.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | QQQ | TLT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +3,656.1% | +123.8% | QQQ | Price change plus distributions, reinvested. |
| Annualized | +16.1% | +3.4% | QQQ | Total return as a yearly rate. |
| Price return | +3,065.8% | −3.0% | QQQ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 20.2% | 13.4% | TLT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.6% | 9.5% | TLT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −51.4% | −47.8% | TLT (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 100.4% | 102.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.2% | 101.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.75 | 0.18 | QQQ | Return above Treasury bills per unit of volatility. |
| Sortino | 1.12 | 0.26 | QQQ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.145 | −0.072 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.31 | 0.07 | QQQ | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | QQQM | BBLB | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.58 | −0.01 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.4% to +0.2% | −0.8% to +0.8% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.10 | −0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.4% | 0.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 1,264 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, QQQ and TLT hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
QQQ and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
QQQ and TLT do different jobs. What does each one do in a portfolio?
- What each follows. QQQ follows Nasdaq-100 Index and TLT follows ICE U.S. Treasury 20+ Year Bond Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 QQQ returned +15.2% and TLT −7.9% with distributions reinvested, a gap of 23.1 points.
Data as of Oct 28, 2026.
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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.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, QQQ or TLT?
- In the year to Oct 28, 2026, with distributions reinvested, QQQ returned +15.2% and TLT −7.9%.
- Which is cheaper, QQQ or TLT?
- TLT is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, QQQ against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/qqq-vs-tlt
ETFIQ. (Oct 28, 2026). QQQ against TLT. Retrieved from https://etfiq.com/compare/any/qqq-vs-tlt
[QQQ against TLT (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/qqq-vs-tlt)
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