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 May 2026 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 721.34 (as of the close of Jun 12, 2026), 3.33% lower than the all-time high of 746.16 (Jun 2, 2026).

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 679.63%, which is equivalent to an annual growth rate of 7.83%.

In nominal values, the total return since this date has been 1,483%, or an annualized rate of 10.66%.

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
Jun 2026 721.34 721.34
May 2026 738.31 738.31
Apr 2026 671.96 667.74
Mar 2026 585.76 577.18
Feb 2026 622 606.53
Jan 2026 639.94 621.09
Dec 2025 634.49 613.54
Nov 2025 638.64 617.68
Oct 2025 627.47 627.47
Sep 2025 617.88 598.84
Aug 2025 587.85 568.29
Jul 2025 583.96 562.92
Jun 2025 571.01 549.6
May 2025 538.56 516.61
Apr 2025 494.32 473.18
Mar 2025 489.03 466.66
Feb 2025 530.36 504.97
Jan 2025 547.52 519
Dec 2024 539.43 508.01
Nov 2024 537.19 505.72
Oct 2024 509.63 480.03
Sep 2024 514.66 484.22
Aug 2024 502.32 471.85
Jul 2024 497.24 466.7
Jun 2024 506.31 474.67
May 2024 475.71 445.82
Apr 2024 448.88 419.99
Mar 2024 471.24 439.19
Feb 2024 468.32 433.67
Jan 2024 447.57 411.9
Dec 2023 441.97 404.54
Nov 2023 418.17 383.14
Oct 2023 376.58 345.74
Sep 2023 384.38 353.03
Aug 2023 405.96 371.92
Jul 2023 413.87 377.52
Jun 2023 399.25 363.49
May 2023 376.78 341.93
Apr 2023 350.13 316.95
Mar 2023 350.12 315.35
Feb 2023 320.83 288.01
Jan 2023 323.78 289.05
Dec 2022 294.98 261.24
Nov 2022 323.21 287.12
Oct 2022 305.92 272.04
Sep 2022 295.35 261.58
Aug 2022 330.84 292.38
Jul 2022 348.61 308.2
Jun 2022 309.7 273.83
May 2022 344.65 300.61
Apr 2022 354.07 305.46
Mar 2022 412.07 353.52
Feb 2022 398.95 337.75
Jan 2022 421.46 353.58
Dec 2021 465.75 387.47
Nov 2021 461.86 383.06
Oct 2021 455.04 375.56
Sep 2021 425.37 348.18
Aug 2021 452.22 369.16
Jul 2021 434.82 354.22
Jun 2021 424.76 344.36
May 2021 403.44 324.07
Apr 2021 411.62 328.01
Mar 2021 391.84 309.71
Feb 2021 387.96 304.48
Jan 2021 390.6 304.89
Dec 2020 391.24 304.09
Nov 2020 373.31 289.88
Oct 2020 335.43 260.63
Sep 2020 346.11 268.81
Aug 2020 367.31 284.88
Jul 2020 332.12 256.78
Jun 2020 310.96 239.21
May 2020 294.16 225.06
Apr 2020 275.95 211.12
Mar 2020 238.41 183.63
Feb 2020 256.59 198.06
Jan 2020 273.88 210.83
Dec 2019 266.84 204.61
Nov 2019 256.62 196.96
Oct 2019 246.45 189.26
Sep 2019 236.65 181.31
Aug 2019 234.68 179.67
Jul 2019 239.22 183.14
Jun 2019 234.15 178.97
May 2019 217.68 166.34
Apr 2019 237.69 181.25
Mar 2019 226.49 171.8
Feb 2019 219.17 165.31
Jan 2019 213.7 160.51
Dec 2018 196.41 147.25
Nov 2018 214.35 161.21
Oct 2018 214.2 161.64
Sep 2018 234.76 176.84
Aug 2018 235.7 177.34
Jul 2018 222.94 167.65
Jun 2018 216.89 163.09
