MDGL vs QQQ: Correlation
Measured on weekly returns over the past three years, Madrigal Pharmaceuticals, Inc. (MDGL) and Invesco QQQ Trust (QQQ) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDGL and QQQ?
Over the past 3 years, MDGL and QQQ moved with a correlation of 0.13, which is weak. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.13). Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is 155.2 %².
Among the 14 assets we track against MDGL, QQQ ranks #9 by 3-year correlation. Their 12-month results are close: +27.9% for MDGL against +26.3% for QQQ. Note the risk asymmetry: MDGL runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MDGL vs QQQ: side by side
| MDGL (Madrigal Pharmaceuticals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +27.9% | +26.3% |
| 5-year return | +554.5% | +95.4% |
| Volatility (ann.) | 60.2% | 19.6% |
| Beta vs S&P 500 | 0.71 | 1.28 |
| Max drawdown (3Y) | -38.8% | -22.8% |
| Market cap | $12.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | MDGL | QQQ |
|---|---|---|
| 2022 | +242.5% | -32.6% |
| 2023 | -20.3% | +54.9% |
| 2024 | +33.4% | +25.6% |
| 2025 | +88.7% | +20.8% |
| 2026 | -6.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDGL and QQQ good diversifiers for each other?
Yes. With a correlation of 0.13, MDGL and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MDGL and QQQ?
As of 2026-08-27, the correlation of weekly returns between MDGL and QQQ is 0.13 over 3 years, -0.08 over 1 year and 0.03 over 5 years.
Is QQQ a good diversifier for MDGL?
Yes. With a correlation of 0.13, MDGL and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdgl-vs-qqq/)
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Related comparisons
Hubs: MDGL correlations · QQQ correlations
