Nasdaq-100 Outperformance Continues
The Nasdaq-100 Index® (NDX®) has consistently outperformed the SPY, leading by approximately 800 basis points year-to-date in 2026, with NDX gaining around 16% compared to SPY’s 8%. Despite a decline of roughly 9% at the end of Q1 2026 amidst rising energy prices, NDX rebounded to reach new all-time highs in June, remaining just 4% shy of that peak.
In Q2, Information Technology drove 94% of NDX’s returns, compared to 71% for SPY, highlighting the sector’s dominance. As of June 25, 2026, NDX saw a quarterly average daily options volume increase of over 420% from Q3 2022 levels, now equivalent to 4.6 million QQQ options.
Looking forward, 3-month options for NDX are trading at an implied volatility of around 27%, indicating anticipated market fluctuations of just over 10% over the next three months.
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