QQQ vs QQQM: how much do they really overlap?
QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) and QQQM (Invesco Nasdaq-100 ETF, tracking the Nasdaq-100) overlap by roughly 99% by weight. 10 of QQQ's top 10 holdings also appear in QQQM. A 50/50 blend of the two behaves like about 36 equally-weighted bets (diversification grade B). In short, the two funds hold nearly the same stocks in nearly the same proportions — owning both is largely redundant.
The same companies, in both funds
These 25 holdings appear in both QQQ and QQQM. The weight columns show how much of each fund each name represents.
| Holding | in QQQ | in QQQM |
|---|---|---|
| NVDA NVIDIA Corporation | 7.60% | 7.52% |
| AAPL Apple Inc. | 6.80% | 6.59% |
| MU Micron Technology, Inc. | 5.75% | 5.68% |
| MSFT Microsoft Corporation | 4.52% | 4.36% |
| AMZN Amazon.com, Inc. | 4.08% | 4.12% |
| AMD Advanced Micro Devices, Inc. | 3.83% | 3.87% |
| GOOGL Alphabet Inc. | 3.20% | 3.28% |
| TSLA Tesla, Inc. | 3.09% | 3.28% |
| GOOG Alphabet Inc. | 2.98% | 3.05% |
| INTC Intel Corporation | 2.90% | 2.91% |
| AVGO Broadcom Inc. | 2.82% | 2.81% |
| META Meta Platforms, Inc. | 2.66% | 2.65% |
| WMT Walmart Inc. | 2.54% | 2.46% |
| AMAT Applied Materials, Inc. | 2.24% | 2.43% |
| LRCX Lam Research Corporation | 2.13% | 2.26% |
+ 10 more shared holdings.
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that QQQM doesn’t have:
| Every listed QQQ holding is also in QQQM. |
Only in QQQM
Invesco Nasdaq-100 ETF — Nasdaq-100. Its biggest holdings that QQQ doesn’t have:
| Every listed QQQM holding is also in QQQ. |
So — nearly identical. Should you hold both?
QQQ and QQQM hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold QQQ, adding QQQM mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~36 equal positions, with the top 10 alone at 45% and the Magnificent Seven at 35%.
Holdings as of — QQQ: Jun 26, 2026 (Invesco); QQQM: Jun 29, 2026 (Invesco). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →QQQ vs QQQM — FAQ
- How much do QQQ and QQQM overlap?
- QQQ and QQQM overlap by approximately 99% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of QQQ's 10 largest holdings are also held by QQQM. They share 25 of their listed top holdings in total.
- Is it redundant to hold both QQQ and QQQM?
- Because they hold nearly the same stocks in nearly the same proportions — owning both is largely redundant, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 36 positions and a B diversification grade.
- What does QQQM hold that QQQ doesn't?
- QQQ contains essentially all of QQQM's listed holdings.
- Which is more concentrated, QQQ or QQQM?
- QQQ's top 10 holdings are 63% of its listed weight; QQQM's are 63%. The more concentrated fund leans harder on its largest names.