MGF vs QQQ: Correlation
Measured on weekly returns over the past three years, Aberdeen Government Markets Income Fund (MGF) and Invesco QQQ Trust (QQQ) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and QQQ?
Across a 3-year window, the weekly returns of MGF and QQQ correlate at 0.23, weak. Recent behaviour matches the longer record: 0.33 over 1 year against 0.23 over 3. Stretching to 5 years gives 0.30, with an annualized covariance of 38.9 %².
QQQ is close to the least connected end of MGF's tracked universe, ranking #7 of 10. The last year tells two different stories: QQQ led by 24.6 percentage points, +1.7% for MGF against +26.3% for QQQ. One caveat on sizing: QQQ is 2.2 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.
MGF vs QQQ: side by side
| MGF (Aberdeen Government Markets Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +1.7% | +26.3% |
| 5-year return | -3.4% | +95.4% |
| Volatility (ann.) | 8.8% | 19.6% |
| Beta vs S&P 500 | 0.17 | 1.28 |
| Max drawdown (3Y) | -8.7% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 8.17% | 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 | MGF | QQQ |
|---|---|---|
| 2022 | -15.8% | -32.6% |
| 2023 | +3.8% | +54.9% |
| 2024 | +4.2% | +25.6% |
| 2025 | +6.3% | +20.8% |
| 2026 | +0.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGF and QQQ?
The MGF/QQQ correlation stands at 0.23 on a 3-year window (1 year: 0.33, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for MGF?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 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/mgf-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgf-vs-qqq/)
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Related comparisons
Hubs: MGF correlations · QQQ correlations
