PML vs QQQ: Correlation
Pimco Municipal Income Fund II (PML) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PML and QQQ?
Over the past 3 years, PML and QQQ moved with a correlation of 0.21, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.21 over 3 years. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 61.0 %².
Out of 18 assets tracked against PML, QQQ lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 17.6 percentage points (+8.7% for PML against +26.3% for QQQ).
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.
PML vs QQQ: side by side
| PML (Pimco Municipal Income Fund II) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +8.7% | +26.3% |
| 5-year return | -34.6% | +95.4% |
| Volatility (ann.) | 14.5% | 19.6% |
| Beta vs S&P 500 | 0.30 | 1.28 |
| Max drawdown (3Y) | -21.5% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 735.0 | – |
| Dividend yield | 6.48% | 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 | PML | QQQ |
|---|---|---|
| 2022 | -34.1% | -32.6% |
| 2023 | -3.0% | +54.9% |
| 2024 | +3.0% | +25.6% |
| 2025 | -0.8% | +20.8% |
| 2026 | +1.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PML and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PML and QQQ?
As of 2026-08-27, the correlation of weekly returns between PML and QQQ is 0.21 over 3 years, 0.47 over 1 year and 0.34 over 5 years.
Is QQQ a good diversifier for PML?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: PML correlations · QQQ correlations
