EVN vs QQQ: Correlation
Eaton Vance Municipal Income Trust (EVN) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVN and QQQ?
Over the past 3 years, EVN and QQQ moved with a correlation of 0.36, which is moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 84.8 %².
Among the 11 assets we track against EVN, QQQ sits near the bottom by co-movement, at rank #7. The last year tells two different stories: QQQ led by 17.9 percentage points, +8.4% for EVN against +26.3% for QQQ. Note the risk asymmetry: QQQ runs 1.6 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.
EVN vs QQQ: side by side
| EVN (Eaton Vance Municipal Income Trust) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +8.4% | +26.3% |
| 5-year return | -2.5% | +95.4% |
| Volatility (ann.) | 12.0% | 19.6% |
| Beta vs S&P 500 | 0.36 | 1.28 |
| Max drawdown (3Y) | -10.4% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.83% | 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 | EVN | QQQ |
|---|---|---|
| 2022 | -25.0% | -32.6% |
| 2023 | +4.4% | +54.9% |
| 2024 | +8.9% | +25.6% |
| 2025 | +12.8% | +20.8% |
| 2026 | +3.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EVN and QQQ good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EVN and QQQ?
The EVN/QQQ correlation stands at 0.36 on a 3-year window (1 year: 0.36, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for EVN?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/evn-vs-qqq.json
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Related comparisons
Hubs: EVN correlations · QQQ correlations
