QQQ vs SPXX: Correlation
How closely do Invesco QQQ Trust (QQQ) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPXX?
On 3 years of weekly data the QQQ/SPXX correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.71) runs below the 3-year figure (0.82). The 5-year figure is 0.74, and annualized covariance runs at 228.3 %².
Among the 4755 assets we track against QQQ, SPXX ranks #29 by 3-year correlation. The trailing year gives QQQ the advantage: +26.3% versus +14.9%, a 11.4-point spread.
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 SPXX: side by side
| QQQ (Invesco QQQ Trust) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | +26.3% | +14.9% |
| 5-year return | +95.4% | +52.8% |
| Volatility (ann.) | 19.6% | 14.3% |
| Beta vs S&P 500 | 1.28 | 0.87 |
| Max drawdown (3Y) | -22.8% | -17.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 8.6 |
| Dividend yield | 0.44% | 7.07% |
| 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 | SPXX |
|---|---|---|
| 2022 | -32.6% | -6.9% |
| 2023 | +54.9% | +0.9% |
| 2024 | +25.6% | +27.1% |
| 2025 | +20.8% | +9.8% |
| 2026 | +17.7% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPXX good diversifiers for each other?
No: a correlation of 0.82 means QQQ and SPXX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between QQQ and SPXX?
As of 2026-08-27, the correlation of weekly returns between QQQ and SPXX is 0.82 over 3 years, 0.71 over 1 year and 0.74 over 5 years.
Is SPXX a good diversifier for QQQ?
No: a correlation of 0.82 means QQQ and SPXX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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 · SPXX correlations
