M vs QQQ: Correlation
Macy's Inc (M) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are M and QQQ?
Over the past 3 years, M and QQQ moved with a correlation of 0.26, which is weak. The past 12 months show a weaker link (0.13) than the 3-year average (0.26). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 247.8 %².
Out of 14 assets tracked against M, QQQ lands near the bottom at #11. The last year tells two different stories: M led by 45.5 percentage points, +71.8% for M against +26.3% for QQQ. One caveat on sizing: M is 2.5 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.
M vs QQQ: side by side
| M (Macy's Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +71.8% | +26.3% |
| 5-year return | +21.5% | +95.4% |
| Volatility (ann.) | 49.3% | 19.6% |
| Beta vs S&P 500 | 1.06 | 1.28 |
| Max drawdown (3Y) | -51.3% | -22.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 3.24% | 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 | M | QQQ |
|---|---|---|
| 2022 | -18.7% | -32.6% |
| 2023 | +1.6% | +54.9% |
| 2024 | -12.4% | +25.6% |
| 2025 | +36.5% | +20.8% |
| 2026 | +4.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are M and QQQ good diversifiers for each other?
Reasonably. At 0.26, M and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between M and QQQ?
The M/QQQ correlation stands at 0.26 on a 3-year window (1 year: 0.13, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for M?
Reasonably. At 0.26, M and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/m-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/m-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: M correlations · QQQ correlations
