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 September 2025 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 622.94 (as of the close of Dec 4, 2025), 2.02% lower than the all-time high of 635.77 (Oct 29, 2025).

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 592.91%, which is equivalent to an annual growth rate of 7.51%.

In nominal values, the total return since this date has been 1,264%, or an annualized rate of 10.27%.

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
Dec 2025 622.94 622.94
Nov 2025 619.25 619.25
Oct 2025 629.07 629.07
Sep 2025 600.37 600.37
Aug 2025 571.19 569.74
Jul 2025 567.42 564.36
Jun 2025 554.83 551
May 2025 523.3 517.93
Apr 2025 480.31 474.39
Mar 2025 475.17 467.85
Feb 2025 515.33 506.26
Jan 2025 532 520.33
Dec 2024 524.15 509.31
Nov 2024 521.96 507.01
Oct 2024 495.19 481.26
Sep 2024 500.08 485.45
Aug 2024 488.09 473.05
Jul 2024 483.15 467.89
Jun 2024 491.97 475.87
May 2024 462.23 446.96
Apr 2024 436.17 421.06
Mar 2024 457.89 440.31
Feb 2024 455.05 434.77
Jan 2024 434.89 412.95
Dec 2023 429.45 405.57
Nov 2023 406.32 384.12
Oct 2023 365.91 346.62
Sep 2023 373.49 353.93
Aug 2023 394.45 372.87
Jul 2023 402.14 378.48
Jun 2023 387.93 364.41
May 2023 366.11 342.81
Apr 2023 340.21 317.75
Mar 2023 340.2 316.15
Feb 2023 311.74 288.74
Jan 2023 314.61 289.78
Dec 2022 286.62 261.91
Nov 2022 314.05 287.86
Oct 2022 297.25 272.73
Sep 2022 286.98 262.25
Aug 2022 321.46 293.13
Jul 2022 338.73 308.99
Jun 2022 300.92 274.53
May 2022 334.89 301.38
Apr 2022 344.04 306.23
Mar 2022 400.4 354.42
Feb 2022 387.65 338.61
Jan 2022 409.52 354.48
Dec 2021 452.55 388.46
Nov 2021 448.77 384.03
Oct 2021 442.15 376.52
Sep 2021 413.32 349.07
Aug 2021 439.41 370.1
Jul 2021 422.5 355.12
Jun 2021 412.72 345.24
May 2021 392.01 324.9
Apr 2021 399.95 328.85
Mar 2021 380.74 310.5
Feb 2021 376.97 305.26
Jan 2021 379.54 305.67
Dec 2020 380.16 304.87
Nov 2020 362.73 290.62
Oct 2020 325.92 261.29
Sep 2020 336.3 269.5
Aug 2020 356.9 285.61
Jul 2020 322.71 257.43
Jun 2020 302.14 239.82
May 2020 285.83 225.63
Apr 2020 268.14 211.66
Mar 2020 231.66 184.09
Feb 2020 249.32 198.56
Jan 2020 266.12 211.37
Dec 2019 259.28 205.13
Nov 2019 249.35 197.46
Oct 2019 239.47 189.74
Sep 2019 229.95 181.78
Aug 2019 228.03 180.12
Jul 2019 232.44 183.61
Jun 2019 227.51 179.42
May 2019 211.51 166.77
Apr 2019 230.95 181.71
Mar 2019 220.08 172.24
Feb 2019 212.96 165.74
Jan 2019 207.65 160.92
Dec 2018 190.85 147.62
Nov 2018 208.28 161.62
Oct 2018 208.13 162.05
Sep 2018 228.11 177.29
Aug 2018 229.02 177.79
Jul 2018 216.62 168.07
Jun 2018 210.75 163.5
May 2018 208.69 161.65
Apr 2018 198.31 152.97
Mar 2018 198.1 152.2
Feb 2018 206.99 158.68
Jan 2018 210.65 160.75
Dec 2017 194.74 147.81
Nov 2017 193.46 146.92
Oct 2017 189.73 144.08
Sep 2017 181.26 137.74
Aug 2017 182.76 138.15
