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 June 2026 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 675.49 (as of the close of Jul 28, 2026), 9.37% lower than the all-time high of 745.34 (Jun 2, 2026).

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 633.44%, which is equivalent to an annual growth rate of 7.55%.

In nominal values, the total return since this date has been 1,384%, or an annualized rate of 10.35%.

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
Jul 2026 675.49 675.49
Jun 2026 736.4 736.4
May 2026 734.92 737.5
Apr 2026 668.87 667.01
Mar 2026 583.07 576.55
Feb 2026 619.15 605.86
Jan 2026 637 620.41
Dec 2025 631.58 612.86
Nov 2025 635.71 617
Oct 2025 626.78 626.78
Sep 2025 615.04 598.19
Aug 2025 585.15 567.67
Jul 2025 581.28 562.3
Jun 2025 568.39 549
May 2025 536.09 516.05
Apr 2025 492.05 472.66
Mar 2025 486.78 466.15
Feb 2025 527.93 504.42
Jan 2025 545.01 518.44
Dec 2024 536.96 507.46
Nov 2024 534.72 505.16
Oct 2024 507.29 479.51
Sep 2024 512.3 483.69
Aug 2024 500.02 471.33
Jul 2024 494.96 466.19
Jun 2024 503.99 474.14
May 2024 473.53 445.33
Apr 2024 446.82 419.52
Mar 2024 469.08 438.71
Feb 2024 466.17 433.19
Jan 2024 445.52 411.45
Dec 2023 439.94 404.1
Nov 2023 416.25 382.72
Oct 2023 374.86 345.36
Sep 2023 382.61 352.64
Aug 2023 404.09 371.51
Jul 2023 411.97 377.11
Jun 2023 397.41 363.09
May 2023 375.06 341.56
Apr 2023 348.52 316.6
Mar 2023 348.52 315
Feb 2023 319.35 287.69
Jan 2023 322.3 288.73
Dec 2022 293.62 260.96
Nov 2022 321.72 286.81
Oct 2022 304.51 271.74
Sep 2022 293.99 261.29
Aug 2022 329.32 292.06
Jul 2022 347.01 307.86
Jun 2022 308.28 273.53
May 2022 343.07 300.28
Apr 2022 352.45 305.12
Mar 2022 410.18 353.13
Feb 2022 397.12 337.38
Jan 2022 419.53 353.19
Dec 2021 463.61 387.05
Nov 2021 459.74 382.64
Oct 2021 452.95 375.15
Sep 2021 423.42 347.8
Aug 2021 450.15 368.75
Jul 2021 432.82 353.83
Jun 2021 422.81 343.99
May 2021 401.59 323.72
Apr 2021 409.73 327.65
Mar 2021 390.05 309.37
Feb 2021 386.18 304.15
Jan 2021 388.81 304.55
Dec 2020 389.45 303.76
Nov 2020 371.6 289.57
Oct 2020 333.89 260.34
Sep 2020 344.52 268.52
Aug 2020 365.63 284.57
Jul 2020 330.6 256.5
Jun 2020 309.53 238.94
May 2020 292.81 224.81
Apr 2020 274.69 210.89
Mar 2020 237.32 183.42
Feb 2020 255.41 197.84
Jan 2020 272.62 210.6
Dec 2019 265.61 204.39
Nov 2019 255.44 196.74
Oct 2019 245.32 189.05
Sep 2019 235.57 181.12
Aug 2019 233.61 179.47
Jul 2019 238.12 182.94
Jun 2019 233.08 178.77
May 2019 216.68 166.16
Apr 2019 236.6 181.05
Mar 2019 225.45 171.61
Feb 2019 218.16 165.13
Jan 2019 212.72 160.34
Dec 2018 195.51 147.08
Nov 2018 213.37 161.03
Oct 2018 213.22 161.46
Sep 2018 233.68 176.64
Aug 2018 234.62 177.14
Jul 2018 221.92 167.46
Jun 2018 215.9 162.91
May 2018 213.79 161.06
Apr 2018 203.16 152.42
