PENG vs QQQM: Correlation
Measured on weekly returns over the past three years, Penguin Solutions, Inc. (PENG) and Invesco Nasdaq 100 ETF (QQQM) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENG and QQQM?
Over the past 3 years, PENG and QQQM moved with a correlation of 0.58, which is moderate. The past 12 months show a tighter link (0.69) than the 3-year average (0.58). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 801.5 %².
By 3-year correlation, QQQM places #4 of the 10 assets tracked against PENG. The last year tells two different stories: PENG led by 89.8 percentage points, +116.2% for PENG against +26.4% for QQQM. One caveat on sizing: PENG is 3.7 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.
PENG vs QQQM: side by side
| PENG (Penguin Solutions, Inc.) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +116.2% | +26.4% |
| 5-year return | +118.5% | +96.1% |
| Volatility (ann.) | 71.5% | 19.5% |
| Beta vs S&P 500 | 2.57 | 1.28 |
| Max drawdown (3Y) | -50.5% | -22.7% |
| Market cap | $2.7B | – |
| P/E (trailing) | 37.2 | – |
| Dividend yield | 0.00% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
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.
Year-by-year returns
| Year | PENG | QQQM |
|---|---|---|
| 2022 | -58.1% | -32.5% |
| 2023 | +27.2% | +55.0% |
| 2024 | +1.4% | +25.7% |
| 2025 | +1.9% | +20.9% |
| 2026 | +168.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENG and QQQM good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PENG and QQQM?
The PENG/QQQM correlation stands at 0.58 on a 3-year window (1 year: 0.69, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for PENG?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 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/peng-vs-qqqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/peng-vs-qqqm/)
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Related comparisons
Hubs: PENG correlations · QQQM correlations
