BMN vs QQQ: Correlation
Measured on weekly returns over the past three years, BlackRock 2037 Municipal Target Term Trust (BMN) and Invesco QQQ Trust (QQQ) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMN and QQQ?
Across a 3-year window, the weekly returns of BMN and QQQ correlate at 0.23, weak. The past 12 months show a tighter link (0.34) than the 3-year average (0.23). Stretching to 5 years gives 0.24, with an annualized covariance of 42.0 %².
Out of 10 assets tracked against BMN, QQQ lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with QQQ ahead by 15.4 points (+10.9% versus +26.3%). Note the risk asymmetry: QQQ runs 2.1 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.
BMN vs QQQ: side by side
| BMN (BlackRock 2037 Municipal Target Term Trust) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.9% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 9.4% | 19.6% |
| Beta vs S&P 500 | 0.18 | 1.28 |
| Max drawdown (3Y) | -9.3% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 0.00% | 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 | BMN | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | +1.9% | +54.9% |
| 2024 | +12.7% | +25.6% |
| 2025 | +5.5% | +20.8% |
| 2026 | +4.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMN and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BMN and QQQ?
As of 2026-08-27, the correlation of weekly returns between BMN and QQQ is 0.23 over 3 years, 0.34 over 1 year and 0.24 over 5 years.
Is QQQ a good diversifier for BMN?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BMN correlations · QQQ correlations
