FMAO vs QQQ: Correlation
How closely do Farmers & Merchants Bancorp, Inc. (FMAO) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMAO and QQQ?
Across a 3-year window, the weekly returns of FMAO and QQQ correlate at 0.23, weak. The link has loosened recently: the 1-year correlation (0.02) runs below the 3-year figure (0.23). Stretching to 5 years gives 0.24, with an annualized covariance of 163.9 %².
QQQ is close to the least connected end of FMAO's tracked universe, ranking #16 of 19. Over the last 12 months FMAO came out ahead by 5.1 percentage points (+31.4% against +26.3%). Risk is not evenly split, since FMAO carries 1.8 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.
FMAO vs QQQ: side by side
| FMAO (Farmers & Merchants Bancorp, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +31.4% | +26.3% |
| 5-year return | +78.8% | +95.4% |
| Volatility (ann.) | 36.2% | 19.6% |
| Beta vs S&P 500 | 0.90 | 1.28 |
| Max drawdown (3Y) | -35.0% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 2.72% | 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 | FMAO | QQQ |
|---|---|---|
| 2022 | -14.9% | -32.6% |
| 2023 | -5.3% | +54.9% |
| 2024 | +23.1% | +25.6% |
| 2025 | -13.0% | +20.8% |
| 2026 | +39.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMAO and QQQ good diversifiers for each other?
Reasonably. At 0.23, FMAO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FMAO and QQQ?
As of 2026-08-27, the correlation of weekly returns between FMAO and QQQ is 0.23 over 3 years, 0.02 over 1 year and 0.24 over 5 years.
Is QQQ a good diversifier for FMAO?
Reasonably. At 0.23, FMAO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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/fmao-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmao-vs-qqq/)
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Related comparisons
Hubs: FMAO correlations · QQQ correlations
