Inflation-Adjusted QQQ ETF

The Invesco QQQ Trust (QQQ) is an exchange-traded fund that tracks the Nasdaq-100 Index, providing exposure to 100 of the largest non-financial companies listed on the Nasdaq Stock Market.

While rising stock prices might look impressive over decades, they often mask the reality of inflation's erosion on purchasing power. This page adjusts QQQ's historical prices for inflation using the US Consumer Price Index, revealing how the ETF has truly performed in constant dollar terms.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use March 2026 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 661.57 (as of the close of Apr 29, 2026), 0.4% lower than the all-time high of 664.23 (Apr 27, 2026).

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 625.66%, which is equivalent to an annual growth rate of 7.58%.

In nominal values, the total return since this date has been 1,352%, or an annualized rate of 10.36%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power based on the latest CPI data, the same present-value method used by the US Inflation Calculator to compare dollar amounts across different years. The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Apr 2026 661.57 661.57
Mar 2026 577.18 577.18
Feb 2026 612.89 606.53
Jan 2026 630.56 621.09
Dec 2025 625.2 613.54
Nov 2025 629.28 617.68
Oct 2025 627.47 627.47
Sep 2025 608.82 598.84
Aug 2025 579.23 568.29
Jul 2025 575.41 562.92
Jun 2025 562.64 549.6
May 2025 530.67 516.61
Apr 2025 487.07 473.18
Mar 2025 481.86 466.66
Feb 2025 522.59 504.97
Jan 2025 539.5 519
Dec 2024 531.53 508.01
Nov 2024 529.32 505.72
Oct 2024 502.16 480.03
Sep 2024 507.12 484.22
Aug 2024 494.96 471.85
Jul 2024 489.95 466.7
Jun 2024 498.9 474.67
May 2024 468.74 445.82
Apr 2024 442.31 419.99
Mar 2024 464.34 439.19
Feb 2024 461.46 433.67
Jan 2024 441.01 411.9
Dec 2023 435.49 404.54
Nov 2023 412.04 383.14
Oct 2023 371.07 345.74
Sep 2023 378.75 353.03
Aug 2023 400.01 371.92
Jul 2023 407.8 377.52
Jun 2023 393.4 363.49
May 2023 371.26 341.93
Apr 2023 345 316.95
Mar 2023 344.99 315.35
Feb 2023 316.13 288.01
Jan 2023 319.04 289.05
Dec 2022 290.66 261.24
Nov 2022 318.47 287.12
Oct 2022 301.44 272.04
Sep 2022 291.02 261.58
Aug 2022 325.99 292.38
Jul 2022 343.5 308.2
Jun 2022 305.16 273.83
May 2022 339.61 300.61
Apr 2022 348.88 305.46
Mar 2022 406.04 353.52
Feb 2022 393.11 337.75
Jan 2022 415.29 353.58
Dec 2021 458.92 387.47
Nov 2021 455.09 383.06
Oct 2021 448.37 375.56
Sep 2021 419.14 348.18
Aug 2021 445.6 369.16
Jul 2021 428.44 354.22
Jun 2021 418.53 344.36
May 2021 397.53 324.07
Apr 2021 405.59 328.01
Mar 2021 386.1 309.71
Feb 2021 382.28 304.48
Jan 2021 384.88 304.89
Dec 2020 385.51 304.09
Nov 2020 367.84 289.88
Oct 2020 330.51 260.63
Sep 2020 341.04 268.81
