AG vs QQQ: Correlation
Measured on weekly returns over the past three years, First Majestic Silver Corp. (AG) and Invesco QQQ Trust (QQQ) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and QQQ?
On 3 years of weekly data the AG/QQQ correlation comes out at 0.29, weak. The past 12 months show a tighter link (0.39) than the 3-year average (0.29). The 5-year figure is 0.30, and annualized covariance runs at 399.5 %².
Out of 27 assets tracked against AG, QQQ lands near the bottom at #24. Correlation aside, the last 12 months split them widely, with AG ahead by 113.6 points (+139.9% versus +26.3%). Note the risk asymmetry: AG runs 3.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AG vs QQQ: side by side
| AG (First Majestic Silver Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +139.9% | +26.3% |
| 5-year return | +74.1% | +95.4% |
| Volatility (ann.) | 70.1% | 19.6% |
| Beta vs S&P 500 | 1.45 | 1.28 |
| Max drawdown (3Y) | -53.0% | -22.8% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | AG | QQQ |
|---|---|---|
| 2022 | -24.7% | -32.6% |
| 2023 | -26.0% | +54.9% |
| 2024 | -10.5% | +25.6% |
| 2025 | +204.1% | +20.8% |
| 2026 | +30.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and QQQ good diversifiers for each other?
Reasonably. At 0.29, AG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AG and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.39 over the last year and 0.30 over 5 years.
Is QQQ a good diversifier for AG?
Reasonably. At 0.29, AG and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ag-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ag-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AG correlations · QQQ correlations
