Data as of .
IQSZ vs USNZ: which is really different?
IQSZ and USNZ hold 46% of their weight in the same names, and IQSZ returned more over the year.
ETFIQ Off-Index Score: IQSZ scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
46% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, IQSZ and USNZ hold 46% of their money in the same securities at the same weight.
| Holding | IQSZ | USNZ |
|---|---|---|
| NVIDIA Corp | 5.05% | 9.67% |
| Apple Inc | 4.92% | 8.72% |
| Microsoft Corp | 3.34% | 6.40% |
| Amazon.com Inc | 2.44% | 4.15% |
| Alphabet Inc | 1.98% | 4.02% |
| Alphabet Inc | 1.56% | 3.38% |
| Broadcom Inc | 1.46% | 3.37% |
| Meta Platforms Inc | 1.42% | 2.39% |
| Micron Technology Inc | 1.25% | 1.91% |
| Tesla Inc | 0.95% | 2.06% |
| JPMorgan Chase & Co | 0.77% | 1.28% |
| Eli Lilly & Co | 0.76% | 1.54% |
| Only in IQSZ | Only in USNZ |
|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd 2.04% | ADVANCED MICRO DEVICES INC 1.48% |
| Samsung Electronics Co Ltd 0.98% | COCA-COLA COMPANY (THE) 0.56% |
| Toronto-Dominion Bank/The 0.79% | TEXAS INSTRUMENTS INC 0.55% |
| SK hynix Inc 0.78% | HOME DEPOT INC (THE) 0.54% |
| ASML Holding NV 0.71% | AMERICAN WATER WORKS COMPANY INC 0.47% |
| ExxonMobil Holdings Corp 0.62% | CORNING INC 0.35% |
| Chevron Corp 0.59% | WELLTOWER INC 0.30% |
| Berkshire Hathaway Inc 0.56% | VERTIV HOLDINGS COMPANY 0.30% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated May 29, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| IQSZ | USNZ | IQSZ | USNZ | IQSZ | USNZ | |
| 3 months | +1.2% | +2.5% | −1.1 pts | +0.3 pts | +3.7 pts | +5.0 pts |
| 6 months | +18.8% | +21.1% | +0.8 pts | +3.1 pts | −5.4 pts | −3.1 pts |
| 1 year | +22.5% | +16.8% | +5.9 pts | +0.2 pts | +0.7 pts | −5.0 pts |
| 3 years | not published | +77.0% | not published | −1.4 pts | not published | −21.2 pts |
| Since launch | +31.5% | +108.4% | +7.9 pts | −3.2 pts | +1.5 pts | −52.3 pts |
| IQSZ Invesco Global Equity Net Zero ETF Holds 489 stocks in energy transition and decarbonisation, 60% of its weight in S&P 500 companies | USNZ Xtrackers Net Zero Pathway Paris Aligned US Equity ETF Holds 306 stocks in energy transition and decarbonisation, 98% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Invesco | Xtrackers |
| Theme | Energy transition and decarbonisation | Energy transition and decarbonisation |
| In the S&P 500 | 60.1% | 97.9% |
| Active share vs the S&P 500 | 49.7% | 23.0% |
| In the Nasdaq-100 | 32.6% | 62.8% |
| Holdings | 489 | 306 |
| Top ten, share of the fund | 25.5% | 46.1% |
| Expense ratio | 0.19% | 0.10% |
| Fee for the differing part | 0.38% | 0.43% |
| Total return, 1 year | +22.5% | +16.8% |
| vs the S&P 500 | +5.9 pts | +0.2 pts |
| vs the Nasdaq-100 | +0.7 pts | −5.0 pts |
| Below its high | −1.6% | −1.4% |
| Net assets | $174m | $298m |
IQSZ in plain words
By weight, 60% of IQSZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 50%. The top ten holdings are 26% of the fund across 489 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +22.5% with distributions reinvested against +16.6% for the S&P 500, so a holder was ahead by 5.9 pts.
USNZ in plain words
By weight, 98% of USNZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 23%. The top ten holdings are 46% of the fund across 306 positions, as filed for May 29, 2026. Over the year to Sep 18, 2026 the fund returned +16.8% with distributions reinvested against +16.6% for the S&P 500, so a holder was about even.
Questions people ask
- Do IQSZ and USNZ hold the same stocks?
- By their latest filings, 46% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, IQSZ or USNZ?
- IQSZ has 60% of its weight in S&P 500 names and USNZ has 98%, so IQSZ differs more from the index.
- Which is cheaper, IQSZ or USNZ?
- IQSZ charges 0.19% a year and USNZ charges 0.10%, so USNZ is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, IQSZ against USNZ, data as of Sep 18, 2026. https://etfiq.com/compare/themes/iqsz-vs-usnz Free to use with attribution; the underlying files are at Open data.