MDY vs QQQM: Correlation & Overlap
How closely do SPDR S&P MidCap 400 ETF (MDY) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong. The two funds also share 0% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and QQQM?
On 3 years of weekly data the MDY/QQQM correlation comes out at 0.67, strong. The link has loosened recently: the 1-year correlation (0.55) runs below the 3-year figure (0.67). The 5-year figure is 0.74, and annualized covariance runs at 215.0 %².
Within MDY's tracked universe of 359 assets, QQQM comes in at #95 by 3-year correlation. The trailing year gives QQQM the advantage: +18.3% versus +26.4%, a 8.1-point spread. Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.84.
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.
MDY vs QQQM: side by side
| MDY (SPDR S&P MidCap 400 ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +18.3% | +26.4% |
| 5-year return | +47.5% | +96.1% |
| Volatility (ann.) | 16.5% | 19.5% |
| Beta vs S&P 500 | 0.91 | 1.28 |
| Max drawdown (3Y) | -24.0% | -22.7% |
| Dividend yield | 1.02% | 0.46% |
| Expense ratio | 0.23% | 0.15% |
| Assets under management | $26.5B | $97.1B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Growth & Tech |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between MDY and QQQM
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by MDY: TWLO (0.95%), P (0.94%), ILMN (0.93%), FTI (0.83%), ATI (0.80%). Only by QQQM: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), MU (4.69%), AMZN (4.50%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | MDY | QQQM |
|---|---|---|
| 2022 | -13.3% | -32.5% |
| 2023 | +16.1% | +55.0% |
| 2024 | +13.6% | +25.7% |
| 2025 | +7.2% | +20.9% |
| 2026 | +16.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and QQQM good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and QQQM?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.55 over the last year and 0.74 over 5 years.
Is QQQM a good diversifier for MDY?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do MDY and QQQM overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-qqqm/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: MDY correlations · QQQM correlations
