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 February 2026 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 593.72 (as of the close of Mar 13, 2026), 6.49% lower than the all-time high of 634.95 (Oct 29, 2025).

While the nominal high reached 634.95, the inflation-adjusted peak value was 636.45 on November 3, 2025.

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 557.24%, which is equivalent to an annual growth rate of 7.22%.

In nominal values, the total return since this date has been 1,202%, or an annualized rate of 9.97%.

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 latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date Inflation-Adjusted Nominal value
Mar 2026 593.72 593.72
Feb 2026 607.29 607.29
Jan 2026 624.8 621.87
Dec 2025 619.49 614.31
Nov 2025 623.54 618.45
Oct 2025 628.26 628.26
Sep 2025 603.26 599.6
Aug 2025 573.94 569.01
Jul 2025 570.15 563.63
Jun 2025 557.5 550.29
May 2025 525.82 517.26
Apr 2025 482.62 473.78
Mar 2025 477.46 467.25
Feb 2025 517.82 505.61
Jan 2025 534.57 519.66
Dec 2024 526.67 508.65
Nov 2024 524.48 506.36
Oct 2024 497.57 480.64
Sep 2024 502.49 484.83
Aug 2024 490.44 472.45
Jul 2024 485.48 467.29
Jun 2024 494.34 475.26
May 2024 464.46 446.38
Apr 2024 438.27 420.51
Mar 2024 460.1 439.75
Feb 2024 457.24 434.21
Jan 2024 436.98 412.42
Dec 2023 431.51 405.05
Nov 2023 408.28 383.62
Oct 2023 367.68 346.17
Sep 2023 375.29 353.47
Aug 2023 396.35 372.39
Jul 2023 404.08 378
Jun 2023 389.8 363.95
May 2023 367.87 342.36
Apr 2023 341.85 317.35
Mar 2023 341.84 315.74
Feb 2023 313.24 288.37
Jan 2023 316.12 289.41
Dec 2022 288 261.57
Nov 2022 315.56 287.49
Oct 2022 298.68 272.38
Sep 2022 288.36 261.91
Aug 2022 323.01 292.75
Jul 2022 340.37 308.59
Jun 2022 302.37 274.18
May 2022 336.5 300.99
Apr 2022 345.7 305.84
Mar 2022 402.33 353.96
Feb 2022 389.52 338.18
Jan 2022 411.49 354.03
Dec 2021 454.73 387.96
Nov 2021 450.93 383.54
Oct 2021 444.28 376.03
Sep 2021 415.31 348.62
Aug 2021 441.53 369.62
Jul 2021 424.53 354.66
Jun 2021 414.71 344.8
May 2021 393.9 324.48
Apr 2021 401.88 328.42
Mar 2021 382.58 310.1
Feb 2021 378.78 304.86
Jan 2021 381.37 305.27
Dec 2020 381.99 304.48
Nov 2020 364.48 290.25
Oct 2020 327.5 260.95
Sep 2020 337.92 269.15
Aug 2020 358.62 285.24
Jul 2020 324.26 257.1
Jun 2020 303.6 239.51
May 2020 287.21 225.34
Apr 2020 269.43 211.39
Mar 2020 232.77 183.86
Feb 2020 250.52 198.31
Jan 2020 267.4 211.09
Dec 2019 260.52 204.87
Nov 2019 250.55 197.21
Oct 2019 240.63 189.49
Sep 2019 231.05 181.54
Aug 2019 229.13 179.89
Jul 2019 233.56 183.38
Jun 2019 228.61 179.19
May 2019 212.53 166.55
Apr 2019 232.07 181.48
Mar 2019 221.14 172.02
Feb 2019 213.99 165.52
Jan 2019 208.65 160.72
Dec 2018 191.77 147.43
Nov 2018 209.28 161.41
Oct 2018 209.14 161.84
Sep 2018 229.21 177.06
