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 2025 as the baseline (latest available CPI).

The current value of the Invesco QQQ Trust is 556.72 (as of the close of Jul 15, 2025), which is the all-time high.

Since March 10, 1999, the inflation-adjusted total return for the ETF has been 522.83%, which is equivalent to an annual growth rate of 7.19%.

In nominal values, the total return since this date has been 1,118%, or an annualized rate of 9.95%.

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
Jul 2025	556.72	556.72
Jun 2025	551.64	551.64
May 2025	520.3	518.53
Apr 2025	477.55	474.94
Mar 2025	472.44	468.39
Feb 2025	512.37	506.85
Jan 2025	528.95	520.93
Dec 2024	521.14	509.9
Nov 2024	518.97	507.6
Oct 2024	492.34	481.81
Sep 2024	497.21	486.02
Aug 2024	485.28	473.6
Jul 2024	480.38	468.43
Jun 2024	489.14	476.43
May 2024	459.57	447.48
Apr 2024	433.66	421.54
Mar 2024	455.26	440.82
Feb 2024	452.44	435.27
Jan 2024	432.39	413.43
Dec 2023	426.98	406.04
Nov 2023	403.99	384.56
Oct 2023	363.81	347.02
Sep 2023	371.34	354.34
Aug 2023	392.19	373.3
Jul 2023	399.83	378.92
Jun 2023	385.71	364.84
May 2023	364	343.2
Apr 2023	338.25	318.12
Mar 2023	338.25	316.51
Feb 2023	309.95	289.07
Jan 2023	312.8	290.12
Dec 2022	284.97	262.21
Nov 2022	312.24	288.19
Oct 2022	295.54	273.05
Sep 2022	285.33	262.55
Aug 2022	319.62	293.47
Jul 2022	336.79	309.34
Jun 2022	299.2	274.85
May 2022	332.97	301.72
Apr 2022	342.06	306.59
Mar 2022	398.1	354.83
Feb 2022	385.42	339.01
Jan 2022	407.17	354.89
Dec 2021	449.95	388.91
Nov 2021	446.19	384.48
Oct 2021	439.61	376.95
Sep 2021	410.94	349.47
Aug 2021	436.89	370.53
Jul 2021	420.07	355.53
Jun 2021	410.35	345.64
May 2021	389.76	325.27
Apr 2021	397.66	329.23
Mar 2021	378.55	310.86
Feb 2021	374.8	305.61
Jan 2021	377.36	306.02
Dec 2020	377.97	305.22
Nov 2020	360.65	290.96
Oct 2020	324.05	261.59
Sep 2020	334.37	269.81
Aug 2020	354.85	285.94
Jul 2020	320.86	257.73
Jun 2020	300.41	240.09
May 2020	284.19	225.89
Apr 2020	266.6	211.9
Mar 2020	230.32	184.31
Feb 2020	247.89	198.79
Jan 2020	264.59	211.61
Dec 2019	257.79	205.37
Nov 2019	247.92	197.69
Oct 2019	238.1	189.96
Sep 2019	228.63	181.99
Aug 2019	226.73	180.33
Jul 2019	231.1	183.82
Jun 2019	226.21	179.63
May 2019	210.29	166.96
Apr 2019	229.63	181.92
Mar 2019	218.81	172.44
Feb 2019	211.74	165.93
Jan 2019	206.46	161.11
Dec 2018	189.75	147.79
Nov 2018	207.08	161.81
Oct 2018	206.94	162.24
Sep 2018	226.8	177.49
Aug 2018	227.7	178
Jul 2018	215.38	168.27
Jun 2018	209.53	163.69
May 2018	207.49	161.84
Apr 2018	197.17	153.15
Mar 2018	196.96	152.38
Feb 2018	205.8	158.86
Jan 2018	209.44	160.94
Dec 2017	193.62	147.98
Nov 2017	192.35	147.09
Oct 2017	188.64	144.25
Sep 2017	180.22	137.9
Aug 2017	181.71	138.31
Jul 2017	178.55	135.5
Jun 2017	171.46	130.21
