Wealthy PotQQQM vs VTI: 97% of QQQM Is Already Inside VTI
QQQM tracks the Nasdaq-100, about 100 of the largest non-financial companies listed on Nasdaq. VTI owns the whole investable US market, about 3,500 companies. The overlap runs one way: 96.6% of QQQM's money was in companies VTI also owns, but those companies were only 47.8% of VTI. VTI contains nearly all of QQQM; QQQM contains about half of VTI. QQQM costs five times as much, 0.15% a year against 0.03%, and returned more over its life so far: 16.52% a year over the five years to 30 June 2026 against VTI's 12.24%. That extra return came from betting heavily on one corner of the market.
Table of Contents
The Short Answer
- Overlap: 47.8%, and it runs one way. 96.6% of QQQM is in companies VTI holds. Those companies are 47.8% of VTI.
- Fees: QQQM 0.15%, VTI 0.03%. $15 against $3 a year on $10,000, or $192 against $39 over ten years in each prospectus's cost example.
- Returns to 30 June 2026: QQQM ahead in every period it has existed. 34.17% against 23.16% over one year, 16.52% against 12.24% a year over five.
- Concentration is the price. QQQM's ten largest companies were 50.3% of the fund; VTI's were 33.4%. The Nasdaq-100 excludes financial companies by rule.
- QQQM is about five years old (launched 13 October 2020), so it has no ten-year record of its own. QQQ tracks the same index; see QQQ vs VTI for the longer history.
- They are not substitutes. VTI is a complete US stock portfolio. QQQM is a large-cap growth and technology slice of it.
How Much of QQQM Is Inside VTI
Our Portfolio Overlap Checker matches the holdings each fund reports to the SEC on Form N-PORT and adds up the smaller weight of every company they share.
| Holdings match | QQQM (31 May 2026) | VTI (30 Jun 2026) |
|---|---|---|
| Companies held | 102 | 3,159 (share classes combined) |
| Companies held by both | 91 | |
| Overlap (smaller weight of each shared holding, summed) | 47.8% | |
| Share of the fund in companies the other also owns | 96.6% | 47.8% |
What QQQM owns that VTI does not: 3.3% of the fund. Part of that was cash collateral in two Invesco money funds. The rest was companies incorporated outside the US that list on Nasdaq, so a US total-market index leaves them out: Shopify (0.64% of QQQM), ASML (0.62%), MercadoLibre (0.38%), NXP Semiconductors (0.36%), PDD Holdings (0.25%), ARM Holdings (0.22%), Ferrovial (0.21%), Coca-Cola Europacific Partners (0.18%) and Thomson Reuters (0.17%).
What VTI owns that QQQM does not: more than half of VTI, spread over 3,068 companies. The largest are big companies the Nasdaq-100 cannot hold because they list on the New York Stock Exchange or are financials: Eli Lilly (1.40% of VTI), Berkshire Hathaway (1.28%), JPMorgan Chase (1.12%), Johnson & Johnson (0.84%), Exxon Mobil (0.78%), Visa (0.77%), Caterpillar (0.68%), AbbVie (0.61%), Mastercard (0.56%) and General Electric (0.54%).
If you already own VTI, QQQM adds no new US companies. It adds more weight to about 90 you already hold. If you own QQQM alone, you are missing roughly half of the US market by value.
QQQM vs VTI Side by Side
| QQQM | VTI | |
|---|---|---|
| Full name | Invesco NASDAQ 100 ETF | Vanguard Morningstar Total Stock Market ETF |
| Index | Nasdaq-100 Index | Morningstar US Total Market Index (CRSP US Total Market Index until 29 July 2026) |
| What the index covers | 100 of the largest non-financial companies on Nasdaq-affiliated exchanges | "100% of the investable U.S. stock market" |
| Expense ratio | 0.15% | 0.03% |
| Prospectus cost example, $10,000 over 10 years | $192 | $39 |
| Holdings | 103 (2 Oct 2026) | 3,531 stocks (30 Jun 2026) |
| Ten largest companies | 50.3% (31 May 2026) | 33.4% (30 Jun 2026) |
| Size | $111.7 billion (2 Oct 2026) | ETF class $663.5 billion; whole fund $2.30 trillion (30 Jun 2026) |
| Portfolio turnover, last fiscal year | 6% | 3% |
| Replication | Full replication | Sampling |
| Legal form | Open-end ETF (Invesco Exchange-Traded Fund Trust II) | ETF share class of a Vanguard mutual fund |
| Inception | 13 October 2020 | 24 May 2001 |
The fee in dollars: a 0.12-point gap, $120 a year on $100,000. QQQM is already the cheaper way to own the Nasdaq-100; QQQ charges 0.18% for the same index (see QQQ vs QQQM).
