FXI vs QQQ: Correlation & Overlap
iShares China Large-Cap ETF (FXI) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.34. 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 FXI and QQQ?
On 3 years of weekly data the FXI/QQQ correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 170.5 %².
Among the 74 assets we track against FXI, QQQ ranks #41 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 32.4 percentage points (-6.1% for FXI against +26.3% for QQQ). On a rolling one-year basis the correlation drifted between 0.21 and 0.66, a moderate band.
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.
FXI vs QQQ: side by side
| FXI (iShares China Large-Cap ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -6.1% | +26.3% |
| 5-year return | -1.4% | +95.4% |
| Volatility (ann.) | 25.3% | 19.6% |
| Beta vs S&P 500 | 0.68 | 1.28 |
| Max drawdown (3Y) | -23.2% | -22.8% |
| Dividend yield | 1.87% | 0.44% |
| Expense ratio | 0.73% | 0.18% |
| Assets under management | $4.3B | $452.8B |
| Sector / category | ETF · International | ETF · US Growth & Tech |
On the fund side, FXI sits in the Greater China Region category at iShares, with $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield. 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.
Portfolio overlap between FXI and QQQ
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by QQQ: 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 | FXI | QQQ |
|---|---|---|
| 2022 | -20.7% | -32.6% |
| 2023 | -12.4% | +54.9% |
| 2024 | +29.0% | +25.6% |
| 2025 | +28.9% | +20.8% |
| 2026 | -7.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FXI and QQQ?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.35 over the last year and 0.34 over 5 years.
Is QQQ a good diversifier for FXI?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
How much do FXI and QQQ overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-qqq.json
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Related comparisons
Hubs: FXI correlations · QQQ correlations
