EWJ vs QQQM: Correlation & Overlap
How closely do iShares MSCI Japan ETF (EWJ) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong. By holdings, the two funds overlap 0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EWJ and QQQM?
On 3 years of weekly data the EWJ/QQQM correlation comes out at 0.65, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 248.2 %².
Among the 70 assets we track against EWJ, QQQM ranks #33 by 3-year correlation. Their 12-month results are close: +27.1% for EWJ against +26.4% for QQQM. The rolling one-year correlation moved between 0.49 and 0.74 over the past three years, a moderate range.
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.
EWJ vs QQQM: side by side
| EWJ (iShares MSCI Japan ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +27.1% | +26.4% |
| 5-year return | +58.6% | +96.1% |
| Volatility (ann.) | 19.6% | 19.5% |
| Beta vs S&P 500 | 0.94 | 1.28 |
| Max drawdown (3Y) | -14.7% | -22.7% |
| Dividend yield | 3.86% | 0.46% |
| Expense ratio | 0.49% | 0.15% |
| Assets under management | $21.8B | $97.1B |
| Sector / category | ETF · International | ETF · US Growth & Tech |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between EWJ and QQQM
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by EWJ: 8306 (4.56%), 7203 (3.47%), 6857 (3.12%), 8035 (2.97%), 8316 (2.92%). Only by QQQM: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), MU (4.69%), AMZN (4.50%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | EWJ | QQQM |
|---|---|---|
| 2022 | -17.7% | -32.5% |
| 2023 | +20.3% | +55.0% |
| 2024 | +7.0% | +25.7% |
| 2025 | +25.8% | +20.9% |
| 2026 | +19.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EWJ and QQQM good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EWJ and QQQM?
The EWJ/QQQM correlation stands at 0.65 on a 3-year window (1 year: 0.61, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for EWJ?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do EWJ and QQQM overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ewj-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ewj-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EWJ correlations · QQQM correlations
