Nasdaq-100 vs S&P 500
QQQ vs VOO in a taxable account
Compare a Nasdaq-100 fund against an S&P 500 fund, including concentration and distribution differences.
Modeled result
From 2011 to 2025, QQQ finished ahead of VOO before tax and retained about $45,623 more in estimated end-date sale proceeds after taxes paid during the test, from the same $10,000 start.
Historical model
Growth of $10,000
2011-01-03 to 2025-12-31
| Date | QQQ | VOO |
|---|---|---|
| Approx. Jan 2011 | $10,000 | $10,000 |
| Approx. Jul 2011 | $10,741 | $10,754 |
| Approx. Oct 2011 | $9,895 | $9,310 |
| Approx. Apr 2012 | $12,147 | $11,056 |
| Approx. Jul 2012 | $11,547 | $10,889 |
| Approx. Jan 2013 | $12,311 | $12,094 |
| Approx. Apr 2013 | $12,440 | $12,711 |
| Approx. Oct 2013 | $15,308 | $14,560 |
| Approx. Jan 2014 | $16,596 | $15,473 |
| Approx. Jul 2014 | $18,249 | $16,764 |
| Approx. Oct 2014 | $18,648 | $16,733 |
| Approx. Apr 2015 | $20,475 | $17,847 |
| Approx. Jul 2015 | $21,370 | $18,135 |
| Approx. Feb 2016 | $19,584 | $16,546 |
| Approx. May 2016 | $20,200 | $17,934 |
| Approx. Nov 2016 | $22,044 | $18,466 |
| Approx. Feb 2017 | $24,482 | $20,375 |
| Approx. Aug 2017 | $27,471 | $21,900 |
| Approx. Nov 2017 | $30,002 | $23,315 |
| Approx. May 2018 | $33,109 | $24,815 |
| Approx. Aug 2018 | $35,193 | $25,809 |
| Approx. Feb 2019 | $33,980 | $25,776 |
| Approx. May 2019 | $35,775 | $26,558 |
| Approx. Nov 2019 | $40,031 | $29,146 |
| Approx. Feb 2020 | $43,058 | $29,395 |
| Approx. Aug 2020 | $58,114 | $33,215 |
| Approx. Nov 2020 | $59,703 | $34,823 |
| Approx. Jun 2021 | $66,094 | $40,430 |
| Approx. Sep 2021 | $76,312 | $43,779 |
| Approx. Mar 2022 | $65,295 | $40,913 |
| Approx. Jun 2022 | $62,359 | $40,685 |
| Approx. Dec 2022 | $57,335 | $39,100 |
| Approx. Mar 2023 | $60,210 | $38,832 |
| Approx. Sep 2023 | $75,299 | $44,450 |
| Approx. Dec 2023 | $82,430 | $47,277 |
| Approx. Jun 2024 | $98,026 | $55,179 |
| Approx. Sep 2024 | $98,644 | $57,814 |
| Approx. Mar 2025 | $98,921 | $58,084 |
| Approx. Jun 2025 | $113,430 | $63,497 |
| Approx. Dec 2025 | $126,625 | $70,503 |
| Holding | Before tax | Value after taxes paid | If sold at end | Max drawdown |
|---|---|---|---|---|
QQQ Nasdaq-100 (QQQ) | $126,625 | $122,933 | $104,397 | -35.12% |
VOO S&P 500 (VOO) | $70,503 | $66,309 | $58,774 | -33.99% |
QQQ
Nasdaq-100 (QQQ)
- After-tax if sold at end
- $104,397
- Before tax
- $126,625
- Value after taxes paid
- $122,933
- Max drawdown
- -35.12%
VOO
S&P 500 (VOO)
- After-tax if sold at end
- $58,774
- Before tax
- $70,503
- Value after taxes paid
- $66,309
- Max drawdown
- -33.99%
Detailed metrics
| Holding | Pre-tax value | Pre-tax CAGR | Max drawdown | Value after taxes paid | Tax paid | Embedded tax | If sold at end | CAGR if sold |
|---|---|---|---|---|---|---|---|---|
Nasdaq-100 (QQQ) QQQ | $126,625 | 18.45% | -35.12% | $122,933 | $1,103 | $18,536 | $104,397 | 16.94% |
S&P 500 (VOO) VOO | $70,503 | 13.91% | -33.99% | $66,309 | $1,656 | $7,535 | $58,774 | 12.54% |
Assumptions
$10,000 lump sum; distributions reinvested; monthly rebalancing; 2011-01-03 to 2025-12-31.
Tax profile: Single filer, $150,000 income, taxable account, HIFO lots, 2026 federal brackets, no state tax.
FAQ
- Is QQQ more tax-efficient than VOO?
- QQQ pays a lower dividend yield, so it distributes less return each year. That can reduce yearly taxable income in a taxable account. That is separate from total return, which depends on how the underlying stocks perform.
- Does the Nasdaq-100 include only technology stocks?
- No. It is the largest non-financial companies on the Nasdaq, which skews toward technology and growth but also includes consumer, healthcare, and other sectors. It is more concentrated than the S&P 500.
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