JMM vs QQQ: Correlation
Nuveen Multi-Market Income Fund (MA) (JMM) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JMM and QQQ?
Across a 3-year window, the weekly returns of JMM and QQQ correlate at 0.21, weak. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 41.3 %².
QQQ is close to the least connected end of JMM's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 29.2 percentage points (-2.9% for JMM against +26.3% for QQQ). One caveat on sizing: QQQ is 2.0 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.
JMM vs QQQ: side by side
| JMM (Nuveen Multi-Market Income Fund (MA)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -2.9% | +26.3% |
| 5-year return | +3.3% | +95.4% |
| Volatility (ann.) | 9.8% | 19.6% |
| Beta vs S&P 500 | 0.20 | 1.28 |
| Max drawdown (3Y) | -9.9% | -22.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 5.99% | 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 | JMM | QQQ |
|---|---|---|
| 2022 | -18.0% | -32.6% |
| 2023 | +6.7% | +54.9% |
| 2024 | +8.2% | +25.6% |
| 2025 | +5.6% | +20.8% |
| 2026 | -0.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JMM and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JMM and QQQ?
The JMM/QQQ correlation stands at 0.21 on a 3-year window (1 year: 0.31, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for JMM?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: JMM correlations · QQQ correlations
