Wealthy PotQQQM vs SPYM: The Nasdaq-100 Is Already Inside the S&P 500, Mostly
Almost all of QQQM is already inside SPYM. By our calculation from the funds' SEC holdings filings, 96.3% of QQQM's weight sits in companies SPYM also owns. The reverse is not true: only 54.3% of SPYM is in Nasdaq-100 companies. So the real choice is between the whole S&P 500 at 0.02% a year and a concentrated slice of its biggest growth names at 0.15%. SPYM is the fund that used to trade as SPLG.
Table of Contents
The Short Answer
- Overlap: 54.3%. 88 companies in common. 96.3% of QQQM's money is in stocks SPYM holds; 54.3% of SPYM's money is in stocks QQQM holds. Our calculation from Form N-PORT filings for 31 May 2026 (QQQM) and 30 June 2026 (SPYM).
- Fees: QQQM 0.15%, SPYM 0.02%. That is $15 against $2 a year on $10,000. The prospectus ten-year cost examples are $192 and $26.
- What you get: about 100 non-financial Nasdaq companies vs about 500 S&P 500 companies. QQQM's index excludes financials by rule. Its ten largest holdings were 50.3% of the fund, against 37.9% for SPYM.
- 2022 tells the risk story. QQQM returned -32.45% that year; SPYM returned -18.13%. Over 2021 to 2024 as a whole, $10,000 ended at about the same place in both: $16,749 in QQQM and $16,622 in SPYM.
- SPYM is SPLG. State Street changed the ticker on 31 October 2025. The fund, index and fee did not change.
- Holding both mostly means owning the biggest tech names twice. It is a deliberate growth tilt, not diversification.
How Much QQQM and SPYM Overlap
We matched the two funds' holdings reports using the same data as our Portfolio Overlap Checker. The filings are one month apart. As a check, QQQ (the same index, older share class) against SPYM on the same date, 30 June 2026, gives 54.5%, so the month gap barely moves the number.
| Overlap measure | Result |
|---|---|
| Companies held by both funds | 88 |
| Share of QQQM's weight in companies SPYM also owns | 96.3% |
| Share of SPYM's weight in companies QQQM also owns | 54.3% |
| Overlap (sum of the smaller weight in each shared company) | 54.3% |
| Largest shared holdings | Weight in QQQM | Weight in SPYM |
|---|---|---|
| NVIDIA | 8.13% | 7.51% |
| Apple | 7.26% | 6.58% |
| Alphabet (both classes) | 6.75% | 5.83% |
| Microsoft | 5.30% | 4.29% |
| Micron | 4.78% | 2.02% |
| Amazon | 4.60% | 3.62% |
| AMD | 3.68% | 1.47% |
| Tesla | 3.45% | 1.83% |
| Broadcom | 3.36% | 2.77% |
| Meta | 2.96% | 1.92% |
- In QQQM but not SPYM (14 lines, 3.6% of QQQM): companies outside the S&P 500, many of them foreign companies listed on Nasdaq, such as Shopify 0.64%, ASML 0.62%, MercadoLibre 0.38%, PDD 0.25% and ARM 0.22%.
- In SPYM but not QQQM (412 companies, 45.5% of SPYM): Eli Lilly 1.47%, Berkshire Hathaway 1.42%, JPMorgan 1.36%, Johnson & Johnson 0.95%, Visa 0.88%, Exxon Mobil 0.88%, Caterpillar 0.76%, AbbVie 0.69%, Mastercard 0.64% and GE 0.60%.
That second list is the point. Banks, insurers and payment networks are missing from QQQM because Invesco's prospectus says the index "reflects companies from all major sectors, except for companies that are classified as 'financials'." Companies listed on the New York Stock Exchange, such as Eli Lilly and Exxon, are not eligible either.