Aug 2018 230.12 177.56
Jul 2018 217.67 167.86
Jun 2018 211.76 163.29
May 2018 209.7 161.44
Apr 2018 199.27 152.78
Mar 2018 199.05 152.01
Feb 2018 207.99 158.47
Jan 2018 211.66 160.55
Dec 2017 195.68 147.62
Nov 2017 194.39 146.74
Oct 2017 190.64 143.9
Sep 2017 182.13 137.56
Aug 2017 183.64 137.97
Jul 2017 180.45 135.17
Jun 2017 173.28 129.89
May 2017 177.56 132.97
Apr 2017 171.04 127.99
Mar 2017 167 124.59
Feb 2017 163.81 122.11
Jan 2017 157.44 117
Dec 2016 150.61 111.28
Nov 2016 148.98 110.03
Oct 2016 148.1 109.55
Sep 2016 150.48 111.17
Aug 2016 147.58 108.77
Jul 2016 146.18 107.64
Jun 2016 136.2 100.45
May 2016 139.83 102.8
Apr 2016 134.52 98.49
Mar 2016 139.61 101.73
Feb 2016 131.22 95.21
Jan 2016 133.42 96.72
Dec 2015 143.56 103.9
Nov 2015 145.38 105.59
Oct 2015 144.2 104.95
Sep 2015 129.42 94.24
Aug 2015 132.14 96.36
Jul 2015 141.61 103.42
Jun 2015 135.45 98.91
May 2015 139.39 101.43
Apr 2015 137.02 99.2
Mar 2015 134.71 97.33
Feb 2015 138.78 99.68
Jan 2015 130 92.97
Dec 2014 132.14 94.95
Nov 2014 134.4 97.13
Oct 2014 127.86 92.9
Sep 2014 124.26 90.51
Aug 2014 125.3 91.2
Jul 2014 119.12 86.85
Jun 2014 117.69 85.84
May 2014 114.34 83.24
Apr 2014 109.81 79.66
Mar 2014 110.52 79.92
Feb 2014 114.36 82.16
Jan 2014 109.16 78.14
Dec 2013 111.72 79.67
Nov 2013 108.53 77.41
Oct 2013 104.59 74.75
Sep 2013 99.4 71.22
Aug 2013 94.93 67.94
Jul 2013 95.42 68.21
Jun 2013 89.79 64.16
May 2013 92.21 65.73
Apr 2013 89.19 63.46
Mar 2013 86.89 61.89
Feb 2013 84.56 60.08
Jan 2013 84.96 59.87
Dec 2012 82.99 58.31
Nov 2012 83.62 58.91
Oct 2012 82.15 58.15
Sep 2012 86.69 61.39
Aug 2012 86.56 61.02
Jul 2012 82.75 58.02
Jun 2012 81.8 57.44
May 2012 78.83 55.44
Apr 2012 84.7 59.63
Mar 2012 85.96 60.34
Feb 2012 82.58 57.53
Jan 2012 77.95 54.07
Dec 2011 72.22 49.87
Nov 2011 72.76 50.37
Oct 2011 74.71 51.76
Sep 2011 67.53 46.89
Aug 2011 70.94 49.18
Jul 2011 74.94 51.81
Jun 2011 73.78 50.96
May 2011 75.39 52.13
Apr 2011 76.68 52.77
Mar 2011 75.02 51.3
Feb 2011 76.2 51.6
Jan 2011 74.23 50.02
Dec 2010 72.53 48.65
Nov 2010 69.49 46.53
Oct 2010 69.64 46.61
Sep 2010 65.57 43.83
Aug 2010 58.11 38.82
Jul 2010 61.34 40.92
Jun 2010 57.2 38.15
May 2010 61.01 40.73
Apr 2010 65.93 43.98
Mar 2010 64.6 43.02
Feb 2010 60.28 39.98
Jan 2010 57.64 38.22
Dec 2009 61.84 40.87
Nov 2009 58.78 38.91
Oct 2009 55.31 36.59
Sep 2009 57.11 37.74
Aug 2009 54.14 35.76
Jul 2009 53.47 35.24
Jun 2009 49.23 32.5
May 2009 48.29 31.6
Apr 2009 46.93 30.62
Mar 2009 41.61 27.08
Feb 2009 37.87 24.59
Jan 2009 40.18 25.96
Dec 2008 41.29 26.57
Nov 2008 40.02 26.01
Oct 2008 44.33 29.38
Sep 2008 51.91 34.76
Aug 2008 61.45 41.2
Jul 2008 60.33 40.61
Jun 2008 60.26 40.35
May 2008 67.39 44.67
Apr 2008 64.15 42.17
Mar 2008 59.77 39.05
Feb 2008 59.22 38.37
Jan 2008 62.41 40.31
Dec 2007 71.18 45.75
Nov 2007 71.26 45.83
