ETJ vs QQQ: Correlation
How closely do Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETJ and QQQ?
Across a 3-year window, the weekly returns of ETJ and QQQ correlate at 0.75, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.75 over 3. Stretching to 5 years gives 0.72, with an annualized covariance of 189.0 %².
By 3-year correlation, QQQ places #7 of the 15 assets tracked against ETJ. Correlation aside, the last 12 months split them widely, with QQQ ahead by 22.9 points (+3.4% versus +26.3%). Risk is not evenly split, since QQQ carries 1.5 times the volatility of the other side.
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.
ETJ vs QQQ: side by side
| ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +3.4% | +26.3% |
| 5-year return | +19.5% | +95.4% |
| Volatility (ann.) | 13.0% | 19.6% |
| Beta vs S&P 500 | 0.71 | 1.28 |
| Max drawdown (3Y) | -15.4% | -22.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 0.00% | 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 | ETJ | QQQ |
|---|---|---|
| 2022 | -22.7% | -32.6% |
| 2023 | +14.2% | +54.9% |
| 2024 | +29.5% | +25.6% |
| 2025 | +3.5% | +20.8% |
| 2026 | +2.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETJ and QQQ good diversifiers for each other?
Only partially. A correlation of 0.75 means ETJ and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ETJ and QQQ?
The ETJ/QQQ correlation stands at 0.75 on a 3-year window (1 year: 0.73, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ETJ?
Only partially. A correlation of 0.75 means ETJ and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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/etj-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etj-vs-qqq/)
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Related comparisons
Hubs: ETJ correlations · QQQ correlations
