MGX vs QQQ: Correlation
How closely do Metagenomi Therapeutics, Inc. (MGX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGX and QQQ?
Across a 3-year window, the weekly returns of MGX and QQQ correlate at 0.23, weak. The link has tightened recently: the 1-year correlation (0.39) runs above the 3-year figure (0.23). Stretching to 5 years gives n/a, with an annualized covariance of 395.6 %².
QQQ is close to the least connected end of MGX's tracked universe, ranking #14 of 18. Correlation aside, the last 12 months split them widely, with QQQ ahead by 61.2 points (-34.9% versus +26.3%). One caveat on sizing: MGX is 4.4 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.
MGX vs QQQ: side by side
| MGX (Metagenomi Therapeutics, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -34.9% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 86.5% | 19.6% |
| Beta vs S&P 500 | 1.23 | 1.28 |
| Max drawdown (3Y) | -90.7% | -22.8% |
| Market cap | – | – |
| 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 | MGX | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | -55.1% | +20.8% |
| 2026 | -25.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGX and QQQ good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MGX and QQQ?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.39 over the last year and n/a over 5 years.
Is QQQ a good diversifier for MGX?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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[](https://www.pairbook.io/pair/mgx-vs-qqq/)
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Related comparisons
Hubs: MGX correlations · QQQ correlations
