MGY vs QQQ: Correlation
How closely do Magnolia Oil & Gas Corporation (MGY) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and QQQ?
Across a 3-year window, the weekly returns of MGY and QQQ correlate at 0.08, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.40) than the 3-year average (0.08). Stretching to 5 years gives 0.18, with an annualized covariance of 51.5 %².
QQQ is close to the least connected end of MGY's tracked universe, ranking #25 of 28. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 15.7 percentage points (+10.6% for MGY against +26.3% for QQQ). Note the risk asymmetry: MGY runs 1.6 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.
MGY vs QQQ: side by side
| MGY (Magnolia Oil & Gas Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.6% | +26.3% |
| 5-year return | +92.1% | +95.4% |
| Volatility (ann.) | 32.0% | 19.6% |
| Beta vs S&P 500 | 0.40 | 1.28 |
| Max drawdown (3Y) | -31.5% | -22.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 2.50% | 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 | MGY | QQQ |
|---|---|---|
| 2022 | +26.5% | -32.6% |
| 2023 | -7.3% | +54.9% |
| 2024 | +12.2% | +25.6% |
| 2025 | -3.8% | +20.8% |
| 2026 | +24.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and QQQ good diversifiers for each other?
Yes. With a correlation of 0.08, MGY and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MGY and QQQ?
The MGY/QQQ correlation stands at 0.08 on a 3-year window (1 year: -0.40, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for MGY?
Yes. With a correlation of 0.08, MGY and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgy-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mgy-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGY correlations · QQQ correlations
