MTUM vs QQQ: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco QQQ Trust (QQQ) carry a correlation of 0.90, a very strong link. The two funds also share 34.3% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and QQQ?
Over the past 3 years, MTUM and QQQ moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 363.2 %².
In MTUM's tracked universe of 109 assets, QQQ sits right near the top at #1. Twelve-month performance is nearly a tie, at +25.2% for MTUM and +26.3% for QQQ. On a rolling one-year basis the correlation drifted between 0.47 and 0.94, a moderate band.
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.
MTUM vs QQQ: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +25.2% | +26.3% |
| 5-year return | +76.1% | +95.4% |
| Volatility (ann.) | 20.6% | 19.6% |
| Beta vs S&P 500 | 1.25 | 1.28 |
| Max drawdown (3Y) | -21.0% | -22.8% |
| Dividend yield | 0.62% | 0.44% |
| Expense ratio | 0.15% | 0.18% |
| Assets under management | $25.3B | $452.8B |
| Sector / category | ETF · US Style | ETF · US Growth & Tech |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. 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.
Portfolio overlap between MTUM and QQQ
The two portfolios partially overlap, with 31 holdings in common adding up to 34.3% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in MTUM | Weight in QQQ |
|---|---|---|
| MU | 6.60% | 4.69% |
| AMD | 5.09% | 3.48% |
| AVGO | 4.25% | 2.71% |
| GOOGL | 2.44% | 3.20% |
| WMT | 2.44% | 2.26% |
| INTC | 3.91% | 1.97% |
| CSCO | 2.43% | 1.96% |
| GOOG | 1.89% | 2.97% |
| LRCX | 3.26% | 1.73% |
| AMAT | 2.89% | 1.69% |
| KLAC | 1.51% | 1.07% |
| TXN | 1.75% | 1.06% |
| MRVL | 1.32% | 0.95% |
| STX | 2.16% | 0.84% |
| ADI | 1.45% | 0.80% |
Largest positions held only by MTUM: XOM (3.78%), JNJ (3.67%), CAT (3.63%), GEV (2.91%), CVX (1.75%). Only by QQQ: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), AMZN (4.50%), TSLA (2.77%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | MTUM | QQQ |
|---|---|---|
| 2022 | -18.3% | -32.6% |
| 2023 | +9.1% | +54.9% |
| 2024 | +32.9% | +25.6% |
| 2025 | +22.1% | +20.8% |
| 2026 | +21.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and QQQ good diversifiers for each other?
No: a correlation of 0.90 means MTUM and QQQ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTUM and QQQ?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.85 over the last year and 0.83 over 5 years.
Is QQQ a good diversifier for MTUM?
No: a correlation of 0.90 means MTUM and QQQ tend to fall together, which is precisely when diversification is supposed to help.
How much do MTUM and QQQ overlap?
The two funds share 31 holdings amounting to 34.3% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Hubs: MTUM correlations · QQQ correlations
