AMZN vs QQQM: Correlation
How closely do Amazon (AMZN) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and QQQM?
On 3 years of weekly data the AMZN/QQQM correlation comes out at 0.70, strong. Lately the two have drifted apart, with the 1-year correlation at 0.57 versus 0.70 over 3 years. The 5-year figure is 0.74, and annualized covariance runs at 421.6 %².
Among the 38 assets we track against AMZN, QQQM ranks #6 by 3-year correlation. The trailing year gives QQQM the advantage: +11.8% versus +26.4%, a 14.6-point spread. The rolling one-year correlation moved between 0.58 and 0.83 over the past three years, a moderate range. Note the risk asymmetry: AMZN runs 1.6 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.
AMZN vs QQQM: side by side
| AMZN (Amazon) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +11.8% | +26.4% |
| 5-year return | +49.8% | +96.1% |
| Volatility (ann.) | 31.0% | 19.5% |
| Beta vs S&P 500 | 1.48 | 1.28 |
| Max drawdown (3Y) | -30.9% | -22.7% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | Consumer Discretionary | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | AMZN | QQQM |
|---|---|---|
| 2022 | -49.6% | -32.5% |
| 2023 | +80.9% | +55.0% |
| 2024 | +44.4% | +25.7% |
| 2025 | +5.2% | +20.9% |
| 2026 | +11.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that QQQM holds AMZN at a 4.5% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AMZN and QQQM good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AMZN and QQQM?
The AMZN/QQQM correlation stands at 0.70 on a 3-year window (1 year: 0.57, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for AMZN?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amzn-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amzn-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMZN correlations · QQQM correlations
