MMYT vs QQQ: Correlation
Measured on weekly returns over the past three years, MakeMyTrip Limited (MMYT) and Invesco QQQ Trust (QQQ) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and QQQ?
Over the past 3 years, MMYT and QQQ moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.46). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 441.8 %².
QQQ is close to the least connected end of MMYT's tracked universe, ranking #8 of 12. The last year tells two different stories: QQQ led by 69.9 percentage points, -43.6% for MMYT against +26.3% for QQQ. One caveat on sizing: MMYT is 2.5 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.
MMYT vs QQQ: side by side
| MMYT (MakeMyTrip Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -43.6% | +26.3% |
| 5-year return | +128.7% | +95.4% |
| Volatility (ann.) | 49.5% | 19.6% |
| Beta vs S&P 500 | 1.76 | 1.28 |
| Max drawdown (3Y) | -69.9% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| 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 | MMYT | QQQ |
|---|---|---|
| 2022 | -0.5% | -32.6% |
| 2023 | +70.4% | +54.9% |
| 2024 | +139.0% | +25.6% |
| 2025 | -26.9% | +20.8% |
| 2026 | -29.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MMYT and QQQ?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.34 over the last year and 0.44 over 5 years.
Is QQQ a good diversifier for MMYT?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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
$ curl https://www.pairbook.io/api/v1/pairs/mmyt-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mmyt-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MMYT correlations · QQQ correlations