Mar 2018 202.94 151.65
Feb 2018 212.05 158.1
Jan 2018 215.8 160.17
Dec 2017 199.5 147.27
Nov 2017 198.19 146.39
Oct 2017 194.36 143.56
Sep 2017 185.69 137.24
Aug 2017 187.22 137.65
Jul 2017 183.97 134.85
Jun 2017 176.67 129.59
May 2017 181.02 132.66
Apr 2017 174.38 127.69
Mar 2017 170.26 124.3
Feb 2017 167.01 121.83
Jan 2017 160.51 116.72
Dec 2016 153.56 111.01
Nov 2016 151.89 109.77
Oct 2016 150.99 109.3
Sep 2016 153.42 110.91
Aug 2016 150.46 108.51
Jul 2016 149.03 107.38
Jun 2016 138.86 100.22
May 2016 142.56 102.55
Apr 2016 137.15 98.26
Mar 2016 142.33 101.49
Feb 2016 133.78 94.99
Jan 2016 136.02 96.5
Dec 2015 146.36 103.66
Nov 2015 148.22 105.34
Oct 2015 147.02 104.7
Sep 2015 131.95 94.01
Aug 2015 134.72 96.14
Jul 2015 144.38 103.18
Jun 2015 138.09 98.68
May 2015 142.11 101.19
Apr 2015 139.69 98.97
Mar 2015 137.34 97.1
Feb 2015 141.49 99.45
Jan 2015 132.54 92.75
Dec 2014 134.72 94.72
Nov 2014 137.03 96.9
Oct 2014 130.36 92.68
Sep 2014 126.69 90.3
Aug 2014 127.75 90.99
Jul 2014 121.45 86.65
Jun 2014 119.99 85.63
May 2014 116.57 83.04
Apr 2014 111.95 79.48
Mar 2014 112.68 79.73
Feb 2014 116.6 81.97
Jan 2014 111.29 77.96
Dec 2013 113.9 79.48
Nov 2013 110.65 77.22
Oct 2013 106.64 74.57
Sep 2013 101.34 71.05
Aug 2013 96.78 67.78
Jul 2013 97.28 68.05
Jun 2013 91.54 64.01
May 2013 94.01 65.58
Apr 2013 90.93 63.31
Mar 2013 88.59 61.75
Feb 2013 86.21 59.93
Jan 2013 86.62 59.73
Dec 2012 84.61 58.17
Nov 2012 85.25 58.77
Oct 2012 83.75 58.01
Sep 2012 88.39 61.25
Aug 2012 88.25 60.88
Jul 2012 84.37 57.88
Jun 2012 83.4 57.31
May 2012 80.37 55.31
Apr 2012 86.35 59.49
Mar 2012 87.64 60.2
Feb 2012 84.2 57.4
Jan 2012 79.47 53.94
Dec 2011 73.63 49.75
Nov 2011 74.18 50.25
Oct 2011 76.17 51.64
Sep 2011 68.85 46.78
Aug 2011 72.33 49.07
Jul 2011 76.4 51.69
Jun 2011 75.22 50.84
May 2011 76.86 52.01
Apr 2011 78.18 52.65
Mar 2011 76.48 51.18
Feb 2011 77.69 51.48
Jan 2011 75.68 49.9
Dec 2010 73.95 48.53
Nov 2010 70.85 46.42
Oct 2010 71 46.5
Sep 2010 66.85 43.73
Aug 2010 59.24 38.73
Jul 2010 62.53 40.82
Jun 2010 58.32 38.06
May 2010 62.2 40.64
Apr 2010 67.22 43.88
Mar 2010 65.86 42.92
Feb 2010 61.46 39.89
Jan 2010 58.77 38.13
Dec 2009 63.05 40.77
Nov 2009 59.93 38.82
Oct 2009 56.39 36.5
Sep 2009 58.22 37.65
Aug 2009 55.2 35.67
Jul 2009 54.52 35.16
Jun 2009 50.2 32.42
May 2009 49.24 31.53
Apr 2009 47.84 30.55
Mar 2009 42.42 27.02
Feb 2009 38.61 24.53
Jan 2009 40.96 25.9
Dec 2008 42.1 26.5
Nov 2008 40.8 25.95
Oct 2008 45.2 29.31
Sep 2008 52.93 34.67
Aug 2008 62.65 41.1
Jul 2008 61.51 40.51
Jun 2008 61.43 40.25
May 2008 68.7 44.57
Apr 2008 65.4 42.07
Mar 2008 60.93 38.96
Feb 2008 60.38 38.28
Jan 2008 63.63 40.22
Dec 2007 72.57 45.65
Nov 2007 72.65 45.73
Oct 2007 78.38 49.04
Sep 2007 73.38 45.81
Aug 2007 69.95 43.55
Jul 2007 67.91 42.36
Jun 2007 67.99 42.42
