MTUM vs QQQM: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco Nasdaq 100 ETF (QQQM) carry a correlation of 0.90, a very strong link. By holdings, the two funds overlap 34.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and QQQM?
On 3 years of weekly data the MTUM/QQQM correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.90 over 3. The 5-year figure is 0.82, and annualized covariance runs at 361.3 %².
In MTUM's tracked universe of 109 assets, QQQM sits right near the top at #2. Neither side won the trailing year by much: +25.2% against +26.4%. The rolling one-year correlation moved between 0.47 and 0.95 over the past three years, a moderate range.
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 QQQM: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +25.2% | +26.4% |
| 5-year return | +76.1% | +96.1% |
| Volatility (ann.) | 20.6% | 19.5% |
| Beta vs S&P 500 | 1.25 | 1.28 |
| Max drawdown (3Y) | -21.0% | -22.7% |
| Dividend yield | 0.62% | 0.46% |
| Expense ratio | 0.15% | 0.15% |
| Assets under management | $25.3B | $97.1B |
| Sector / category | ETF · US Style | ETF · US Growth & Tech |
On the fund side, MTUM sits in the Large Blend category at iShares, with $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Portfolio overlap between MTUM and QQQM
The two portfolios partially overlap: 34.3% of the funds' weight sits in the same underlying holdings (31 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in MTUM | Weight in QQQM |
|---|---|---|
| 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 QQQM: 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 | QQQM |
|---|---|---|
| 2022 | -18.3% | -32.5% |
| 2023 | +9.1% | +55.0% |
| 2024 | +32.9% | +25.7% |
| 2025 | +22.1% | +20.9% |
| 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 QQQM good diversifiers for each other?
No: a correlation of 0.90 means MTUM and QQQM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTUM and QQQM?
As of 2026-08-27, the correlation of weekly returns between MTUM and QQQM is 0.90 over 3 years, 0.85 over 1 year and 0.82 over 5 years.
Is QQQM a good diversifier for MTUM?
No: a correlation of 0.90 means MTUM and QQQM tend to fall together, which is precisely when diversification is supposed to help.
How much do MTUM and QQQM overlap?
34.3% by weight, across 31 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Hubs: MTUM correlations · QQQM correlations
