Data as of Nov 4, 2026.
IQSZ vs USNZ: Holdings Overlap & Returns
Over the year to Nov 4, 2026, IQSZ returned +19.3% to USNZ's +14.0%; 45% of their weight is in the same names.
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Net assets: $166m on Nov 3, 2026 for Invesco Global Equity Net Zero ETF, and $291m on Nov 2, 2026 for Xtrackers Net Zero Pathway Paris Aligned US Equity ETF.
61% of IQSZ's weight is in S&P 500 companies and 39% is outside the index. Holdings as of Nov 3, 2026.
98% of USNZ's weight is in S&P 500 companies and 2% is outside the index. Holdings as of Aug 31, 2026.
Pair scorecard
USNZ costs 0.09 points a year less; their one-year returns differ by 5.3 points; USNZ is 1.7 times larger.
Points (pts) are percentage points.
| Measure | IQSZ | USNZ |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.3% | +14.0% |
| Against its benchmark | ||
| What it tracks | Energy transition and decarbonisation | Energy transition and decarbonisation |
| Against the S&P 500, 1 year | behind by 0.8 pts | |
| Its benchmark, total return, 1 year | +15.0% | +14.8% |
| Against its benchmark, 1 year | ahead by 4.3 pts | behind by 0.8 pts |
| Cost and size | ||
| Expense ratio | 0.19% | 0.10% |
| Net assets, as of Nov 2, 2026 | $169m | $291m |
| Holdings | ||
| Holdings in common | 45% | |
| Top ten holdings, share of the fund | 24% | 44% |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
Risk and return
Jul 25, 2025 to Oct 30, 2026 · 66 weekly returnsEach against its own benchmark: IQSZ against ACWI, Jul 25, 2025 to Oct 30, 2026; USNZ against VOO, Jul 8, 2022 to Oct 30, 2026.
From Jul 2025 to Oct 2026, IQSZ returned more: +25.3% to +19.8%. IQSZ swung slightly less: 12.0% to 13.2%. IQSZ fell less at its worst: −8.0% to −10.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IQSZ | USNZ | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +25.3% | +19.8% | IQSZ | Price change plus distributions, reinvested. |
| Annualized | +19.4% | +15.3% | IQSZ | Total return as a yearly rate. |
| Price return | +22.4% | +18.3% | IQSZ | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 12.0% | 13.2% | IQSZ (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 7.5% | 7.9% | IQSZ (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −8.0% | −10.8% | IQSZ | Deepest fall from a high to the low after it. |
| Upside capture | 106.6% | 108.5% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 96.5% | 106.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.98 | 1.05 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.97 | 0.98 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.22 | 0.85 | IQSZ | Return above Treasury bills per unit of volatility. |
| Sortino | 1.95 | 1.42 | IQSZ | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.149 | 0.121 | Return above Treasury bills per unit of beta. | |
| Calmar | 2.42 | 1.42 | IQSZ | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | ACWI | VOO | The ETF each fund is measured against. | |
| Alpha | +3.5% a year | −1.3% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.99 | −1.17 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | 0.0% to +7.0% | −3.6% to +0.9% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 1.68 | −0.29 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 2.0% | 2.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IQSZ and USNZ hold 45% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
45% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | IQSZ | USNZ | IQSZ | USNZ |
| 3 months | −1.8% | −0.4% | −0.5 pts vs ACWI | −0.3 pts vs VOO |
| 6 months | +3.0% | +5.4% | +0.4 pts vs ACWI | +0.4 pts vs VOO |
| 1 year | +19.3% | +14.0% | +4.3 pts vs ACWI | −0.8 pts vs VOO |
| 3 years | – | +79.9% | – | −3.4 pts vs VOO |
| Since launchNot the same days: IQSZ Jul 2025 · USNZ Jun 2022 | +30.1% | +108.7% | +5.7 pts vs ACWI | −5.2 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
45% of the two portfolios are the same securities at the same weight.
Client brief:
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IQSZ
By weight, 61% 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 24% of the fund across 468 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +19.3% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 4.3 pts.
USNZ
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 24%. The top ten holdings are 44% of the fund across 297 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned +14.0% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 0.8 pts.
Questions people ask
- Do IQSZ and USNZ hold the same stocks?
- By their latest filings, 45% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, IQSZ against USNZ, data as of Nov 4, 2026. https://etfiq.com/compare/themes/iqsz-vs-usnz
ETFIQ. (Nov 4, 2026). IQSZ against USNZ. Retrieved from https://etfiq.com/compare/themes/iqsz-vs-usnz
[IQSZ against USNZ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/iqsz-vs-usnz)
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