Aug 2020 361.93 284.88
Jul 2020 327.25 256.78
Jun 2020 306.4 239.21
May 2020 289.85 225.06
Apr 2020 271.91 211.12
Mar 2020 234.92 183.63
Feb 2020 252.83 198.06
Jan 2020 269.87 210.83
Dec 2019 262.93 204.61
Nov 2019 252.86 196.96
Oct 2019 242.84 189.26
Sep 2019 233.19 181.31
Aug 2019 231.25 179.67
Jul 2019 235.71 183.14
Jun 2019 230.72 178.97
May 2019 214.49 166.34
Apr 2019 234.21 181.25
Mar 2019 223.17 171.8
Feb 2019 215.96 165.31
Jan 2019 210.57 160.51
Dec 2018 193.54 147.25
Nov 2018 211.21 161.21
Oct 2018 211.06 161.64
Sep 2018 231.32 176.84
Aug 2018 232.24 177.34
Jul 2018 219.67 167.65
Jun 2018 213.71 163.09
May 2018 211.63 161.24
Apr 2018 201.1 152.58
Mar 2018 200.89 151.82
Feb 2018 209.9 158.27
Jan 2018 213.62 160.35
Dec 2017 197.49 147.44
Nov 2017 196.19 146.55
Oct 2017 192.4 143.72
Sep 2017 183.81 137.39
Aug 2017 185.33 137.8
Jul 2017 182.11 135
Jun 2017 174.88 129.73
May 2017 179.19 132.81
Apr 2017 172.62 127.83
Mar 2017 168.54 124.43
Feb 2017 165.32 121.96
Jan 2017 158.89 116.85
Dec 2016 152 111.14
Nov 2016 150.35 109.89
Oct 2016 149.47 109.42
Sep 2016 151.87 111.03
Aug 2016 148.94 108.63
Jul 2016 147.52 107.5
Jun 2016 137.46 100.33
May 2016 141.12 102.67
Apr 2016 135.76 98.37
Mar 2016 140.9 101.61
Feb 2016 132.43 95.09
Jan 2016 134.65 96.6
Dec 2015 144.88 103.77
Nov 2015 146.73 105.46
Oct 2015 145.53 104.82
Sep 2015 130.61 94.12
Aug 2015 133.35 96.24
Jul 2015 142.92 103.29
Jun 2015 136.7 98.79
May 2015 140.67 101.31
Apr 2015 138.28 99.08
Mar 2015 135.95 97.21
Feb 2015 140.06 99.56
Jan 2015 131.2 92.85
Dec 2014 133.36 94.83
Nov 2014 135.64 97
Oct 2014 129.04 92.79
Sep 2014 125.4 90.4
Aug 2014 126.46 91.09
Jul 2014 120.22 86.74
Jun 2014 118.77 85.73
May 2014 115.39 83.13
Apr 2014 110.82 79.56
Mar 2014 111.54 79.82
Feb 2014 115.42 82.06
Jan 2014 110.17 78.04
Dec 2013 112.75 79.57
Nov 2013 109.53 77.31
Oct 2013 105.56 74.66
Sep 2013 100.31 71.13
Aug 2013 95.8 67.85
Jul 2013 96.3 68.12
Jun 2013 90.62 64.08
May 2013 93.06 65.65
Apr 2013 90.01 63.38
Mar 2013 87.69 61.81
Feb 2013 85.34 60
Jan 2013 85.74 59.79
Dec 2012 83.76 58.24
Nov 2012 84.39 58.84
Oct 2012 82.91 58.08
Sep 2012 87.49 61.31
Aug 2012 87.36 60.95
Jul 2012 83.51 57.94
Jun 2012 82.56 57.37
May 2012 79.55 55.37
Apr 2012 85.48 59.56
Mar 2012 86.75 60.26
Feb 2012 83.35 57.46
Jan 2012 78.67 54
Dec 2011 72.88 49.81
Nov 2011 73.43 50.31
Oct 2011 75.4 51.7
Sep 2011 68.15 46.83
Aug 2011 71.6 49.12
Jul 2011 75.63 51.74
Jun 2011 74.46 50.9
May 2011 76.09 52.07
Apr 2011 77.39 52.71
Mar 2011 75.71 51.24
Feb 2011 76.9 51.54
Jan 2011 74.91 49.96
Dec 2010 73.2 48.59
Nov 2010 70.13 46.47
Oct 2010 70.28 46.55
Sep 2010 66.18 43.78
Aug 2010 58.65 38.77
Jul 2010 61.9 40.87
Jun 2010 57.73 38.1
May 2010 61.57 40.68
Apr 2010 66.54 43.93
Mar 2010 65.19 42.97
