MFM vs QQQ: Correlation
How closely do Aberdeen Municipal Income Fund (MFM) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFM and QQQ?
On 3 years of weekly data the MFM/QQQ correlation comes out at 0.26, weak. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.26). The 5-year figure is 0.37, and annualized covariance runs at 63.9 %².
QQQ is close to the least connected end of MFM's tracked universe, ranking #7 of 10. The last year tells two different stories: QQQ led by 15.1 percentage points, +11.2% for MFM against +26.3% for QQQ. One caveat on sizing: QQQ is 1.5 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.
MFM vs QQQ: side by side
| MFM (Aberdeen Municipal Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +11.2% | +26.3% |
| 5-year return | -4.9% | +95.4% |
| Volatility (ann.) | 12.8% | 19.6% |
| Beta vs S&P 500 | 0.28 | 1.28 |
| Max drawdown (3Y) | -11.7% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 5.25% | 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 | MFM | QQQ |
|---|---|---|
| 2022 | -22.6% | -32.6% |
| 2023 | +4.2% | +54.9% |
| 2024 | +8.5% | +25.6% |
| 2025 | +7.0% | +20.8% |
| 2026 | +3.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFM and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MFM and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.44 over the last year and 0.37 over 5 years.
Is QQQ a good diversifier for MFM?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mfm-vs-qqq/)
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Related comparisons
Hubs: MFM correlations · QQQ correlations
