Wealthy PotFXAIX vs QQQM: The Whole S&P 500 or the Cheaper Nasdaq-100 ETF
FXAIX is Fidelity's S&P 500 index mutual fund at 0.015% a year. QQQM is Invesco's lower-cost Nasdaq-100 ETF at 0.15%, ten times the fee. The overlap is 55.9% on our holdings match: 95.6% of QQQM's money sits in companies FXAIX also owns, but those companies are only 55.9% of FXAIX. So QQQM is not an alternative to FXAIX so much as a concentrated slice of it, about half technology and with no banks. Over the five years to 30 September 2026, QQQM returned 16.40% a year and FXAIX 13.78%. QQQM only launched in October 2020, so it has no ten-year record of its own, and its worst quarter was deeper. That is a record, not a promise.
Table of Contents
The Short Answer
- Overlap: 55.9%. Almost all of QQQM (95.6%) is in companies FXAIX holds. The other 44% of FXAIX is in 414 companies QQQM does not own, such as Eli Lilly, Berkshire Hathaway and JPMorgan. Both funds' holdings are dated 31 May 2026.
- Fees: FXAIX 0.015%, QQQM 0.15%. On $10,000 that is $1.50 a year against $15.
- Five years to 30 September 2026: QQQM 16.40% a year, FXAIX 13.78%. Over three years: 28.11% against 22.87%. Same date for both.
- QQQM is more concentrated. Its ten largest companies were 50.3% of the fund; FXAIX's were 40.6%. Information technology was 49.9% of QQQM and 32.5% of FXAIX on 28 February 2026.
- QQQM has fallen harder. Its worst quarter so far was a 22.32% drop (to 30 June 2022). FXAIX's worst quarter in its 2016 to 2025 window was 19.59%.
- Different wrappers. FXAIX is a Fidelity mutual fund with no minimum, priced once a day. QQQM is an ETF that any brokerage can hold.
- Core or tilt. FXAIX can hold all your large U.S. stocks on its own. QQQM is a deliberate bet on one corner of the market; next to FXAIX it mostly adds more of companies you already own.
How Much They Overlap
FXAIX normally invests "at least 80% of assets in common stocks included in the S&P 500® Index." QQQM tracks the Nasdaq-100, which "includes securities of 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market." Two rules set them apart: the Nasdaq-100 leaves out financial companies, and it only takes companies listed on Nasdaq, so a giant listed on the New York Stock Exchange is out however large it is.
Our Portfolio Overlap Checker puts the overlap at 55.9%, across 87 shared companies. It adds up the smaller of the two weights for every company both funds hold, using each fund's SEC holdings report (Form N-PORT). Both reports are dated 31 May 2026, so there is no timing gap in this comparison.
| Largest shared holdings | % of FXAIX | % of QQQM |
|---|---|---|
| NVIDIA | 7.89% | 8.13% |
| Apple | 7.05% | 7.26% |
| Alphabet | 6.11% | 6.75% |
| Microsoft | 5.14% | 5.30% |
| Amazon | 4.07% | 4.60% |
| Micron | 1.68% | 4.78% |
| AMD | 1.29% | 3.68% |
| Tesla | 1.88% | 3.45% |
At the very top the weights are close. The gap opens lower down. QQQM holds roughly three times FXAIX's weight in chipmakers such as Micron and AMD, and 44% of FXAIX sits in companies QQQM does not own at all: Eli Lilly (1.35%), Berkshire Hathaway (1.34%), JPMorgan (1.24%), Exxon Mobil (0.93%), Visa (0.84%) and Johnson & Johnson (0.84%) were the largest.
Going the other way, only 4.4% of QQQM was outside FXAIX, mostly companies based abroad or not in the S&P 500, such as Marvell (0.78%), Shopify (0.64%), ASML (0.62%) and MercadoLibre (0.38%).
