FMY vs QQQ: Correlation
How closely do First Trust Mortgage Income Fund (FMY) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and QQQ?
Across a 3-year window, the weekly returns of FMY and QQQ correlate at 0.15, weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.23, with an annualized covariance of 28.1 %².
Within FMY's tracked universe of 12 assets, QQQ comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 24.0 points (+2.3% versus +26.3%). One caveat on sizing: QQQ is 2.0 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.
FMY vs QQQ: side by side
| FMY (First Trust Mortgage Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +2.3% | +26.3% |
| 5-year return | +18.1% | +95.4% |
| Volatility (ann.) | 9.6% | 19.6% |
| Beta vs S&P 500 | 0.12 | 1.28 |
| Max drawdown (3Y) | -7.1% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 6.94% | 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 | FMY | QQQ |
|---|---|---|
| 2022 | -13.0% | -32.6% |
| 2023 | +16.1% | +54.9% |
| 2024 | +7.1% | +25.6% |
| 2025 | +8.6% | +20.8% |
| 2026 | +0.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and QQQ good diversifiers for each other?
Yes. With a correlation of 0.15, FMY and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FMY and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.14 over the last year and 0.23 over 5 years.
Is QQQ a good diversifier for FMY?
Yes. With a correlation of 0.15, FMY and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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/fmy-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmy-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FMY correlations · QQQ correlations
