QQQ vs QQQM: Correlation & Overlap
How closely do Invesco QQQ Trust (QQQ) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 1.00, which is very strong. By holdings, the two funds overlap 100.0% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and QQQM?
On 3 years of weekly data the QQQ/QQQM correlation comes out at 1.00, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 1.00 over 1 year against 1.00 over 3. The 5-year figure is 1.00, and annualized covariance runs at 380.5 %².
Few assets follow QQQ as closely as QQQM, which ranks #1 of 4755 tracked partners. Their 12-month results are close: +26.3% for QQQ against +26.4% for QQQM. Stability stands out here, with the rolling one-year correlation confined to 1.00 through 1.00.
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.
QQQ vs QQQM: side by side
| QQQ (Invesco QQQ Trust) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +26.3% | +26.4% |
| 5-year return | +95.4% | +96.1% |
| Volatility (ann.) | 19.6% | 19.5% |
| Beta vs S&P 500 | 1.28 | 1.28 |
| Max drawdown (3Y) | -22.8% | -22.7% |
| Dividend yield | 0.44% | 0.46% |
| Expense ratio | 0.18% | 0.15% |
| Assets under management | $452.8B | $97.1B |
| Sector / category | ETF · US Growth & Tech | ETF · US Growth & Tech |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% 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 QQQ and QQQM
The two portfolios are near-duplicates: 100.0% of the funds' weight sits in the same underlying holdings (104 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QQQ | Weight in QQQM |
|---|---|---|
| NVDA | 8.15% | 8.15% |
| AAPL | 7.39% | 7.39% |
| MSFT | 5.93% | 5.93% |
| MU | 4.69% | 4.69% |
| AMZN | 4.50% | 4.50% |
| AMD | 3.48% | 3.48% |
| GOOGL | 3.20% | 3.20% |
| GOOG | 2.97% | 2.97% |
| TSLA | 2.77% | 2.77% |
| META | 2.74% | 2.74% |
| AVGO | 2.71% | 2.71% |
| WMT | 2.26% | 2.26% |
| INTC | 1.97% | 1.97% |
| CSCO | 1.96% | 1.96% |
| COST | 1.88% | 1.88% |
Largest positions held only by QQQ: . Only by QQQM: AGPXX (0.12%).
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 | QQQ | QQQM |
|---|---|---|
| 2022 | -32.6% | -32.5% |
| 2023 | +54.9% | +55.0% |
| 2024 | +25.6% | +25.7% |
| 2025 | +20.8% | +20.9% |
| 2026 | +17.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and QQQM good diversifiers for each other?
Not really. At 1.00, the two trade almost as one position, and owning both buys little extra protection. The 100.0% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between QQQ and QQQM?
The QQQ/QQQM correlation stands at 1.00 on a 3-year window (1 year: 1.00, 5 years: 1.00), computed from weekly returns as of 2026-08-27.
Is QQQM a good diversifier for QQQ?
Not really. At 1.00, the two trade almost as one position, and owning both buys little extra protection. The 100.0% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do QQQ and QQQM overlap?
100.0% by weight, across 104 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Hubs: QQQ correlations · QQQM correlations
