IQI vs QQQ: Correlation
Invesco Quality Municipal Income Trust (IQI) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IQI and QQQ?
Across a 3-year window, the weekly returns of IQI and QQQ correlate at 0.34, moderate. The past 12 months show a tighter link (0.53) than the 3-year average (0.34). Stretching to 5 years gives 0.40, with an annualized covariance of 78.1 %².
Out of 27 assets tracked against IQI, QQQ lands near the bottom at #24. On 12-month performance QQQ holds a 9.6-point edge, +16.7% against +26.3%. One caveat on sizing: QQQ is 1.7 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.
IQI vs QQQ: side by side
| IQI (Invesco Quality Municipal Income Trust) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +16.7% | +26.3% |
| 5-year return | +1.1% | +95.4% |
| Volatility (ann.) | 11.8% | 19.6% |
| Beta vs S&P 500 | 0.31 | 1.28 |
| Max drawdown (3Y) | -11.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 7.50% | 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 | IQI | QQQ |
|---|---|---|
| 2022 | -26.9% | -32.6% |
| 2023 | +5.9% | +54.9% |
| 2024 | +10.5% | +25.6% |
| 2025 | +9.2% | +20.8% |
| 2026 | +7.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IQI 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 IQI and QQQ?
The IQI/QQQ correlation stands at 0.34 on a 3-year window (1 year: 0.53, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for IQI?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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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Related comparisons
Hubs: IQI correlations · QQQ correlations
