Home › Explore Investing Strategies › Questions and answers › Monthly investing

QQQ vs. SPY: how different were the results of investing monthly over the same period?

Results of putting $500 a month into the Nasdaq-100 (QQQ) and the S&P 500 (SPY) on the same days, by period.

Confluence Zone operator · Data as of September 30, 2026 · Calculated October 1, 2026 · Recomputed monthly

Summary

Putting $500 a month in for 10 years from October 2016 ended at $180,486 in QQQ and $136,164 in SPY. The annual return was 20.9% for QQQ and 15.7% for SPY.

Of 211 ten-year windows since 1999, QQQ ended higher in 211. Both include reinvested dividends, so SPY's higher dividend is counted.

QQQ and SPY, $500 a month on the same days

Case	Put in	End balance	Return	Annual return (IRR)	Max drawdown	Max loss vs. money in
QQQ 5 yearsOct 2021 to Sep 2026	$30,000	$54,046	+80.2%	23.8%	−35.3%	−24.0%
SPY 5 yearsOct 2021 to Sep 2026	$30,000	$46,861	+56.2%	17.9%	−24.6%	−17.1%
QQQ 10 yearsOct 2016 to Sep 2026	$60,000	$180,486	+200.8%	20.9%	−35.1%	−3.7%
SPY 10 yearsOct 2016 to Sep 2026	$60,000	$136,164	+126.9%	15.7%	−33.7%	−12.8%
QQQ 15 yearsOct 2011 to Sep 2026	$90,000	$478,412	+431.6%	20.0%	−35.1%	−2.5%
SPY 15 yearsOct 2011 to Sep 2026	$90,000	$302,087	+235.7%	14.8%	−33.7%	−2.4%
QQQ 20 yearsOct 2006 to Sep 2026	$120,000	$1,063,801	+786.5%	18.8%	−53.5%	−43.3%
SPY 20 yearsOct 2006 to Sep 2026	$120,000	$566,043	+371.7%	13.7%	−55.3%	−44.8%

Comparing 211 ten-year windows

	Value
Windows where QQQ ended higher	211 (100%)
Median gap in annual return (QQQ − SPY)	+4.6 pp
Start with the lowest gapApr 1999	+0.8 pp
Start with the highest gapSep 2010	+8.6 pp

How it was calculated

$500 went in on the first trading day of every month, including the first month.
Each buy or sell was charged 0.15% as a cost. Taxes, currency conversion costs and interest on cash are not included.
Dividends were reinvested at the price on each ex-dividend date. Taxes on dividends are not deducted.
Annual return (IRR) is the average yearly return that accounts for when each deposit went in. Max loss vs. money in is the largest gap by which the balance fell below the total put in up to that day.
The as-of date is the last trading day of last month (September 30, 2026). The numbers are recomputed at the start of each month.
Buy and sell decisions use the close, and trades fill at the next trading day's open. See the backtest spec

Try it yourself

You can change the ticker, period and monthly amount and calculate the same way. No sign-in needed.

Calculate with these settings

Common questions

Which one fell further?

It varied by period. Over 5 years, QQQ fell 35.3% and SPY 24.6%; over 10 years, QQQ fell 35.1% and SPY 33.7%; over 15 years, QQQ fell 35.1% and SPY 33.7%; over 20 years, QQQ fell 53.5% and SPY 55.3%.

Would the results change with an amount other than $500 a month?

In this QQQ and SPY calculation, the returns stay almost the same and only the amounts scale. Only the basket method, which buys whole shares, differs a little.

Are dividends included?

Yes. This QQQ and SPY calculation reinvests each dividend at the price on its ex-dividend date. Taxes on dividends are not deducted.

Would the result be the same when investing in a currency other than dollars?

No. This QQQ and SPY calculation is in US dollars. Exchange rate changes and the fee and tax differences of locally listed ETFs are not included.