QQQ vs QQQX: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and QQQX?
Across a 3-year window, the weekly returns of QQQ and QQQX correlate at 0.88, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.86, with an annualized covariance of 311.2 %².
Among the 4755 assets we track against QQQ, QQQX ranks #17 by 3-year correlation. Twelve-month performance is nearly a tie, at +26.3% for QQQ and +24.4% for QQQX.
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 QQQX: side by side
| QQQ (Invesco QQQ Trust) | QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +26.3% | +24.4% |
| 5-year return | +95.4% | +51.0% |
| Volatility (ann.) | 19.6% | 18.1% |
| Beta vs S&P 500 | 1.28 | 1.09 |
| Max drawdown (3Y) | -22.8% | -22.8% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 8.1 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | QQQX |
|---|---|---|
| 2022 | -32.6% | -27.4% |
| 2023 | +54.9% | +21.7% |
| 2024 | +25.6% | +25.6% |
| 2025 | +20.8% | +14.9% |
| 2026 | +17.7% | +13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and QQQX good diversifiers for each other?
No: a correlation of 0.88 means QQQ and QQQX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between QQQ and QQQX?
As of 2026-08-27, the correlation of weekly returns between QQQ and QQQX is 0.88 over 3 years, 0.84 over 1 year and 0.86 over 5 years.
Is QQQX a good diversifier for QQQ?
No: a correlation of 0.88 means QQQ and QQQX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 mean?
A reading of 0.88 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QQQ correlations · QQQX correlations
