LEO vs QQQ: Correlation
BNY Mellon Strategic Municipals, Inc. (LEO) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and QQQ?
Across a 3-year window, the weekly returns of LEO and QQQ correlate at 0.24, weak. The past 12 months show a tighter link (0.44) than the 3-year average (0.24). Stretching to 5 years gives 0.31, with an annualized covariance of 56.9 %².
Among the 21 assets we track against LEO, QQQ sits near the bottom by co-movement, at rank #18. The last year tells two different stories: QQQ led by 16.1 percentage points, +10.2% for LEO against +26.3% for QQQ. Risk is not evenly split, since QQQ carries 1.6 times the volatility of the other side.
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.
LEO vs QQQ: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.2% | +26.3% |
| 5-year return | -18.0% | +95.4% |
| Volatility (ann.) | 12.2% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -13.1% | -22.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 4.41% | 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 | LEO | QQQ |
|---|---|---|
| 2022 | -24.1% | -32.6% |
| 2023 | +0.1% | +54.9% |
| 2024 | +6.9% | +25.6% |
| 2025 | +9.9% | +20.8% |
| 2026 | +0.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and QQQ good diversifiers for each other?
Reasonably. At 0.24, LEO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LEO and QQQ?
As of 2026-08-27, the correlation of weekly returns between LEO and QQQ is 0.24 over 3 years, 0.44 over 1 year and 0.31 over 5 years.
Is QQQ a good diversifier for LEO?
Reasonably. At 0.24, LEO and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/leo-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/leo-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LEO correlations · QQQ correlations
