EIM vs QQQ: Correlation
Eaton Vance Municipal Bond Fund (EIM) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIM and QQQ?
On 3 years of weekly data the EIM/QQQ correlation comes out at 0.29, weak. The past 12 months show a tighter link (0.49) than the 3-year average (0.29). The 5-year figure is 0.41, and annualized covariance runs at 60.4 %².
Among the 11 assets we track against EIM, QQQ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with QQQ ahead by 21.4 points (+4.9% versus +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.
EIM vs QQQ: side by side
| EIM (Eaton Vance Municipal Bond Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +4.9% | +26.3% |
| 5-year return | -9.2% | +95.4% |
| Volatility (ann.) | 10.8% | 19.6% |
| Beta vs S&P 500 | 0.25 | 1.28 |
| Max drawdown (3Y) | -11.6% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 6.30% | 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 | EIM | QQQ |
|---|---|---|
| 2022 | -19.8% | -32.6% |
| 2023 | +1.6% | +54.9% |
| 2024 | +8.2% | +25.6% |
| 2025 | -0.1% | +20.8% |
| 2026 | +3.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIM and QQQ good diversifiers for each other?
Reasonably. At 0.29, EIM and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EIM and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.49 over the last year and 0.41 over 5 years.
Is QQQ a good diversifier for EIM?
Reasonably. At 0.29, EIM and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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.
Use this data
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Related comparisons
Hubs: EIM correlations · QQQ correlations