May 2018 214.78 161.24
Apr 2018 204.09 152.58
Mar 2018 203.87 151.82
Feb 2018 213.02 158.27
Jan 2018 216.79 160.35
Dec 2017 200.42 147.44
Nov 2017 199.1 146.55
Oct 2017 195.26 143.72
Sep 2017 186.54 137.39
Aug 2017 188.09 137.8
Jul 2017 184.82 135
Jun 2017 177.48 129.73
May 2017 181.86 132.81
Apr 2017 175.19 127.83
Mar 2017 171.04 124.43
Feb 2017 167.78 121.96
Jan 2017 161.25 116.85
Dec 2016 154.26 111.14
Nov 2016 152.59 109.89
Oct 2016 151.69 109.42
Sep 2016 154.12 111.03
Aug 2016 151.15 108.63
Jul 2016 149.72 107.5
Jun 2016 139.5 100.33
May 2016 143.22 102.67
Apr 2016 137.78 98.37
Mar 2016 142.99 101.61
Feb 2016 134.4 95.09
Jan 2016 136.65 96.6
Dec 2015 147.03 103.77
Nov 2015 148.91 105.46
Oct 2015 147.69 104.82
Sep 2015 132.56 94.12
Aug 2015 135.34 96.24
Jul 2015 145.04 103.29
Jun 2015 138.73 98.79
May 2015 142.76 101.31
Apr 2015 140.34 99.08
Mar 2015 137.97 97.21
Feb 2015 142.14 99.56
Jan 2015 133.15 92.85
Dec 2014 135.34 94.83
Nov 2014 137.66 97
Oct 2014 130.96 92.79
Sep 2014 127.27 90.4
Aug 2014 128.34 91.09
Jul 2014 122.01 86.74
Jun 2014 120.54 85.73
May 2014 117.11 83.13
Apr 2014 112.47 79.56
Mar 2014 113.2 79.82
Feb 2014 117.13 82.06
Jan 2014 111.81 78.04
Dec 2013 114.42 79.57
Nov 2013 111.16 77.31
Oct 2013 107.13 74.66
Sep 2013 101.81 71.13
Aug 2013 97.23 67.85
Jul 2013 97.73 68.12
Jun 2013 91.96 64.08
May 2013 94.45 65.65
Apr 2013 91.35 63.38
Mar 2013 88.99 61.81
Feb 2013 86.61 60
Jan 2013 87.02 59.79
Dec 2012 85 58.24
Nov 2012 85.65 58.84
Oct 2012 84.14 58.08
Sep 2012 88.79 61.31
Aug 2012 88.66 60.95
Jul 2012 84.76 57.94
Jun 2012 83.78 57.37
May 2012 80.74 55.37
Apr 2012 86.75 59.56
Mar 2012 88.04 60.26
Feb 2012 84.59 57.46
Jan 2012 79.84 54
Dec 2011 73.96 49.81
Nov 2011 74.52 50.31
Oct 2011 76.52 51.7
Sep 2011 69.17 46.83
Aug 2011 72.66 49.12
Jul 2011 76.75 51.74
Jun 2011 75.56 50.9
May 2011 77.22 52.07
Apr 2011 78.54 52.71
Mar 2011 76.84 51.24
Feb 2011 78.04 51.54
Jan 2011 76.03 49.96
Dec 2010 74.29 48.59
Nov 2010 71.18 46.47
Oct 2010 71.33 46.55
Sep 2010 67.16 43.78
Aug 2010 59.52 38.77
Jul 2010 62.82 40.87
Jun 2010 58.58 38.1
May 2010 62.49 40.68
Apr 2010 67.53 43.93
Mar 2010 66.16 42.97
Feb 2010 61.74 39.93
Jan 2010 59.04 38.17
Dec 2009 63.34 40.82
Nov 2009 60.2 38.86
Oct 2009 56.65 36.54
Sep 2009 58.49 37.69
Aug 2009 55.45 35.71
Jul 2009 54.77 35.19
Jun 2009 50.43 32.46
May 2009 49.46 31.56
Apr 2009 48.06 30.58
Mar 2009 42.62 27.05
Feb 2009 38.79 24.56
Jan 2009 41.15 25.93
Dec 2008 42.29 26.53
Nov 2008 40.98 25.98
Oct 2008 45.4 29.34
Sep 2008 53.17 34.71
Aug 2008 62.94 41.15
Jul 2008 61.79 40.56
Jun 2008 61.72 40.3
May 2008 69.02 44.62
Apr 2008 65.7 42.12
Mar 2008 61.22 39
Feb 2008 60.66 38.32
Jan 2008 63.92 40.26
Dec 2007 72.91 45.7
