QQQ vs RFMZ: Correlation
How closely do Invesco QQQ Trust (QQQ) and RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RFMZ?
Across a 3-year window, the weekly returns of QQQ and RFMZ correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 84.0 %².
Among the 4755 assets we track against QQQ, RFMZ ranks #1330 by 3-year correlation. On 12-month performance QQQ holds a 13.6-point edge, +26.3% against +12.7%.
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 RFMZ: side by side
| QQQ (Invesco QQQ Trust) | RFMZ (RiverNorth Flexible Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +12.7% |
| 5-year return | +95.4% | -11.3% |
| Volatility (ann.) | 19.6% | 13.3% |
| Beta vs S&P 500 | 1.28 | 0.36 |
| Max drawdown (3Y) | -22.8% | -16.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 217.8 |
| 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 | RFMZ |
|---|---|---|
| 2022 | -32.6% | -26.4% |
| 2023 | +54.9% | +4.6% |
| 2024 | +25.6% | +10.1% |
| 2025 | +20.8% | +2.2% |
| 2026 | +17.7% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RFMZ good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and RFMZ?
The QQQ/RFMZ correlation stands at 0.32 on a 3-year window (1 year: 0.40, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is RFMZ a good diversifier for QQQ?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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/qqq-vs-rfmz.json
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[](https://www.pairbook.io/pair/qqq-vs-rfmz/)
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Related comparisons
Hubs: QQQ correlations · RFMZ correlations
