FXI vs QQQM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and Invesco Nasdaq 100 ETF (QQQM) carry a correlation of 0.34, a moderate link. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and QQQM?
Across a 3-year window, the weekly returns of FXI and QQQM correlate at 0.34, moderate. Recent behaviour matches the longer record: 0.35 over 1 year against 0.34 over 3. Stretching to 5 years gives 0.34, with an annualized covariance of 169.4 %².
Within FXI's tracked universe of 74 assets, QQQM comes in at #42 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQM outperformed by 32.5 percentage points (-6.1% for FXI against +26.4% for QQQM). 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 QQQM: side by side
| FXI (iShares China Large-Cap ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | -6.1% | +26.4% |
| 5-year return | -1.4% | +96.1% |
| Volatility (ann.) | 25.3% | 19.5% |
| Beta vs S&P 500 | 0.68 | 1.28 |
| Max drawdown (3Y) | -23.2% | -22.7% |
| Dividend yield | 1.87% | 0.46% |
| Expense ratio | 0.73% | 0.15% |
| Assets under management | $4.3B | $97.1B |
| Sector / category | ETF · International | ETF · US Growth & Tech |
FXI is a Greater China Region fund from iShares: $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% 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 FXI and QQQM
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). 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 | FXI | QQQM |
|---|---|---|
| 2022 | -20.7% | -32.5% |
| 2023 | -12.4% | +55.0% |
| 2024 | +29.0% | +25.7% |
| 2025 | +28.9% | +20.9% |
| 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 QQQM 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 QQQM?
The FXI/QQQM correlation stands at 0.34 on a 3-year window (1 year: 0.35, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is QQQM 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 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/fxi-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fxi-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · QQQM correlations