QQQM vs SPYM Side by Side
| QQQM | SPYM | |
|---|---|---|
| Full name | Invesco NASDAQ 100 ETF | State Street SPDR Portfolio S&P 500 ETF |
| Index | Nasdaq-100 | S&P 500 |
| Expense ratio | 0.15% | 0.02% |
| Prospectus cost of $10,000 over 10 years | $192 | $26 |
| Holdings | 103 (2 Oct 2026) | 506 (1 Oct 2026) |
| Top 10 weight | 50.3% (31 May 2026) | 37.9% (30 Jun 2026) |
| Financial companies | Excluded by index rule | Included |
| 30-day SEC yield | 0.42% (1 Oct 2026) | not compared |
| Net assets | not compared | $177.3 billion (2 Oct 2026) |
| Indexing method | Full replication; "non-diversified" fund | Sampling |
| Portfolio turnover | 6%, latest fiscal year (prospectus) | 3%, latest fiscal year (prospectus) |
| Inception | 13 October 2020 | 8 November 2005 |
Two index details matter. The Nasdaq-100 caps any single stock at 24% and uses a "modified market capitalization-weighted" method, according to Invesco's prospectus. Nasdaq also changed the index's weighting and maintenance rules effective 1 May 2026, which Invesco flags in a footnote to its performance table. Returns before that date were earned under the old rules.
SPLG Is Now SPYM
If you searched for QQQM vs SPLG, this is the same comparison. State Street's supplement dated 21 October 2025 lists "Current Ticker Symbol SPLG" and "New Ticker Symbol SPYM," effective 31 October 2025. The fund's annual report says the name change "did not result in any changes to the Fund's Investment Objective, Principal Investment Strategies or Principal Risks." For the longer history, see SPY vs SPYM.
One caveat on SPYM's long record. The fund tracked the Russell 1000 until 15 November 2017 and an SSGA large-cap index until 23 January 2020, and has tracked the S&P 500 since 24 January 2020. Its ten-year return is therefore not a pure S&P 500 record. Every year from 2021 onward is.
Returns: The Same Four Years, Two Very Different Rides
The two issuers do not publish trailing returns for a common recent date: Invesco's page shows 30 September 2026, State Street's shows 31 August and 30 June 2026. The cleanest head-to-head comes from the prospectuses, which both cover calendar years through 2024.
| Calendar-year return at NAV | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| QQQM | 27.33% | -32.45% | 54.92% | 25.70% |
| SPYM | 28.67% | -18.13% | 26.26% | 24.97% |
Compounded, $10,000 in QQQM at the start of 2021 grew to about $16,749 by the end of 2024. The same amount in SPYM grew to about $16,622. QQQM made up its 2022 loss with a 54.92% year in 2023, but it took a 32% fall to get there. QQQM's worst quarter in its prospectus was -22.32% (the quarter ended 30 June 2022). SPYM's worst was -19.54% (first quarter of 2020).
The latest figures each issuer publishes, kept on their own dates:
| Average annual return at NAV | As of | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|---|
| QQQM | 30 Sep 2026 | 23.79% | 28.11% | 16.40% | n/a (launched 2020) |
| Nasdaq-100 index | 30 Sep 2026 | 24.00% | 28.31% | 16.56% | n/a |
| SPYM | 31 Aug 2026 | 20.34% | 21.00% | 12.76% | 15.36%* |
| SPYM | 30 Jun 2026 | 22.28% | 20.58% | 13.37% | 15.50%* |
Over three and five years the Nasdaq-100 has led, by these figures. Whether it keeps doing so depends on a handful of companies: half of QQQM sits in ten of them.
The $10,000 figures are hypothetical arithmetic by Wealthy Pot, compounding each fund's published calendar-year NAV returns with no contributions, trading costs or taxes. They are backward-looking, not a forecast, and this is educational information, not personalized investment advice.
Which One Fits You
SPYM fits as the core holding. It owns the whole S&P 500, including financials, health care and energy, for 0.02%. If you want one U.S. stock fund and nothing else, a broad index like this one (or a total-market fund; see SPYM vs VTI) does the job QQQM cannot.
