Research · Note 04

QQQ

5 September 2026 · 2 min · Under study

The great companies that are building the future of AI.

Equities have created more wealth than any other major liquid asset class in the world.

Equities$124,854Bonds$284Bills$69
What $1 invested in 1900 became by end-2025, US, nominal. Dimson, Marsh & Staunton / UBS Yearbook 2026. Illustrative.

QQQ holds the great companies that are building the future of AI. The S&P 500 dilutes that list with banks, energy, and staples.

$8k$30k$80k$170k201020132016201920222026
  • QQQ
  • S&P 500
Growth of $10,000 since 2010. QQQ holds more of the companies building the AI stack than the S&P 500 does.

Size-weight lets winners take a larger share of the fund, instead of cutting them back to look diverse. Water the flowers, cut the weeds.

$8k$30k$80k$170k201020132016201920222026
  • Nasdaq-100, cap-weighted
  • Nasdaq-100, equal-weighted
Growth of $10,000 since 2010. Cap-weight lets winners keep a larger share of the fund; equal-weight resets them.

A low-cost index is the vehicle we use in developed-market equity. Over 20 years through December 2024, Lipper ranked QQQ 3rd of 369 large-cap growth funds. It beat 99% of that peer set.

Funds QQQ beat366 of 369Funds that beat QQQ2 of 369
Lipper large-cap growth funds, 20 years to 31 December 2024. QQQ ranked 3rd of 369. Invesco. Past performance is not a forecast.

Sources: Invesco QQQ (Lipper large-cap growth ranking, 31 December 2024); UBS Global Investment Returns Yearbook 2026. Charts illustrative. Not investment advice. Not a price target.

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