QQQ vs RMMZ: Correlation
Invesco QQQ Trust (QQQ) and RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and RMMZ?
Across a 3-year window, the weekly returns of QQQ and RMMZ correlate at 0.22, weak. The link has tightened recently: the 1-year correlation (0.33) runs above the 3-year figure (0.22). Stretching to 5 years gives 0.22, with an annualized covariance of 57.2 %².
Within QQQ's tracked universe of 4755 assets, RMMZ comes in at #2583 by 3-year correlation. The last year tells two different stories: QQQ led by 16.7 percentage points, +26.3% for QQQ against +9.6% for RMMZ.
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 RMMZ: side by side
| QQQ (Invesco QQQ Trust) | RMMZ (RiverNorth Managed Duration Municipal Income Fund II, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +9.6% |
| 5-year return | +95.4% | +12.2% |
| Volatility (ann.) | 19.6% | 13.3% |
| Beta vs S&P 500 | 1.28 | 0.29 |
| Max drawdown (3Y) | -22.8% | -15.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 185.9 |
| 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 | RMMZ |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | +11.2% |
| 2024 | +25.6% | +2.7% |
| 2025 | +20.8% | +5.0% |
| 2026 | +17.7% | +7.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and RMMZ good diversifiers for each other?
Reasonably. At 0.22, QQQ and RMMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and RMMZ?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.33 over the last year and 0.22 over 5 years.
Is RMMZ a good diversifier for QQQ?
Reasonably. At 0.22, QQQ and RMMZ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 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
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-rmmz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-rmmz/)
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Related comparisons
Hubs: QQQ correlations · RMMZ correlations
