MGNX vs QQQ: Correlation
How closely do MacroGenics, Inc. (MGNX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGNX and QQQ?
Across a 3-year window, the weekly returns of MGNX and QQQ correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.25 over 3 years. Stretching to 5 years gives 0.30, with an annualized covariance of 477.6 %².
By 3-year correlation, QQQ places #7 of the 14 assets tracked against MGNX. Their recent paths diverged sharply: over the last 12 months MGNX outperformed by 110.9 percentage points (+137.2% for MGNX against +26.3% for QQQ). Note the risk asymmetry: MGNX runs 4.9 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.
MGNX vs QQQ: side by side
| MGNX (MacroGenics, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +137.2% | +26.3% |
| 5-year return | -82.5% | +95.4% |
| Volatility (ann.) | 96.3% | 19.6% |
| Beta vs S&P 500 | 1.72 | 1.28 |
| Max drawdown (3Y) | -95.1% | -22.8% |
| Market cap | $0.3B | – |
| 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 | MGNX | QQQ |
|---|---|---|
| 2022 | -58.2% | -32.6% |
| 2023 | +43.4% | +54.9% |
| 2024 | -66.2% | +25.6% |
| 2025 | -50.5% | +20.8% |
| 2026 | +153.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGNX and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGNX and QQQ?
As of 2026-08-27, the correlation of weekly returns between MGNX and QQQ is 0.25 over 3 years, 0.05 over 1 year and 0.30 over 5 years.
Is QQQ a good diversifier for MGNX?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MGNX correlations · QQQ correlations
