CMCL vs QQQ: Correlation
Caledonia Mining Corporation Plc (CMCL) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and QQQ?
Over the past 3 years, CMCL and QQQ moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 267.1 %².
QQQ is close to the least connected end of CMCL's tracked universe, ranking #10 of 13. The last year tells two different stories: QQQ led by 20.9 percentage points, +5.4% for CMCL against +26.3% for QQQ. One caveat on sizing: CMCL is 2.7 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.
CMCL vs QQQ: side by side
| CMCL (Caledonia Mining Corporation Plc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.4% | +26.3% |
| 5-year return | +156.5% | +95.4% |
| Volatility (ann.) | 52.7% | 19.6% |
| Beta vs S&P 500 | 1.10 | 1.28 |
| Max drawdown (3Y) | -55.2% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 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 | CMCL | QQQ |
|---|---|---|
| 2022 | +11.4% | -32.6% |
| 2023 | +2.6% | +54.9% |
| 2024 | -18.9% | +25.6% |
| 2025 | +183.7% | +20.8% |
| 2026 | -1.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CMCL and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.35 over the last year and 0.27 over 5 years.
Is QQQ a good diversifier for CMCL?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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/cmcl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmcl-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMCL correlations · QQQ correlations
