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• The Nasdaq 100 index surged by more than 54% in 2023.
• Big companies in the index like Nvidia and Meta were the top gainers.
• Moderna, JD, Enphase Energy, and PayPal were the top laggards.

Technology stocks are having a strong performance this year, helped by the ongoing artificial intelligence (AI) craze and hopes of a Federal Reserve pivot. They have staged a wild reversal after having a major meltdown in 2022 as the Fed hiked interest rates and implemented QE. 

The Invesco Nasdaq 100 ETF (QQQM) and Invesco QQQ funds jumped by more than 54% in 2023. QQQM was trading at $168.29 on Tuesday, its highest level on record. QQQ, on the other hand, surged to a record high of $409.40.

This article will look at the top gainers and laggards of the two popular ETFs, which have over $17 billion and $223 billion assets, respectively. The two funds are similar, with the only difference being the expense ratio. QQQM has a ratio of 0.15% while QQQM charges 0.20%. 

Invesco created the two funds because it makes limited income from QQQ because of how it is structured. Most of QQQ’s revenue goes to Bank of New York Mellon and Nasdaq, the index provider.

QQQ vs QQQM ETF stocks

Top Nasdaq 100 gainers

Most companies in the QQQ and QQQM ETFs jumped sharply in 2023. Nvidia (NVDA) stock price surged by more than 240%, pushing its total market cap to over $1.3 trillion. The company benefited from the soaring demand for artificial intelligence, which led to accelerated revenue growth.

Meta Platforms (META) stock was the second-best performer in the ETFs as it jumped by 191%. The company’s advertisement business resumed its growth while the management took action to cut its operational costs. Meta slashed thousands of jobs. 

Still, Meta is facing a major challenge as its products, especially Facebook, lose traction among young people, who are spending most of their time in TikTok.

CrowdStrike (CRWD) shares rose by over 170%, making it the third-best performer in the Nasdaq 100 index. The company saw a robust need for AI cybersecurity solutions as companies increased their spending.

Tesla (TSLA) stock price soared by over 108% as the company emerged as a big winner in the EV industry. Other large companies like General Motors (GM) and Ford (F) are struggling to sell their EV products.

Other top performers in the QQQ and QQQM ETFs were AMD, Broadcom (AVGO), Zscaler (ZS), Lam Research (LRCX), and PDD Holdings. PDD Holdings surged because of the popularity of Temu, the fast-growing e-commerce company.

Top QQQ and QQQM laggards

Not all Nasdaq 100 index companies did well in 2023. Moderna (MRNA) was the worst performer as its stock tumbled by over 50%. The giant vaccine manufacturer struggled as demand for COVID-19 vaccines crashed.

Enphase Energy (ENPH) stock price tumbled as part of a major sell-off in clean energy companies. As I wrote on Tuesday, solar energy companies like Sunrun and SunPower have struggled because of high-interest rates.

PayPal (PYPL) share price also continued its downtrend as the company battled thinning margins, slow growth, and soaring competition. Other top laggards in the Nasdaq 100 indices were Exelon (EXC), Kraft Heinz (KHC), Biogen (BGEN), and Gilead Sciences (GILD).

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