ETX vs QQQ: Correlation
Eaton Vance Municipal Income 2028 Term Trust (ETX) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETX and QQQ?
Across a 3-year window, the weekly returns of ETX and QQQ correlate at 0.19, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.19 over 3. Stretching to 5 years gives 0.20, with an annualized covariance of 30.1 %².
QQQ is close to the least connected end of ETX's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with QQQ ahead by 23.7 points (+2.6% versus +26.3%). One caveat on sizing: QQQ is 2.5 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.
ETX vs QQQ: side by side
| ETX (Eaton Vance Municipal Income 2028 Term Trust) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +2.6% | +26.3% |
| 5-year return | -2.2% | +95.4% |
| Volatility (ann.) | 7.9% | 19.6% |
| Beta vs S&P 500 | 0.13 | 1.28 |
| Max drawdown (3Y) | -6.1% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 23.2 | – |
| 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 | ETX | QQQ |
|---|---|---|
| 2022 | -13.5% | -32.6% |
| 2023 | +1.3% | +54.9% |
| 2024 | +6.9% | +25.6% |
| 2025 | +11.7% | +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 ETX and QQQ good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ETX and QQQ?
As of 2026-08-27, the correlation of weekly returns between ETX and QQQ is 0.19 over 3 years, 0.19 over 1 year and 0.20 over 5 years.
Is QQQ a good diversifier for ETX?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
A reading of 0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/etx-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/etx-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ETX correlations · QQQ correlations
