MGEE vs QQQ: Correlation
Measured on weekly returns over the past three years, MGE Energy Inc. (MGEE) and Invesco QQQ Trust (QQQ) carry a correlation of 0.01, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGEE and QQQ?
Over the past 3 years, MGEE and QQQ moved with a correlation of 0.01, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.18 versus 0.01 over 3 years. Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 6.1 %².
Out of 15 assets tracked against MGEE, QQQ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with QQQ ahead by 34.6 points (-8.3% versus +26.3%).
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.
MGEE vs QQQ: side by side
| MGEE (MGE Energy Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -8.3% | +26.3% |
| 5-year return | +8.2% | +95.4% |
| Volatility (ann.) | 27.4% | 19.6% |
| Beta vs S&P 500 | 0.26 | 1.28 |
| Max drawdown (3Y) | -30.9% | -22.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 2.39% | 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 | MGEE | QQQ |
|---|---|---|
| 2022 | -12.6% | -32.6% |
| 2023 | +5.1% | +54.9% |
| 2024 | +32.8% | +25.6% |
| 2025 | -14.7% | +20.8% |
| 2026 | +1.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGEE and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
FAQ
What is the correlation between MGEE and QQQ?
Using weekly returns as of 2026-08-27: 0.01 over 3 years, with -0.18 over the last year and 0.14 over 5 years.
Is QQQ a good diversifier for MGEE?
By historical standards, yes. A correlation of 0.01 means the two rarely move for the same reasons.
What does a correlation of 0.01 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/mgee-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgee-vs-qqq/)
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Related comparisons
Hubs: MGEE correlations · QQQ correlations