FXAIX vs QQQM Side by Side
| FXAIX | QQQM | |
|---|---|---|
| Full name | Fidelity 500 Index Fund | Invesco NASDAQ 100 ETF |
| Index | S&P 500 | Nasdaq-100 |
| Expense ratio | 0.015% | 0.15% |
| Prospectus cost example, $10,000 over 10 years | $19 | $192 |
| Type | Open-end mutual fund, priced once a day | ETF, trades all day on an exchange |
| Minimum | None | One share, unless your broker sells fractions |
| Holdings | 508 (31 Aug 2026) | 103 (2 Oct 2026) |
| Ten largest companies | 40.6% (31 May 2026) | 50.3% (31 May 2026) |
| Information technology | 32.5% (28 Feb 2026) | 49.9% (28 Feb 2026) |
| Communication services | 10.5% | 15.6% |
| Consumer discretionary | 9.9% | 12.5% |
| Financials | 12.5% | None; the index excludes them |
| Health care | 9.8% | 5.2% |
| Industrials | 9.2% | 4.3% |
| Fund size | $857.6 billion (30 Sep 2026) | $111.7 billion (2 Oct 2026) |
| Inception | 17 Feb 1988 | 13 Oct 2020 |
Returns: QQQM Led Since 2020, With Deeper Drops
Fidelity and Invesco both publish returns to 30 September 2026, so this table compares the same dates.
| Average annual return to 30 Sep 2026 | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| FXAIX | 15.72% | 22.87% | 13.78% | 15.32% |
| S&P 500 | 15.74 | 22.89 | 13.79 | 15.33 |
| QQQM (NAV) | 23.79% | 28.11% | 16.40% | Not yet (launched 2020) |
| Nasdaq-100 | 24.00 | 28.31 | 16.56 | n/a |
| QQQM minus FXAIX | +8.07 | +5.24 | +2.62 | |
| FXAIX, after taxes on distributions | 15.40 | 22.49 | 13.39 | 14.82 |
| QQQM, after taxes on distributions | 23.58 | 27.92 | 16.22 |
For a longer record, look at QQQ. QQQM is younger than its index. Invesco's older QQQ tracks the same Nasdaq-100 and returned 20.91% a year over the ten years to 30 September 2026, against FXAIX's 15.32%. QQQ charges 0.18% for the same index, 0.03 points more than QQQM. That decade is covered in FXAIX vs QQQ.
The fee did not decide this. QQQM costs 0.135 points a year more than FXAIX and still finished well ahead. The gap comes from what each fund owns: in these years large technology and internet companies rose faster than the rest of the market, and QQQM holds more of them.
The ride was rougher. QQQM's prospectus shows a worst quarter of minus 22.32%, the quarter to 30 June 2022, against minus 19.59% for FXAIX in its window (the quarter to 31 March 2020). The windows differ, so treat this as a rough guide. FXAIX lost 18.13% in calendar 2022. A fund with fewer companies in fewer industries moves more when those industries fall.
| Hypothetical $10,000 held for 5 years | Ending value |
|---|---|
| At FXAIX's 5-year return (13.78%) | $19,069 |
| At QQQM's 5-year return (16.40%) | $21,368 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Where They Really Differ
Breadth. FXAIX holds about 500 companies across all eleven sectors. QQQM holds about 100, and its prospectus calls it "non-diversified," a legal term meaning it is not bound by the usual limits on how much a fund can put into a few companies.
Cost. 0.15% is cheap for a fund but ten times FXAIX's 0.015%. On $100,000 that is $150 a year against $15. QQQM is still the cheaper way to hold the Nasdaq-100 next to QQQ at 0.18%; see QQQ vs QQQM.
Wrapper. FXAIX is a mutual fund: one price a day after the market closes, no minimum, and you can invest exact dollar amounts. Fidelity blocks new purchases for 85 days if you make two or more round trips (buying, then selling within 30 days) in 90 days. QQQM is an ETF priced all day; you buy whole shares unless your broker offers fractions.
Where you can hold it. QQQM trades on an exchange, so any brokerage account can hold it. FXAIX is easiest at Fidelity; its prospectus warns "you may be charged a transaction fee if you buy or sell shares through a non-Fidelity broker."
Income. Neither is an income fund. QQQM's 30-day SEC yield was 0.42% on 1 October 2026. In a taxable account, FXAIX gave up a little more to taxes on distributions over five years (0.39 points a year against QQQM's 0.18).
Which One Fits You
You want one fund for your large U.S. stocks: FXAIX. It covers every sector, costs a tenth as much, and does not depend on one industry staying on top.
