A subscriber requested measurement of a "premium" associated with stocks of innovative technology firms by looking at the difference in returns between the following two exchange-traded funds (ETF):
- Invesco QQQ Trust (QQQ), which generally tracks the NASDAQ 100 Index
- SPDR S&P 500 (SPY)
Using monthly dividend-adjusted closing prices for these ETFs during March 1999 (limited by QQQ) through March 2020, we find that:
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