Jul 2017 179.58 135.34
Jun 2017 172.45 130.06
May 2017 176.71 133.15
Apr 2017 170.22 128.15
Mar 2017 166.2 124.75
Feb 2017 163.03 122.27
Jan 2017 156.68 117.15
Dec 2016 149.89 111.42
Nov 2016 148.26 110.17
Oct 2016 147.39 109.69
Sep 2016 149.76 111.32
Aug 2016 146.87 108.91
Jul 2016 145.47 107.77
Jun 2016 135.55 100.58
May 2016 139.16 102.93
Apr 2016 133.88 98.62
Mar 2016 138.94 101.86
Feb 2016 130.59 95.33
Jan 2016 132.78 96.85
Dec 2015 142.87 104.04
Nov 2015 144.69 105.73
Oct 2015 143.51 105.09
Sep 2015 128.8 94.36
Aug 2015 131.5 96.49
Jul 2015 140.93 103.55
Jun 2015 134.8 99.04
May 2015 138.72 101.56
Apr 2015 136.36 99.33
Mar 2015 134.06 97.46
Feb 2015 138.12 99.81
Jan 2015 129.37 93.09
Dec 2014 131.5 95.07
Nov 2014 133.76 97.25
Oct 2014 127.25 93.02
Sep 2014 123.66 90.63
Aug 2014 124.7 91.32
Jul 2014 118.55 86.96
Jun 2014 117.12 85.95
May 2014 113.79 83.34
Apr 2014 109.28 79.77
Mar 2014 109.99 80.02
Feb 2014 113.81 82.27
Jan 2014 108.64 78.24
Dec 2013 111.18 79.77
Nov 2013 108.01 77.5
Oct 2013 104.09 74.85
Sep 2013 98.92 71.31
Aug 2013 94.47 68.03
Jul 2013 94.96 68.3
Jun 2013 89.36 64.24
May 2013 91.77 65.82
Apr 2013 88.76 63.54
Mar 2013 86.47 61.97
Feb 2013 84.15 60.15
Jan 2013 84.55 59.95
Dec 2012 82.6 58.39
Nov 2012 83.22 58.99
Oct 2012 81.76 58.23
Sep 2012 86.28 61.47
Aug 2012 86.15 61.1
Jul 2012 82.35 58.09
Jun 2012 81.41 57.52
May 2012 78.45 55.51
Apr 2012 84.29 59.71
Mar 2012 85.55 60.42
Feb 2012 82.19 57.61
Jan 2012 77.58 54.14
Dec 2011 71.87 49.93
Nov 2011 72.41 50.44
Oct 2011 74.35 51.83
Sep 2011 67.21 46.95
Aug 2011 70.6 49.25
Jul 2011 74.58 51.88
Jun 2011 73.42 51.03
May 2011 75.03 52.2
Apr 2011 76.31 52.84
Mar 2011 74.66 51.37
Feb 2011 75.83 51.67
Jan 2011 73.87 50.09
Dec 2010 72.18 48.71
Nov 2010 69.16 46.59
Oct 2010 69.31 46.67
Sep 2010 65.26 43.89
Aug 2010 57.83 38.87
Jul 2010 61.04 40.97
Jun 2010 56.92 38.2
May 2010 60.72 40.78
Apr 2010 65.61 44.04
Mar 2010 64.29 43.07
Feb 2010 59.99 40.03
Jan 2010 57.37 38.27
Dec 2009 61.54 40.92
Nov 2009 58.5 38.96
Oct 2009 55.04 36.63
Sep 2009 56.83 37.79
Aug 2009 53.88 35.8
Jul 2009 53.22 35.28
Jun 2009 49 32.54
May 2009 48.06 31.64
Apr 2009 46.7 30.66
Mar 2009 41.41 27.12
Feb 2009 37.69 24.62
Jan 2009 39.98 25.99
Dec 2008 41.1 26.6
Nov 2008 39.82 26.05
Oct 2008 44.12 29.42
Sep 2008 51.67 34.8
Aug 2008 61.15 41.25
Jul 2008 60.04 40.66
Jun 2008 59.97 40.4
May 2008 67.06 44.73
Apr 2008 63.84 42.22
Mar 2008 59.48 39.1
Feb 2008 58.94 38.41
Jan 2008 62.11 40.36
Dec 2007 70.84 45.81
Nov 2007 70.92 45.89
Oct 2007 76.51 49.22
Sep 2007 71.63 45.98
Aug 2007 68.28 43.71
Jul 2007 66.29 42.51
Jun 2007 66.37 42.57
May 2007 66.23 42.4
Apr 2007 64.6 41.11
Mar 2007 61.58 38.93
Feb 2007 61.86 38.75
Jan 2007 63.25 39.42
Dec 2006 62.13 38.6
Nov 2006 63.49 39.39
Oct 2006 61.3 38.08
Sep 2006 58.2 36.36
Aug 2006 55.38 34.77