The Nasdaq-100 changed its rules in 2026. An Invesco supplement says the index methodology changed on 1 May 2026. Newly listed companies can now join on a "fast entry" basis if their market value ranks "within the top 40" of the index, and such additions "may temporarily increase the Underlying Index constituent count to more than 100."
VTI's new name. Vanguard renamed VTI and its index effective 29 July 2026 after Morningstar acquired CRSP, and says the objective and strategy are unchanged. Same ticker, same fee.
Concentration: 100 Seats Against 3,500
| Share of the fund | QQQM (31 May 2026) | VTI (30 Jun 2026) |
|---|---|---|
| NVIDIA | 8.13% | 6.36% |
| Apple | 7.26% | 5.87% |
| Alphabet (both share classes) | 6.75% | 5.18% |
| Microsoft | 5.30% | 3.83% |
| Micron Technology | 4.78% | 1.80% |
| Advanced Micro Devices | 3.68% | 1.31% |
| Largest 10 | 50.27% | 33.44% |
| Largest 25 | 73.14% | 45.55% |
| Largest 50 | 88.43% | 55.84% |
The mega-caps are only one or two points heavier in QQQM than in VTI. The bigger difference is the next tier: Micron and AMD each carried close to three times their VTI weight. With only about 100 seats, every company in the Nasdaq-100 gets a much larger slice than it would in a 3,500-stock fund.
The index also leaves out whole parts of the economy. The prospectus describes it as made up of "non-financial companies", so QQQM holds no banks or insurers, and it holds only companies listed on Nasdaq-affiliated exchanges. Many of the largest health care, energy and industrial companies list on the New York Stock Exchange instead.
Returns to 30 June 2026
| Average annual NAV return to 30 Jun 2026 | 1 year | 3 years | 5 years | Since QQQM launch (13 Oct 2020) |
|---|---|---|---|---|
| QQQM | 34.17% | 26.66% | 16.52% | 18.18% |
| VTI | 23.16% | 20.43% | 12.24% | not published for this start date |
| QQQM minus VTI | +11.01 | +6.23 | +4.28 | |
| Nasdaq-100 Index | 34.38 | 26.83 | 16.68 | 18.35 |
| VTI's benchmark (spliced total market index) | 23.16 | 20.42 | 12.25 |
QQQM won every window, by 4.28 points a year over five years. That is the reward for concentration in the companies that led the market over that stretch, and it is a real result. The same concentration is the risk: a fund built from about 100 Nasdaq companies, with no financials, depends on that group continuing to lead. For QQQ's ten-year record against VTI, see QQQ vs VTI.
| Hypothetical $10,000 held for 5 years | Ending value |
|---|---|
| At VTI's 5-year return (12.24%) | $17,813 |
| At QQQM's 5-year return (16.52%) | $21,478 |
This is educational information, not personalized investment advice. Past performance does not guarantee future results, and all investing carries the risk of loss.
Which One Fits You
For one fund you hold for decades: VTI. It owns the whole US market at 0.03%, so it never depends on which sector leads next, and it already contains nearly everything in QQQM.
QQQM works as a deliberate tilt, not a core. If you want more weight in large Nasdaq technology companies, a slice of QQQM next to VTI does that on purpose. Decide the percentage up front. With 96.6% of QQQM already inside VTI, every dollar moved into QQQM is a bet on those 100 companies, not added diversification.