Feb 2010 60.84 39.93
Jan 2010 58.17 38.17
Dec 2009 62.41 40.82
Nov 2009 59.32 38.86
Oct 2009 55.82 36.54
Sep 2009 57.63 37.69
Aug 2009 54.64 35.71
Jul 2009 53.97 35.19
Jun 2009 49.69 32.46
May 2009 48.74 31.56
Apr 2009 47.36 30.58
Mar 2009 41.99 27.05
Feb 2009 38.22 24.56
Jan 2009 40.55 25.93
Dec 2008 41.67 26.53
Nov 2008 40.38 25.98
Oct 2008 44.74 29.34
Sep 2008 52.39 34.71
Aug 2008 62.02 41.15
Jul 2008 60.88 40.56
Jun 2008 60.81 40.3
May 2008 68.01 44.62
Apr 2008 64.74 42.12
Mar 2008 60.32 39
Feb 2008 59.77 38.32
Jan 2008 62.99 40.26
Dec 2007 71.84 45.7
Nov 2007 71.92 45.78
Oct 2007 77.59 49.09
Sep 2007 72.64 45.86
Aug 2007 69.24 43.6
Jul 2007 67.22 42.4
Jun 2007 67.3 42.47
May 2007 67.16 42.3
Apr 2007 65.51 41
Mar 2007 62.45 38.83
Feb 2007 62.73 38.66
Jan 2007 64.14 39.32
Dec 2006 63.01 38.5
Nov 2006 64.39 39.29
Oct 2006 62.16 37.99
Sep 2006 59.02 36.27
Aug 2006 56.16 34.68
Jul 2006 53.71 33.1
Jun 2006 56.29 34.59
May 2006 56.47 34.63
Apr 2006 61.19 37.34
Mar 2006 61.82 37.41
Feb 2006 60.94 36.67
Jan 2006 62.4 37.47
Dec 2005 60.49 36.05
Nov 2005 61.48 36.79
Oct 2005 57.48 34.68
Sep 2005 58.47 35.2
Aug 2005 58.47 34.78
Jul 2005 59.67 35.31
Jun 2005 55.71 32.81
May 2005 57.71 33.97
Apr 2005 52.95 31.21
Mar 2005 55.73 32.63
Feb 2005 57.17 33.21
Jan 2005 57.78 33.37
Dec 2004 61.8 35.61
Nov 2004 60.34 34.9
Oct 2004 56.94 32.92
Sep 2004 54.51 31.35
Aug 2004 52.89 30.35
Jul 2004 54.27 31.13
Jun 2004 58.61 33.67
May 2004 56.94 32.61
Apr 2004 54.48 31.02
Mar 2004 56.34 31.97
Feb 2004 57.86 32.63
Jan 2004 58.97 33.07
Dec 2003 58.28 32.53
Nov 2003 56.49 31.56
Oct 2003 56.02 31.39
Sep 2003 51.57 28.92
Aug 2003 53.29 29.79
Jul 2003 50.94 28.37
Jun 2003 48.03 26.72
May 2003 47.83 26.58
Apr 2003 44 24.49
Mar 2003 40.38 22.53
Feb 2003 40.48 22.45
Jan 2003 39.63 21.8
Dec 2002 39.69 21.74
Nov 2002 45.04 24.73
Oct 2002 39.89 21.9
Sep 2002 33.72 18.49
Aug 2002 38.3 20.96
Jul 2002 39.01 21.28
Jun 2002 42.74 23.28
May 2002 49.22 26.8
Apr 2002 51.99 28.31
Mar 2002 59.41 32.17
Feb 2002 55.97 30.14
Jan 2002 64.06 34.36
Dec 2001 64.87 34.71
Nov 2001 65.84 35.37
Oct 2001 56.2 30.24
Sep 2001 47.88 25.85
Aug 2001 60.79 32.68
Jul 2001 69.31 37.26
Jun 2001 75.63 40.77
May 2001 74.15 39.91
Apr 2001 76.85 41.17
Mar 2001 65.46 34.93
Feb 2001 79.51 42.33
Jan 2001 108.18 57.36
Dec 2000 98.83 52.08
Nov 2000 106.58 56.19
Oct 2000 138.33 72.89
Sep 2000 150.52 79.18
Aug 2000 173.25 90.66
Jul 2000 152.48 79.79
Jun 2000 159.66 83.36
May 2000 142.79 74.16
Apr 2000 162.95 84.53
Mar 2000 188.42 97.69
Feb 2000 185.21 95.24
Jan 2000 156.53 80.01
Dec 1999 159.94 81.52
Nov 1999 128.66 65.57
Oct 1999 115.16 58.66
Sep 1999 105.6 53.7
Aug 1999 105.23 53.25
Jul 1999 100.01 50.49
Jun 1999 102.14 51.41
May 1999 92.23 46.42
Apr 1999 95.22 47.92
Mar 1999 93.68 46.81

