CMC vs QQQ: Correlation
Commercial Metals Company (CMC) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and QQQ?
Over the past 3 years, CMC and QQQ moved with a correlation of 0.45, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.45 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 291.8 %².
Among the 19 assets we track against CMC, QQQ sits near the bottom by co-movement, at rank #15. Neither side won the trailing year by much: +22.0% against +26.3%. Note the risk asymmetry: CMC runs 1.7 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.
CMC vs QQQ: side by side
| CMC (Commercial Metals Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +22.0% | +26.3% |
| 5-year return | +119.5% | +95.4% |
| Volatility (ann.) | 33.3% | 19.6% |
| Beta vs S&P 500 | 1.26 | 1.28 |
| Max drawdown (3Y) | -37.6% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 1.08% | 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 | CMC | QQQ |
|---|---|---|
| 2022 | +35.0% | -32.6% |
| 2023 | +5.0% | +54.9% |
| 2024 | +0.4% | +25.6% |
| 2025 | +41.5% | +20.8% |
| 2026 | +0.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and QQQ good diversifiers for each other?
Reasonably. At 0.45, CMC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMC and QQQ?
The CMC/QQQ correlation stands at 0.45 on a 3-year window (1 year: 0.35, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CMC?
Reasonably. At 0.45, CMC and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: CMC correlations · QQQ correlations
