QQQ vs RFM: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and RiverNorth Flexible Municipal Income Fund, Inc. (RFM) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RFM?
Across a 3-year window, the weekly returns of QQQ and RFM correlate at 0.38, moderate. Recent behaviour matches the longer record: 0.47 over 1 year against 0.38 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 89.0 %².
Among the 4755 assets we track against QQQ, RFM ranks #791 by 3-year correlation. On 12-month performance QQQ holds a 13.5-point edge, +26.3% against +12.8%. Note the risk asymmetry: QQQ runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RFM: side by side
| QQQ (Invesco QQQ Trust) | RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +12.8% |
| 5-year return | +95.4% | -7.4% |
| Volatility (ann.) | 19.6% | 12.0% |
| Beta vs S&P 500 | 1.28 | 0.38 |
| Max drawdown (3Y) | -22.8% | -16.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 159.2 |
| Dividend yield | 0.44% | 0.00% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | RFM |
|---|---|---|
| 2022 | -32.6% | -22.9% |
| 2023 | +54.9% | +9.3% |
| 2024 | +25.6% | +3.2% |
| 2025 | +20.8% | +1.6% |
| 2026 | +17.7% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RFM good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and RFM?
As of 2026-08-27, the correlation of weekly returns between QQQ and RFM is 0.38 over 3 years, 0.47 over 1 year and 0.42 over 5 years.
Is RFM a good diversifier for QQQ?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: QQQ correlations · RFM correlations