Should you hold both? Many investors do, as a core plus a tilt. Just know that the combination is more concentrated than VTI alone. A 20% QQQM slice, for example, raises your weight in the Nasdaq-100's ten largest companies; it does not add new companies.
In a 401(k), the menu usually has a total-market or S&P 500 index fund and rarely a Nasdaq-100 option, which settles the question. In an IRA or Roth IRA, switching later costs nothing in tax. In a taxable account, if you already hold either at a gain, redirect new money rather than selling. Check your 2026 tax bracket first.
At Vanguard: VTI is a share class of the same fund as VTSAX, and the prospectus lists no Vanguard fee for converting mutual fund shares to the ETF. See VTSAX vs VTI.
Comparing alternatives? For the Nasdaq-100 against the S&P 500, see QQQM vs VOO. For a broader growth fund, see QQQM vs VUG and QQQM vs SCHG.
Sources & Methodology
- Invesco Exchange-Traded Fund Trust II, Form 485BPOS filed 18 December 2025: QQQM's 0.15% fee table, cost example, 6% turnover and index description.
- Invesco supplement dated 30 April 2026: the Nasdaq-100 methodology change effective 1 May 2026.
- Invesco QQQM page: returns to 30 June 2026, holdings count and market value.
- Vanguard Total Stock Market ETF Summary Prospectus, 28 April 2026 and supplement dated 29 July 2026: VTI's 0.03% fee, cost example, turnover, index description and the Morningstar renaming.
- Vanguard VTI fact sheet as of 30 June 2026: returns, stock count, assets and top ten.
- QQQM Form N-PORT for 31 May 2026 and VTI Form N-PORT for 30 June 2026: the holdings behind the overlap and concentration tables.
How the overlap was computed. The Portfolio Overlap Checker sums, for every company both funds hold, the smaller of its two weights, using each fund's latest N-PORT filing with share classes combined. QQQM's latest public filing is a month older than VTI's. As a check, QQQ, which tracks the same index, gives 48.2% against VTI on matching 30 June dates, close to QQQM's 47.8%.
What we left out. We did not compare sector weights: Invesco's and Vanguard's published sector tables use different dates, and Vanguard reports VTI's sectors under the Industry Classification Benchmark while QQQM's shareholder report uses GICS. We quote no trading-volume or spread figures.
This article is for general education and is not investment, tax or legal advice. Past performance does not guarantee future results, index returns cannot be invested in directly, and all investing carries the risk of loss. Figures were checked against the sources above on 5 October 2026; verify current data with each issuer before acting.
FAQ: QQQM vs VTI
Is QQQM or VTI better?
For a single long-term holding, VTI: it owns the whole US market for 0.03%. QQQM has returned more, 16.52% against 12.24% a year over five years to June 2026, but it holds about 100 companies, half its money in the top ten, and costs 0.15%.
How much do QQQM and VTI overlap?
47.8% on our holdings match. 96.6% of QQQM is in companies VTI owns, but those companies make up only 47.8% of VTI.
Should I own both QQQM and VTI?
It is a common pairing, VTI as the core and QQQM as a tilt toward large growth companies. It adds concentration, not new companies, so set the percentage deliberately.
Which has lower fees, QQQM or VTI?
VTI, at 0.03% against 0.15%. On $100,000 that is $30 a year against $150.
Does QQQM own any banks?
No. The Nasdaq-100 is limited to non-financial companies, so banks and insurers are excluded. VTI holds them, including JPMorgan Chase and Berkshire Hathaway.
Is QQQM the same as QQQ?
Same index, different fund. QQQM charges 0.15% and QQQ 0.18%. See QQQ vs QQQM.
Which is better in a Roth IRA?
Taxes do not apply inside a Roth, so the choice is about what you want to own. VTI is the whole market; QQQM is a concentrated bet on about 100 large Nasdaq companies.
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 VTI: 97% of QQQM Is Already Inside VTI." Wealthy Pot, 2026. https://wealthypot.com/qqqm-vs-vti/
Related comparisons: QQQ vs VTI · QQQM vs VOO · QQQ vs QQQM · QQQM vs VUG · VTI vs VOO · All ETF comparisons