You already own FXAIX and want a technology tilt: QQQM, in a slice you choose. Since 95.6% of QQQM is already inside FXAIX, adding it raises your weight in the same giant companies. Pick a target, such as 10% or 20% of your stocks, and keep to it.
Your 401(k) offers FXAIX: it is a sound core there. If you want the Nasdaq-100 tilt, an IRA or brokerage account can hold QQQM alongside it.
Your account is not at Fidelity: QQQM trades anywhere. For the S&P 500 side, a low-cost ETF does FXAIX's job; compare FXAIX vs VOO and QQQM vs VOO.
You are choosing between QQQ and QQQM for the tilt: both track the same index. For buy-and-hold investors, QQQM's lower fee ($15 against $18 a year per $10,000) is the difference that compounds.
You might need the money within a few years: neither is a short-term holding, and QQQM has shown the larger falls.
Sources & Methodology
- Fidelity 500 Index Fund Summary Prospectus, 29 April 2026: the 0.015% fee table, strategy and best and worst quarters.
- Fidelity Concord Street Trust, Form 485BPOS filed 24 April 2026: the roundtrip rule and non-Fidelity broker fees.
- Fidelity Concord Street Trust, Form N-CSR for the year ended 28 February 2026: FXAIX's sector weights.
- Fidelity's FXAIX performance page and summary page: returns to 30 September 2026, holdings count and size.
- Invesco Exchange-Traded Fund Trust II, Form 485BPOS filed 18 December 2025: QQQM's 0.15% fee table, index description and best and worst quarters.
- Invesco ETF Trust II, Form N-CSRS for the half-year to 28 February 2026: QQQM's sector weights.
- Invesco's QQQM page and QQQ page: returns to 30 September 2026, holdings, size and SEC yield.
- FXAIX Form N-PORT for 31 May 2026 and QQQM Form N-PORT for 31 May 2026: the holdings behind the overlap and top-ten figures.
How the overlap was computed. The Portfolio Overlap Checker sums the smaller of the two weights for each company held by both funds, using each fund's latest N-PORT in our dataset; here both are dated 31 May 2026. Our FXAIX vs QQQ page shows 53.8% because QQQ's latest filing is a month later; the index is the same. Tax drag is the before-tax return minus the after-tax-on-distributions return, our arithmetic.
What we could not verify. QQQM's calendar-year returns appear only as a chart image in its prospectus, so we do not quote single years. We did not check which brokers carry FXAIX or which 401(k) plans offer either fund.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; verify current figures with each fund company before acting.
FAQ: FXAIX vs QQQM
Is QQQM better than FXAIX?
It has returned more since it launched: 16.40% a year against 13.78% over the five years to 30 September 2026, with a deeper worst quarter. It is also narrower and ten times the fee. Which is better depends on whether you want the whole large-company market or a deliberate tilt toward technology.
How much do FXAIX and QQQM overlap?
55.9% on our match of both funds' 31 May 2026 holdings. Nearly all of QQQM (95.6%) is in companies FXAIX owns, but those companies make up only about 56% of FXAIX.
Which is cheaper?
FXAIX, at 0.015% a year against 0.15%. On $10,000 that is $1.50 against $15.
Should I hold both FXAIX and QQQM?
You can, as long as you know what it does: QQQM adds more weight in the same large technology companies FXAIX already holds. Size the QQQM slice on purpose and rebalance back to it.
Is QQQM the same as QQQ?
Same index, different fund. QQQM charges 0.15% and QQQ 0.18%. QQQ has traded since 1999, so it has the longer record.
Does QQQM hold any banks?
No. The Nasdaq-100 excludes financial companies, so FXAIX's 12.5% in financials has no counterpart in QQQM.
Which is better for a Roth IRA?
A Roth shields both from tax, so the choice comes down to risk and coverage. FXAIX works as a core on its own; QQQM is a concentrated tilt. If your Roth is at Fidelity, both are easy to hold there.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"FXAIX vs QQQM: The Whole S&P 500 or the Cheaper Nasdaq-100 ETF." Wealthy Pot, 2026. https://wealthypot.com/fxaix-vs-qqqm/
Related comparisons: FXAIX vs QQQ · QQQM vs VOO · QQQ vs QQQM · QQQM vs VTI · QQQM vs SCHG · FXAIX vs VOO · All ETF comparisons
