Apple (NasdaqGS: AAPL) shares tumbling more than 20% from the record high and into a bear market has hurt Nasdaq and technology ETFs that have large stakes in the Wall Street darling.

Apple traded as low as $541.19 a share on Thursday, down about 23% from the all-time high of $705.07 reached in September.

The stock is the largest holding in PowerShares QQQ (NasdaqGM: QQQ) at nearly 18% of the Nasdaq-100 fund. QQQ has been trailing the overall market lately with Apple leading the way down.

The tech-heavy ETF is off about 9% since the latest 52-week high in September. Meanwhile, SPDR S&P 500 (NYSEArca: SPY) is down 6% since its September peak.

“Apple shares, battered by a combination of disappointing product launches, management turmoil and competitive concerns, have entered bear market territory,” Eric Savitz at Forbes wrote Wednesday. “Combine that with a stock that had taken off like a rocket – the stock even at this level is up 39% for the year to date – and you have the formula for the big sell-off we’ve seen.”

The pullback in Apple and the overall tech sector has caused some investors to flee QQQ, the Nasdaq-100 ETF. Since the end of September, QQQ has seen net outflows of $2.3 billion, according to IndexUniverse. Only SPY has seen heavier selling during the period with outflows of $6.5 billion.

QQQ has fallen below the 200-day exponential moving average.

PowerShares QQQ

Full disclosure: Tom Lydon’s clients own AAPL, QQQ and SPY.