Jul 2006 52.96 33.18
Jun 2006 55.51 34.68
May 2006 55.69 34.72
Apr 2006 60.34 37.43
Mar 2006 60.97 37.5
Feb 2006 60.09 36.76
Jan 2006 61.53 37.57
Dec 2005 59.65 36.14
Nov 2005 60.63 36.89
Oct 2005 56.69 34.77
Sep 2005 57.66 35.29
Aug 2005 57.66 34.86
Jul 2005 58.84 35.4
Jun 2005 54.93 32.9
May 2005 56.91 34.06
Apr 2005 52.22 31.29
Mar 2005 54.96 32.71
Feb 2005 56.37 33.29
Jan 2005 56.97 33.45
Dec 2004 60.94 35.7
Nov 2004 59.5 34.99
Oct 2004 56.15 33
Sep 2004 53.76 31.43
Aug 2004 52.15 30.43
Jul 2004 53.51 31.21
Jun 2004 57.79 33.75
May 2004 56.15 32.69
Apr 2004 53.73 31.1
Mar 2004 55.56 32.06
Feb 2004 57.06 32.71
Jan 2004 58.15 33.16
Dec 2003 57.47 32.61
Nov 2003 55.71 31.64
Oct 2003 55.24 31.47
Sep 2003 50.85 29
Aug 2003 52.55 29.86
Jul 2003 50.23 28.44
Jun 2003 47.36 26.79
May 2003 47.16 26.64
Apr 2003 43.39 24.55
Mar 2003 39.82 22.58
Feb 2003 39.92 22.5
Jan 2003 39.07 21.86
Dec 2002 39.14 21.8
Nov 2002 44.42 24.79
Oct 2002 39.34 21.96
Sep 2002 33.26 18.53
Aug 2002 37.76 21.01
Jul 2002 38.47 21.33
Jun 2002 42.15 23.34
May 2002 48.54 26.87
Apr 2002 51.27 28.38
Mar 2002 58.59 32.25
Feb 2002 55.19 30.21
Jan 2002 63.17 34.44
Dec 2001 63.97 34.8
Nov 2001 64.93 35.46
Oct 2001 55.42 30.32
Sep 2001 47.22 25.92
Aug 2001 59.95 32.76
Jul 2001 68.35 37.35
Jun 2001 74.58 40.87
May 2001 73.12 40.01
Apr 2001 75.79 41.28
Mar 2001 64.55 35.02
Feb 2001 78.41 42.44
Jan 2001 106.68 57.51
Dec 2000 97.46 52.21
Nov 2000 105.1 56.33
Oct 2000 136.41 73.08
Sep 2000 148.43 79.38
Aug 2000 170.85 90.89
Jul 2000 150.36 79.99
Jun 2000 157.45 83.57
May 2000 140.81 74.35
Apr 2000 160.68 84.75
Mar 2000 185.81 97.94
Feb 2000 182.63 95.48
Jan 2000 154.35 80.22
Dec 1999 157.72 81.73
Nov 1999 126.87 65.74
Oct 1999 113.56 58.81
Sep 1999 104.14 53.83
Aug 1999 103.77 53.38
Jul 1999 98.62 50.62
Jun 1999 100.72 51.54
May 1999 90.95 46.54
Apr 1999 93.9 48.05
Mar 1999 92.38 46.93

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 September 30, 2025, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 20.05% 23.67%
Last 3 years 27.9% 31.8%
Last 5 years 12.29% 17.37%
Last 10 years 16.64% 20.33%
Last 20 years 12.43% 15.22%

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 202.36% nominal gain, but the real return (the actual increase in buying power) was 140.81%.

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 2020 - Sep 2025 $302.36 202.36% 140.81%
Last 10 years Feb 2015 - Sep 2025 $601.5 501.5% 334.68%
Last 25 years Feb 2000 - Sep 2025 $628.8 528.8% 228.73%

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
Dec 4, 2025
622.94
Highest
Oct 29, 2025
635.77
Highest, Inflation-Adjusted
Oct 29, 2025
635.77
Annualized return
Since Mar 10, 1999
10.27%
Annualized return, Inflation-Adjusted
Since Mar 10, 1999
7.51%

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Other Inflation-Adjusted Data