FSM vs QQQ: Correlation
Measured on weekly returns over the past three years, Fortuna Mining Corp. (FSM) and Invesco QQQ Trust (QQQ) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSM and QQQ?
On 3 years of weekly data the FSM/QQQ correlation comes out at 0.26, weak. The past 12 months show a tighter link (0.41) than the 3-year average (0.26). The 5-year figure is 0.29, and annualized covariance runs at 307.1 %².
Out of 12 assets tracked against FSM, QQQ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with FSM ahead by 42.7 points (+69.0% versus +26.3%). Note the risk asymmetry: FSM runs 3.0 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.
FSM vs QQQ: side by side
| FSM (Fortuna Mining Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +69.0% | +26.3% |
| 5-year return | +196.5% | +95.4% |
| Volatility (ann.) | 59.4% | 19.6% |
| Beta vs S&P 500 | 1.22 | 1.28 |
| Max drawdown (3Y) | -41.2% | -22.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 10.8 | – |
| 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 | FSM | QQQ |
|---|---|---|
| 2022 | -3.8% | -32.6% |
| 2023 | +2.9% | +54.9% |
| 2024 | +11.1% | +25.6% |
| 2025 | +128.7% | +20.8% |
| 2026 | +30.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSM and QQQ good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FSM and QQQ?
The FSM/QQQ correlation stands at 0.26 on a 3-year window (1 year: 0.41, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for FSM?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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
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[](https://www.pairbook.io/pair/fsm-vs-qqq/)
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Related comparisons
Hubs: FSM correlations · QQQ correlations
