MIST vs QQQ: Correlation
How closely do Milestone Pharmaceuticals Inc. (MIST) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIST and QQQ?
Over the past 3 years, MIST and QQQ moved with a correlation of 0.38, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 686.3 %².
QQQ is close to the least connected end of MIST's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 59.1 percentage points (-32.8% for MIST against +26.3% for QQQ). Risk is not evenly split, since MIST carries 4.7 times the volatility of the other side.
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.
MIST vs QQQ: side by side
| MIST (Milestone Pharmaceuticals Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -32.8% | +26.3% |
| 5-year return | -80.4% | +95.4% |
| Volatility (ann.) | 91.2% | 19.6% |
| Beta vs S&P 500 | 2.57 | 1.28 |
| Max drawdown (3Y) | -80.7% | -22.8% |
| Market cap | $0.1B | – |
| 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 | MIST | QQQ |
|---|---|---|
| 2022 | -39.5% | -32.6% |
| 2023 | -57.8% | +54.9% |
| 2024 | +41.3% | +25.6% |
| 2025 | -14.4% | +20.8% |
| 2026 | -41.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIST and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MIST and QQQ?
As of 2026-08-27, the correlation of weekly returns between MIST and QQQ is 0.38 over 3 years, 0.48 over 1 year and 0.27 over 5 years.
Is QQQ a good diversifier for MIST?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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
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Related comparisons
Hubs: MIST correlations · QQQ correlations