May 2017	175.69	133.3
Apr 2017	169.24	128.3
Mar 2017	165.24	124.89
Feb 2017	162.09	122.41
Jan 2017	155.78	117.28
Dec 2016	149.03	111.55
Nov 2016	147.41	110.3
Oct 2016	146.54	109.82
Sep 2016	148.9	111.45
Aug 2016	146.02	109.03
Jul 2016	144.64	107.9
Jun 2016	134.77	100.7
May 2016	138.36	103.05
Apr 2016	133.11	98.73
Mar 2016	138.14	101.98
Feb 2016	129.84	95.44
Jan 2016	132.01	96.96
Dec 2015	142.05	104.16
Nov 2015	143.86	105.85
Oct 2015	142.68	105.21
Sep 2015	128.06	94.47
Aug 2015	130.75	96.6
Jul 2015	140.12	103.67
Jun 2015	134.03	99.16
May 2015	137.92	101.68
Apr 2015	135.58	99.45
Mar 2015	133.29	97.57
Feb 2015	137.32	99.93
Jan 2015	128.63	93.2
Dec 2014	130.75	95.18
Nov 2014	132.99	97.36
Oct 2014	126.52	93.13
Sep 2014	122.95	90.73
Aug 2014	123.98	91.42
Jul 2014	117.87	87.06
Jun 2014	116.45	86.05
May 2014	113.13	83.44
Apr 2014	108.65	79.86
Mar 2014	109.36	80.11
Feb 2014	113.16	82.37
Jan 2014	108.02	78.33
Dec 2013	110.54	79.87
Nov 2013	107.39	77.59
Oct 2013	103.49	74.93
Sep 2013	98.35	71.39
Aug 2013	93.93	68.1
Jul 2013	94.42	68.38
Jun 2013	88.84	64.31
May 2013	91.24	65.89
Apr 2013	88.25	63.62
Mar 2013	85.98	62.04
Feb 2013	83.67	60.22
Jan 2013	84.07	60.02
Dec 2012	82.12	58.45
Nov 2012	82.74	59.06
Oct 2012	81.29	58.29
Sep 2012	85.78	61.54
Aug 2012	85.65	61.17
Jul 2012	81.88	58.16
Jun 2012	80.94	57.58
May 2012	78	55.57
Apr 2012	83.81	59.78
Mar 2012	85.05	60.49
Feb 2012	81.72	57.68
Jan 2012	77.13	54.2
Dec 2011	71.46	49.99
Nov 2011	71.99	50.49
Oct 2011	73.92	51.89
Sep 2011	66.82	47
Aug 2011	70.2	49.3
Jul 2011	74.15	51.94
Jun 2011	73	51.09
May 2011	74.6	52.26
Apr 2011	75.87	52.9
Mar 2011	74.23	51.43
Feb 2011	75.4	51.73
Jan 2011	73.45	50.14
Dec 2010	71.77	48.77
Nov 2010	68.76	46.64
Oct 2010	68.91	46.72
Sep 2010	64.88	43.94
Aug 2010	57.5	38.92
Jul 2010	60.69	41.02
Jun 2010	56.6	38.24
May 2010	60.37	40.83
Apr 2010	65.24	44.09
Mar 2010	63.92	43.12
Feb 2010	59.65	40.08
Jan 2010	57.04	38.32
Dec 2009	61.19	40.97
Nov 2009	58.16	39.01
Oct 2009	54.73	36.68
Sep 2009	56.5	37.83
Aug 2009	53.57	35.84
Jul 2009	52.91	35.33
Jun 2009	48.72	32.58
May 2009	47.78	31.68
Apr 2009	46.43	30.7
Mar 2009	41.17	27.15
Feb 2009	37.47	24.65
Jan 2009	39.75	26.02
Dec 2008	40.86	26.63
Nov 2008	39.59	26.08
Oct 2008	43.86	29.45
Sep 2008	51.37	34.84
Aug 2008	60.8	41.3
Jul 2008	59.69	40.71
Jun 2008	59.62	40.45
May 2008	66.68	44.78
Apr 2008	63.48	42.27
Mar 2008	59.14	39.15
Feb 2008	58.6	38.46
Jan 2008	61.75	40.41
Dec 2007	70.44	45.86
Nov 2007	70.51	45.95
Oct 2007	76.07	49.28
Sep 2007	71.22	46.03
Aug 2007	67.89	43.76
Jul 2007	65.91	42.56
Jun 2007	65.99	42.62
May 2007	65.85	42.45
Apr 2007	64.23	41.15
Mar 2007	61.23	38.98
Feb 2007	61.5	38.8
Jan 2007	62.89	39.46
Dec 2006	61.77	38.65
Nov 2006	63.13	39.44
Oct 2006	60.94	38.13
Sep 2006	57.87	36.4
Aug 2006	55.06	34.81