QQQM fits as a deliberate tilt. If you already own an S&P 500 or total-market fund and want more weight in the largest technology and growth companies, QQQM adds it. Remember that you already own those names: NVIDIA, Apple, Microsoft and Alphabet are 24% of SPYM by themselves (our sum of the table above).
Holding both is common, and the overlap numbers tell you what it does. Almost everything QQQM adds is extra weight in companies SPYM already holds. A 70/30 SPYM/QQQM mix is simply an S&P 500 with a bigger bet on large tech. Check your own mix in the overlap checker.
In a taxable account, both are low-turnover index ETFs. QQQM's 30-day SEC yield was 0.42% on 1 October 2026, so it distributes very little income. Neither fund has a minimum beyond one share or a fractional share, depending on your broker.
If you already own QQQ, QQQM holds the same index at a lower fee; see QQQ vs QQQM. If you are weighing QQQM against Vanguard's S&P 500 fund instead, see QQQM vs VOO.
Sources & Methodology
- Invesco Exchange-Traded Fund Trust II Form 485BPOS filed 18 December 2025: QQQM's 0.15% fee, cost example, 6% turnover, index rules (non-financial companies, 24% cap, full replication), calendar-year returns and best and worst quarters.
- Invesco QQQM page, read 5 October 2026: holdings count, SEC yield, returns to 30 September 2026, and the 1 May 2026 methodology note.
- SPYM summary prospectus (revised 3 February 2026): 0.02% fee, cost example, sampling, benchmark history and calendar-year returns.
- SPDR Series Trust supplement dated 21 October 2025: the SPLG to SPYM ticker change.
- State Street SPYM page, read 5 October 2026: net assets, holdings and returns to 31 August and 30 June 2026.
- Form N-PORT filings for QQQM (31 May 2026) and SPYM (30 June 2026): the overlap, computed as the sum of the smaller weight of every shared company, and the top-10 weights.
Limits. The overlap uses filings a month apart. Trailing returns are shown on each issuer's own date because no common recent date was published on 5 October 2026. Sector tables are not compared because the two issuers use different classification systems.
This article is for general education and is not investment, tax or legal advice. Fund data changes daily, index returns cannot be invested in directly, and past performance does not guarantee future results. All investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026.
FAQ: QQQM vs SPYM
Is QQQM or SPYM better?
Neither for every investor. SPYM is the broader, cheaper core (0.02%). QQQM is a concentrated growth tilt (0.15%) that fell much further in 2022 (-32.45% vs -18.13%) and has led over the last three and five years.
How much do QQQM and SPYM overlap?
54.3% by the sum of the smaller weight in each shared company, with 88 companies in common. 96.3% of QQQM's weight is in companies SPYM holds. That is our calculation from N-PORT filings for 31 May 2026 (QQQM) and 30 June 2026 (SPYM).
Is SPYM the same as SPLG?
Yes. The ticker changed from SPLG to SPYM on 31 October 2025, and the fund's name became State Street SPDR Portfolio S&P 500 ETF. The objective, strategy and 0.02% fee did not change.
Should I hold both QQQM and SPYM?
You can, but treat QQQM as extra weight in tech companies you already own through SPYM, not as a second source of diversification.
Why does QQQM have no banks?
The Nasdaq-100 excludes companies classified as financials. JPMorgan, Berkshire Hathaway, Visa and Mastercard are in SPYM and not in QQQM.
Which has the lower fee?
SPYM, at 0.02% a year against QQQM's 0.15%. On $10,000 that is $2 against $15 a year.
Cite This Page
Journalists, educators and bloggers are welcome to cite this comparison. Please link back so readers can reach the underlying filings.
"QQQM vs SPYM: The Nasdaq-100 Is Already Inside the S&P 500, Mostly." Wealthy Pot, 2026. https://wealthypot.com/qqqm-vs-spym/
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