Nov 2007 72.99 45.78
Oct 2007 78.74 49.09
Sep 2007 73.72 45.86
Aug 2007 70.27 43.6
Jul 2007 68.22 42.4
Jun 2007 68.3 42.47
May 2007 68.16 42.3
Apr 2007 66.48 41
Mar 2007 63.38 38.83
Feb 2007 63.66 38.66
Jan 2007 65.09 39.32
Dec 2006 63.94 38.5
Nov 2006 65.34 39.29
Oct 2006 63.08 37.99
Sep 2006 59.9 36.27
Aug 2006 56.99 34.68
Jul 2006 54.51 33.1
Jun 2006 57.13 34.59
May 2006 57.31 34.63
Apr 2006 62.09 37.34
Mar 2006 62.74 37.41
Feb 2006 61.84 36.67
Jan 2006 63.32 37.47
Dec 2005 61.39 36.05
Nov 2005 62.4 36.79
Oct 2005 58.34 34.68
Sep 2005 59.34 35.2
Aug 2005 59.34 34.78
Jul 2005 60.56 35.31
Jun 2005 56.54 32.81
May 2005 58.56 33.97
Apr 2005 53.74 31.21
Mar 2005 56.56 32.63
Feb 2005 58.02 33.21
Jan 2005 58.63 33.37
Dec 2004 62.72 35.61
Nov 2004 61.24 34.9
Oct 2004 57.79 32.92
Sep 2004 55.32 31.35
Aug 2004 53.67 30.35
Jul 2004 55.08 31.13
Jun 2004 59.48 33.67
May 2004 57.79 32.61
Apr 2004 55.29 31.02
Mar 2004 57.18 31.97
Feb 2004 58.72 32.63
Jan 2004 59.84 33.07
Dec 2003 59.15 32.53
Nov 2003 57.33 31.56
Oct 2003 56.85 31.39
Sep 2003 52.34 28.92
Aug 2003 54.08 29.79
Jul 2003 51.7 28.37
Jun 2003 48.74 26.72
May 2003 48.54 26.58
Apr 2003 44.65 24.49
Mar 2003 40.98 22.53
Feb 2003 41.08 22.45
Jan 2003 40.21 21.8
Dec 2002 40.28 21.74
Nov 2002 45.71 24.73
Oct 2002 40.48 21.9
Sep 2002 34.23 18.49
Aug 2002 38.87 20.96
Jul 2002 39.59 21.28
Jun 2002 43.38 23.28
May 2002 49.95 26.8
Apr 2002 52.76 28.31
Mar 2002 60.3 32.17
Feb 2002 56.8 30.14
Jan 2002 65.01 34.36
Dec 2001 65.84 34.71
Nov 2001 66.82 35.37
Oct 2001 57.04 30.24
Sep 2001 48.59 25.85
Aug 2001 61.7 32.68
Jul 2001 70.34 37.26
Jun 2001 76.76 40.77
May 2001 75.26 39.91
Apr 2001 78 41.17
Mar 2001 66.43 34.93
Feb 2001 80.7 42.33
Jan 2001 109.79 57.36
Dec 2000 100.3 52.08
Nov 2000 108.16 56.19
Oct 2000 140.39 72.89
Sep 2000 152.76 79.18
Aug 2000 175.83 90.66
Jul 2000 154.74 79.79
Jun 2000 162.04 83.36
May 2000 144.91 74.16
Apr 2000 165.37 84.53
Mar 2000 191.23 97.69
Feb 2000 187.96 95.24
Jan 2000 158.85 80.01
Dec 1999 162.32 81.52
Nov 1999 130.57 65.57
Oct 1999 116.87 58.66
Sep 1999 107.17 53.7
Aug 1999 106.79 53.25
Jul 1999 101.5 50.49
Jun 1999 103.66 51.41
May 1999 93.6 46.42
Apr 1999 96.63 47.92
Mar 1999 95.07 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 May 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 37.09% 42.91%
Last 3 years 25.14% 29.25%
Last 5 years 12.85% 17.9%
Last 10 years 17.82% 21.81%
Last 20 years 13.63% 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
Jun 12, 2026
721.34
Highest
Jun 2, 2026
746.16
Highest, Inflation-Adjusted
Jun 2, 2026
746.16
Annualized return
Since Mar 10, 1999
10.66%
Annualized return, Inflation-Adjusted
Since Mar 10, 1999
7.83%

More in ETFs

Other Inflation-Adjusted Data