QQQ Outperforms DIA: Time To Be Cautious... And Flexible - I have followed the relationship between QQQ and DIA for some time, and I have found it to be one of the more insightful indicators I use. So, when I see that QQQ has outperformed DIA by nearly 19% over the past three months, I know something historic is taking place. This is very year 2000-like.We could be setting up for a continued period of significant return spread between these two major indexes. That should get investors' attention.