JOF vs QQQ: Correlation
How closely do Japan Smaller Capitalization Fund Inc (JOF) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOF and QQQ?
Across a 3-year window, the weekly returns of JOF and QQQ correlate at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 191.5 %².
Among the 15 assets we track against JOF, QQQ ranks #7 by 3-year correlation. On 12-month performance JOF holds a 6.7-point edge, +33.0% against +26.3%.
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.
JOF vs QQQ: side by side
| JOF (Japan Smaller Capitalization Fund Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +33.0% | +26.3% |
| 5-year return | +81.0% | +95.4% |
| Volatility (ann.) | 18.6% | 19.6% |
| Beta vs S&P 500 | 0.74 | 1.28 |
| Max drawdown (3Y) | -17.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 2.5 | – |
| Dividend yield | 5.67% | 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 | JOF | QQQ |
|---|---|---|
| 2022 | -17.1% | -32.6% |
| 2023 | +21.4% | +54.9% |
| 2024 | +5.3% | +25.6% |
| 2025 | +52.1% | +20.8% |
| 2026 | +20.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOF and QQQ good diversifiers for each other?
Only partially. A correlation of 0.53 means JOF and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JOF and QQQ?
The JOF/QQQ correlation stands at 0.53 on a 3-year window (1 year: 0.55, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for JOF?
Only partially. A correlation of 0.53 means JOF and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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: JOF correlations · QQQ correlations
