CHMG vs QQQ: Correlation
Measured on weekly returns over the past three years, Chemung Financial Corp (CHMG) and Invesco QQQ Trust (QQQ) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHMG and QQQ?
Over the past 3 years, CHMG and QQQ moved with a correlation of 0.15, which is weak. Recent behaviour matches the longer record: 0.05 over 1 year against 0.15 over 3. Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 77.4 %².
Among the 10 assets we track against CHMG, QQQ sits near the bottom by co-movement, at rank #7. The last year tells two different stories: CHMG led by 29.3 percentage points, +55.6% for CHMG against +26.3% for QQQ.
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.
CHMG vs QQQ: side by side
| CHMG (Chemung Financial Corp) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +55.6% | +26.3% |
| 5-year return | +104.0% | +95.4% |
| Volatility (ann.) | 26.7% | 19.6% |
| Beta vs S&P 500 | 0.46 | 1.28 |
| Max drawdown (3Y) | -25.1% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.68% | 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 | CHMG | QQQ |
|---|---|---|
| 2022 | +1.6% | -32.6% |
| 2023 | +11.7% | +54.9% |
| 2024 | +0.7% | +25.6% |
| 2025 | +17.3% | +20.8% |
| 2026 | +47.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHMG and QQQ good diversifiers for each other?
Yes. With a correlation of 0.15, CHMG and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CHMG and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.05 over the last year and 0.14 over 5 years.
Is QQQ a good diversifier for CHMG?
Yes. With a correlation of 0.15, CHMG and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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.
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Related comparisons
Hubs: CHMG correlations · QQQ correlations