Oct 2007 76.88 49.16
Sep 2007 71.98 45.92
Aug 2007 68.61 43.65
Jul 2007 66.61 42.46
Jun 2007 66.69 42.52
May 2007 66.55 42.35
Apr 2007 64.91 41.05
Mar 2007 61.88 38.88
Feb 2007 62.15 38.7
Jan 2007 63.55 39.37
Dec 2006 62.43 38.55
Nov 2006 63.8 39.34
Oct 2006 61.59 38.03
Sep 2006 58.48 36.31
Aug 2006 55.65 34.72
Jul 2006 53.22 33.14
Jun 2006 55.78 34.63
May 2006 55.96 34.68
Apr 2006 60.63 37.38
Mar 2006 61.26 37.45
Feb 2006 60.38 36.71
Jan 2006 61.83 37.52
Dec 2005 59.94 36.1
Nov 2005 60.92 36.84
Oct 2005 56.96 34.72
Sep 2005 57.94 35.25
Aug 2005 57.93 34.82
Jul 2005 59.13 35.36
Jun 2005 55.2 32.85
May 2005 57.18 34.02
Apr 2005 52.47 31.25
Mar 2005 55.22 32.67
Feb 2005 56.65 33.25
Jan 2005 57.25 33.41
Dec 2004 61.23 35.66
Nov 2004 59.79 34.94
Oct 2004 56.42 32.96
Sep 2004 54.02 31.39
Aug 2004 52.4 30.39
Jul 2004 53.77 31.17
Jun 2004 58.07 33.71
May 2004 56.42 32.65
Apr 2004 53.99 31.06
Mar 2004 55.83 32.01
Feb 2004 57.33 32.67
Jan 2004 58.43 33.11
Dec 2003 57.75 32.57
Nov 2003 55.98 31.6
Oct 2003 55.51 31.42
Sep 2003 51.1 28.96
Aug 2003 52.8 29.83
Jul 2003 50.48 28.41
Jun 2003 47.59 26.75
May 2003 47.39 26.61
Apr 2003 43.59 24.52
Mar 2003 40.01 22.55
Feb 2003 40.11 22.47
Jan 2003 39.26 21.83
Dec 2002 39.32 21.77
Nov 2002 44.63 24.76
Oct 2002 39.53 21.93
Sep 2002 33.42 18.51
Aug 2002 37.95 20.98
Jul 2002 38.66 21.3
Jun 2002 42.35 23.31
May 2002 48.77 26.83
Apr 2002 51.51 28.34
Mar 2002 58.87 32.21
Feb 2002 55.46 30.17
Jan 2002 63.47 34.4
Dec 2001 64.28 34.76
Nov 2001 65.24 35.42
Oct 2001 55.69 30.28
Sep 2001 47.44 25.89
Aug 2001 60.24 32.72
Jul 2001 68.68 37.3
Jun 2001 74.94 40.82
May 2001 73.48 39.96
Apr 2001 76.15 41.22
Mar 2001 64.86 34.97
Feb 2001 78.79 42.39
Jan 2001 107.19 57.44
Dec 2000 97.93 52.14
Nov 2000 105.6 56.26
Oct 2000 137.07 72.98
Sep 2000 149.14 79.28
Aug 2000 171.67 90.78
Jul 2000 151.08 79.89
Jun 2000 158.21 83.46
May 2000 141.48 74.25
Apr 2000 161.46 84.64
Mar 2000 186.7 97.81
Feb 2000 183.51 95.36
Jan 2000 155.1 80.11
Dec 1999 158.48 81.62
Nov 1999 127.48 65.65
Oct 1999 114.11 58.73
Sep 1999 104.64 53.76
Aug 1999 104.27 53.32
Jul 1999 99.1 50.55
Jun 1999 101.21 51.47
May 1999 91.38 46.48
Apr 1999 94.35 47.98
Mar 1999 92.82 46.87

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 February 28, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 17.28% 20.11%
Last 3 years 24.69% 28.18%
Last 5 years 9.9% 14.78%
Last 10 years 16.56% 20.36%
Last 20 years 12.23% 15.06%

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
Mar 13, 2026
593.72
Highest
Oct 29, 2025
634.95
Highest, Inflation-Adjusted
Nov 3, 2025
636.45
Annualized return
Since Mar 10, 1999
9.97%
Annualized return, Inflation-Adjusted
Since Mar 10, 1999
7.22%

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Other Inflation-Adjusted Data