Returns from Investing in the Invesco QQQ Trust

How much did an investment in the QQQ ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the Invesco QQQ Trust by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year Inflation-Adjusted Return Nominal Return
2024 22.05% 25.58%
2023 49.83% 54.85%
2022 -36.67% -32.58%
2021 19.04% 27.42%
2020 46.62% 48.62%
2019 35.85% 38.96%
2018 -2% -0.13%
2017 29.92% 32.66%
2016 4.92% 7.09%
2015 8.64% 9.43%
2014 18.28% 19.18%
2013 34.61% 36.63%
2012 14.92% 16.93%
2011 -0.43% 2.52%
2010 17.28% 19.04%
2009 49.76% 53.83%
2008 -41.99% -41.94%
2007 14.02% 18.67%
2006 4.16% 6.81%
2005 -2.12% 1.23%
2004 6.04% 9.49%
2003 46.85% 49.61%
2002 -38.82% -37.37%
2001 -34.36% -33.34%
2000 -38.21% -36.11%

Invesco Qqq Trust: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the Invesco QQQ Trust over various trailing periods ending March 31, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 19.78% 23.68%
Last 3 years 18.71% 22.32%
Last 5 years 8.37% 13.26%
Last 10 years 15.14% 18.97%
Last 20 years 11.82% 14.66%

Real Returns of Investing in the Invesco QQQ Trust

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the Invesco QQQ Trust five years ago yielded an 96.68% nominal gain, but the real return (the actual increase in buying power) was 59.26%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period What $100 Grew To (Nominal) Total Nominal Return (%) Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025 $196.68 96.68% 59.26%
Last 10 years Feb 2016 - Sep 2025 $629.76 529.76% 359.74%
Last 25 years Feb 2001 - Sep 2025 $1,414.64 1,315% 665.68%

About the Invesco QQQ Trust

The Invesco QQQ Trust (QQQ) is a prominent exchange-traded fund (ETF) that mirrors the Nasdaq-100 Index. Launched in March 1999, QQQ offers investors exposure to 100 of the largest non-financial companies listed on the Nasdaq, based on market capitalization. It is a popular choice for those seeking investment in innovation-driven companies, particularly in the technology sector.

Last Close
Apr 29, 2026
661.57
Highest
Apr 27, 2026
664.23
Highest, Inflation-Adjusted
Apr 27, 2026
664.23
Annualized return
Since Mar 10, 1999
10.36%
Annualized return, Inflation-Adjusted
Since Mar 10, 1999
7.58%

More in ETFs

Other Inflation-Adjusted Data