Jul 2006	52.66	33.22
Jun 2006	55.19	34.72
May 2006	55.37	34.76
Apr 2006	59.99	37.47
Mar 2006	60.61	37.55
Feb 2006	59.74	36.8
Jan 2006	61.18	37.61
Dec 2005	59.31	36.18
Nov 2005	60.28	36.93
Oct 2005	56.36	34.81
Sep 2005	57.33	35.33
Aug 2005	57.33	34.9
Jul 2005	58.51	35.44
Jun 2005	54.62	32.93
May 2005	56.58	34.1
Apr 2005	51.92	31.32
Mar 2005	54.64	32.75
Feb 2005	56.05	33.33
Jan 2005	56.65	33.49
Dec 2004	60.59	35.75
Nov 2004	59.16	35.03
Oct 2004	55.83	33.04
Sep 2004	53.45	31.47
Aug 2004	51.85	30.46
Jul 2004	53.21	31.24
Jun 2004	57.46	33.79
May 2004	55.83	32.73
Apr 2004	53.42	31.13
Mar 2004	55.24	32.09
Feb 2004	56.73	32.75
Jan 2004	57.81	33.19
Dec 2003	57.14	32.65
Nov 2003	55.39	31.68
Oct 2003	54.93	31.5
Sep 2003	50.56	29.03
Aug 2003	52.24	29.9
Jul 2003	49.95	28.48
Jun 2003	47.09	26.82
May 2003	46.89	26.68
Apr 2003	43.14	24.58
Mar 2003	39.59	22.61
Feb 2003	39.69	22.53
Jan 2003	38.85	21.88
Dec 2002	38.91	21.82
Nov 2002	44.16	24.82
Oct 2002	39.11	21.98
Sep 2002	33.06	18.55
Aug 2002	37.55	21.03
Jul 2002	38.25	21.36
Jun 2002	41.9	23.37
May 2002	48.26	26.9
Apr 2002	50.97	28.41
Mar 2002	58.25	32.29
Feb 2002	54.88	30.25
Jan 2002	62.81	34.48
Dec 2001	63.6	34.84
Nov 2001	64.56	35.5
Oct 2001	55.1	30.36
Sep 2001	46.95	25.95
Aug 2001	59.61	32.8
Jul 2001	67.95	37.39
Jun 2001	74.16	40.92
May 2001	72.7	40.05
Apr 2001	75.35	41.32
Mar 2001	64.18	35.06
Feb 2001	77.96	42.49
Jan 2001	106.07	57.58
Dec 2000	96.9	52.27
Nov 2000	104.49	56.4
Oct 2000	135.62	73.16
Sep 2000	147.58	79.47
Aug 2000	169.87	91
Jul 2000	149.49	80.09
Jun 2000	156.54	83.67
May 2000	140	74.43
Apr 2000	159.76	84.84
Mar 2000	184.74	98.05
Feb 2000	181.59	95.59
Jan 2000	153.47	80.31
Dec 1999	156.82	81.82
Nov 1999	126.14	65.82
Oct 1999	112.91	58.88
Sep 1999	103.54	53.89
Aug 1999	103.17	53.45
Jul 1999	98.06	50.68
Jun 1999	100.15	51.6
May 1999	90.42	46.59
Apr 1999	93.36	48.1
Mar 1999	91.85	46.98

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

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	12.78%	15.79%
Last 3 years	22.62%	26.14%
Last 5 years	12.92%	18.1%
Last 10 years	15.2%	18.72%
Last 20 years	12.26%	15.13%

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 June 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 177.5% nominal gain, but the real return (the actual increase in buying power) was 122.54%.

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 - Jun 2025	$277.5	177.5%	122.54%
Last 10 years Feb 2015 - Jun 2025	$552.04	452.04%	301.71%
Last 25 years Feb 2000 - Jun 2025	$577.1	477.1%	203.79%

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 15, 2025	556.72
Highest Jul 15, 2025	556.72
Highest, Inflation-Adjusted Jul 15, 2025	556.72
Annualized return Since Mar 10, 1999	9.95%
Annualized return, Inflation-Adjusted Since Mar 10, 1999	7.19%