GPMT vs QQQ: Correlation
How closely do Granite Point Mortgage Trust Inc. (GPMT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPMT and QQQ?
Across a 3-year window, the weekly returns of GPMT and QQQ correlate at 0.27, weak. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.27 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 245.2 %².
Out of 13 assets tracked against GPMT, QQQ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with QQQ ahead by 83.1 points (-56.8% versus +26.3%). Note the risk asymmetry: GPMT runs 2.4 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.
GPMT vs QQQ: side by side
| GPMT (Granite Point Mortgage Trust Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -56.8% | +26.3% |
| 5-year return | -86.4% | +95.4% |
| Volatility (ann.) | 47.2% | 19.6% |
| Beta vs S&P 500 | 1.20 | 1.28 |
| Max drawdown (3Y) | -78.6% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.05% | 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 | GPMT | QQQ |
|---|---|---|
| 2022 | -48.3% | -32.6% |
| 2023 | +28.8% | +54.9% |
| 2024 | -49.0% | +25.6% |
| 2025 | -7.0% | +20.8% |
| 2026 | -51.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPMT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GPMT and QQQ?
As of 2026-08-27, the correlation of weekly returns between GPMT and QQQ is 0.27 over 3 years, 0.13 over 1 year and 0.32 over 5 years.
Is QQQ a good diversifier for GPMT?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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/gpmt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gpmt-vs-qqq/)
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Related comparisons
Hubs: GPMT correlations · QQQ correlations