May 2007 67.85 42.25
Apr 2007 66.18 40.96
Mar 2007 63.09 38.79
Feb 2007 63.37 38.61
Jan 2007 64.79 39.27
Dec 2006 63.65 38.46
Nov 2006 65.04 39.25
Oct 2006 62.79 37.95
Sep 2006 59.62 36.23
Aug 2006 56.73 34.64
Jul 2006 54.26 33.06
Jun 2006 56.87 34.55
May 2006 57.05 34.59
Apr 2006 61.81 37.29
Mar 2006 62.46 37.37
Feb 2006 61.56 36.63
Jan 2006 63.03 37.43
Dec 2005 61.11 36.01
Nov 2005 62.11 36.75
Oct 2005 58.07 34.64
Sep 2005 59.07 35.17
Aug 2005 59.07 34.74
Jul 2005 60.28 35.27
Jun 2005 56.28 32.78
May 2005 58.3 33.94
Apr 2005 53.5 31.17
Mar 2005 56.3 32.59
Feb 2005 57.75 33.17
Jan 2005 58.37 33.33
Dec 2004 62.43 35.57
Nov 2004 60.95 34.86
Oct 2004 57.53 32.88
Sep 2004 55.07 31.32
Aug 2004 53.43 30.32
Jul 2004 54.82 31.09
Jun 2004 59.21 33.63
May 2004 57.52 32.57
Apr 2004 55.04 30.99
Mar 2004 56.92 31.94
Feb 2004 58.45 32.59
Jan 2004 59.57 33.04
Dec 2003 58.87 32.49
Nov 2003 57.07 31.53
Oct 2003 56.59 31.35
Sep 2003 52.1 28.89
Aug 2003 53.83 29.76
Jul 2003 51.46 28.34
Jun 2003 48.52 26.69
May 2003 48.31 26.55
Apr 2003 44.45 24.46
Mar 2003 40.8 22.5
Feb 2003 40.89 22.42
Jan 2003 40.03 21.78
Dec 2002 40.09 21.72
Nov 2002 45.5 24.7
Oct 2002 40.3 21.88
Sep 2002 34.07 18.46
Aug 2002 38.69 20.93
Jul 2002 39.41 21.25
Jun 2002 43.18 23.26
May 2002 49.72 26.77
Apr 2002 52.52 28.28
Mar 2002 60.02 32.14
Feb 2002 56.54 30.1
Jan 2002 64.71 34.32
Dec 2001 65.53 34.67
Nov 2001 66.52 35.33
Oct 2001 56.77 30.21
Sep 2001 48.37 25.83
Aug 2001 61.42 32.64
Jul 2001 70.02 37.21
Jun 2001 76.41 40.73
May 2001 74.91 39.86
Apr 2001 77.64 41.13
Mar 2001 66.12 34.89
Feb 2001 80.33 42.29
Jan 2001 109.29 57.3
Dec 2000 99.84 52.02
Nov 2000 107.66 56.13
Oct 2000 139.74 72.81
Sep 2000 152.06 79.09
Aug 2000 175.02 90.56
Jul 2000 154.03 79.7
Jun 2000 161.3 83.27
May 2000 144.25 74.08
Apr 2000 164.61 84.44
Mar 2000 190.35 97.58
Feb 2000 187.1 95.13
Jan 2000 158.12 79.93
Dec 1999 161.58 81.43
Nov 1999 129.97 65.5
Oct 1999 116.33 58.59
Sep 1999 106.68 53.64
Aug 1999 106.3 53.19
Jul 1999 101.03 50.43
Jun 1999 103.19 51.35
May 1999 93.17 46.37
Apr 1999 96.19 47.87
Mar 1999 94.64 46.76

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 June 30, 2026, offering a clearer view of long-term, real investment performance.

Period Avg. Annual Return (Inflation-Adjusted) Avg. Annual Return (Nominal)
Last 1 year 29.56% 34.14%
Last 3 years 22.83% 26.58%
Last 5 years 11.74% 16.44%
Last 10 years 18.16% 22.07%
Last 20 years 13.66% 16.53%

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
Jul 28, 2026
675.49
Highest
Jun 2, 2026
745.34
Highest, Inflation-Adjusted
Jun 2, 2026
745.34
Annualized return
Since Mar 10, 1999
10.35%
Annualized return, Inflation-Adjusted
Since Mar 10, 1999
7.55%

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Other Inflation-Adjusted Data