What Is the Difference Between the Nasdaq Composite and the Nasdaq-100?

Headlines say "the Nasdaq fell 2%"; your QQQ fell 2.3%. Both are right, because "the Nasdaq" usually means the Composite and QQQ follows the Nasdaq-100.

What people on X are asking

In July 2024 a self-described novice asked, "what is the difference between the Nasdaq 100 and the Nasdaq composite?", and in September 2025 another user asked the same question directly: "What is difference between Nasdaq Composite vs Nasdaq 100?". Two replies in 2024 had it roughly right: the Nasdaq-100 is "a subset of the Nasdaq composite" with the 100 largest stocks, and it "does not include the stocks of financial institutions". Here are the index provider's definitions and the data.

What people in the thread said

• Answering the question directly, @DaveHcontrarian replied that the Composite is the full index and the Nasdaq-100 is the 100 largest stocks on Nasdaq. Nearly right: the Nasdaq-100 is the 100 largest non-financial companies listed on Nasdaq, so banks and other financials are excluded.

These are community comments, summarised in our words; the data and sources below come first.

The fact-checked answer

The definitions. Nasdaq's index pages describe the Composite as measuring "all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market", which "today ... includes over 2,500 companies". The Nasdaq-100 "includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization". Both are weighted by market value, so the largest companies dominate both.

Nasdaq Composite vs Nasdaq-100 at a glance

Definitions from Nasdaq Global Indexes. Returns computed by UXS from FRED's NASDAQCOM and NASDAQ100 daily closes (price only, no dividends). Tap a column header to sort.

	Nasdaq Composite	Nasdaq-100
Members	All Nasdaq-listed common-type stocks (2,500+)	100 largest non-financial Nasdaq companies
Financial companies	Included	Excluded
Small companies	Included	Excluded
Close, Nov 9, 2026	25,253.14	27,907.63
10-year price return (Nov 2016–Nov 2026)	17.0% a year	19.2% a year
2020	+43.6%	+47.6%
2022	−33.1%	−33.0%
2024	+28.6%	+24.9%
2025	+20.4%	+20.2%
2026 to Nov 9	+8.7%	+10.5%
Tracked by	Few funds	QQQ, NQ and MNQ futures, many ETFs

How similar are they? Very. On FRED's daily closes since January 2016, the correlation between the two indexes' daily returns is 0.99. The difference comes from the 2,400-plus smaller and financial companies in the Composite. When large technology stocks lead, the Nasdaq-100 wins (2020, 2026 so far). When smaller companies keep up, the Composite can come out ahead, as it did in 2024.

UXS chart

Nasdaq-100 vs Nasdaq Composite since 2016 (rebased to 100)

Nasdaq-100: latest

585.44

November 9, 2026

Nasdaq Composite: latest

490.01

November 9, 2026

Source: FRED, Federal Reserve Bank of St. Louis (FRED NASDAQ100 · FRED NASDAQCOM). Retrieved November 10, 2026. Chart computed and drawn by UXS from the raw series. FRED daily closes, both rebased to 100 at the start of November 2016. Price only. Download the data (CSV)

Year by year: Nasdaq-100

Computed by UXS from the same data as the chart. Tap a column header to sort. * = year to date (latest data November 9, 2026).

Year	Nasdaq-100: last value	Change vs prior year	Year high	Year low	Nasdaq Composite: last value
2026*	585.44	+10.5%	655.03	481.51	490.01
2025	529.69	+20.2%	547.94	358.52	450.99
2024	440.79	+24.9%	463.54	341.56	374.71
2023	352.97	+53.8%	354.67	225.33	291.28
2022	229.49	-33.0%	346.17	224.03	203.09
2021	342.36	+26.6%	347.67	258.01	303.57
2020	270.37	+47.6%	270.37	146.72	250.08
2019	183.20	+38.0%	184.15	128.95	174.10
2018	132.79	-1.0%	160.69	123.76	128.75
2017	134.18	+31.5%	136.63	103.03	133.95
2016	102.03	–	104.17	97.77	104.45

Long term. From the dot-com peak on March 10, 2000 to November 9, 2026, the Nasdaq-100 rose about 6.1 times and the Composite about 5.0 times on price. The gap has built up slowly because the largest companies have grown faster than the rest.

Which number you see. News reports and most charts labelled "Nasdaq" use the Composite. Investment products mostly use the Nasdaq-100: CME's E-mini and Micro E-mini Nasdaq futures, QQQ and many other ETFs. Check the index name before comparing a fund with "the Nasdaq".

Decision helper

For more on the Nasdaq-100 itself, see S&P 500 vs Nasdaq-100 and how much one point is worth on NQ and MNQ futures; for its history in downturns, how much the Nasdaq fell in each recession.

Common mistakes

• Comparing QQQ returns with the Composite.
• Thinking the Nasdaq-100 is the top 100 of all US stocks; it only includes Nasdaq listings.
• Assuming the Nasdaq-100 always outperforms.
• Comparing index levels as if they measured value.

FAQ

How many companies are in the Nasdaq Composite?

Over 2,500, according to Nasdaq.

Does the Nasdaq-100 include banks?

No. It excludes financial companies.

Which index does QQQ track?

The Nasdaq-100.

Which index do NQ futures track?

The Nasdaq-100.

Do they move together?

Almost: their daily returns have a correlation of 0.99 since 2016.

Which has done better over 10 years?

The Nasdaq-100: 19.2% a year versus 17.0% on price, November 2016 to November 2026.