CEV vs QQQ: Correlation
Measured on weekly returns over the past three years, Eaton Vance California Municipal Income Trust Shares of (CEV) and Invesco QQQ Trust (QQQ) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEV and QQQ?
Across a 3-year window, the weekly returns of CEV and QQQ correlate at 0.24, weak. Lately the two have moved closer together, with the 1-year correlation at 0.38 versus 0.24 over 3 years. Stretching to 5 years gives 0.33, with an annualized covariance of 51.4 %².
Out of 12 assets tracked against CEV, QQQ lands near the bottom at #8. On 12-month performance QQQ holds a 7.3-point edge, +19.0% against +26.3%. One caveat on sizing: QQQ is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CEV vs QQQ: side by side
| CEV (Eaton Vance California Municipal Income Trust Shares of) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.0% | +26.3% |
| 5-year return | -1.8% | +95.4% |
| Volatility (ann.) | 10.9% | 19.6% |
| Beta vs S&P 500 | 0.23 | 1.28 |
| Max drawdown (3Y) | -12.4% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 5.54% | 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 | CEV | QQQ |
|---|---|---|
| 2022 | -22.7% | -32.6% |
| 2023 | +8.2% | +54.9% |
| 2024 | +2.3% | +25.6% |
| 2025 | +6.2% | +20.8% |
| 2026 | +10.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEV and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CEV and QQQ?
As of 2026-08-27, the correlation of weekly returns between CEV and QQQ is 0.24 over 3 years, 0.38 over 1 year and 0.33 over 5 years.
Is QQQ a good diversifier for CEV?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/cev-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cev-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CEV correlations · QQQ correlations
