QQQ vs SPYG: Correlation & Overlap
Invesco QQQ Trust (QQQ) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a very strong relationship: their 3-year correlation of weekly returns is 0.98. The two funds also share 55.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPYG?
Across a 3-year window, the weekly returns of QQQ and SPYG correlate at 0.98, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.96 lands near the 3-year figure. Stretching to 5 years gives 0.98, with an annualized covariance of 362.1 %².
In QQQ's tracked universe of 4755 assets, SPYG sits right near the top at #2. Neither side won the trailing year by much: +26.3% against +22.4%. The rolling one-year correlation stayed in a tight band between 0.94 and 0.99 over the past three years, which points to a structural rather than episodic relationship.
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 SPYG: side by side
| QQQ (Invesco QQQ Trust) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +26.3% | +22.4% |
| 5-year return | +95.4% | +85.9% |
| Volatility (ann.) | 19.6% | 18.9% |
| Beta vs S&P 500 | 1.28 | 1.25 |
| Max drawdown (3Y) | -22.8% | -22.1% |
| Dividend yield | 0.44% | 0.49% |
| Expense ratio | 0.18% | 0.04% |
| Assets under management | $452.8B | $52.2B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between QQQ and SPYG
The two portfolios overlap heavily, with 47 holdings in common adding up to 55.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in QQQ | Weight in SPYG |
|---|---|---|
| NVDA | 8.15% | 14.21% |
| AAPL | 7.39% | 6.44% |
| MSFT | 5.93% | 10.32% |
| AMZN | 4.50% | 3.78% |
| GOOGL | 3.20% | 5.61% |
| GOOG | 2.97% | 4.49% |
| MU | 4.69% | 2.96% |
| META | 2.74% | 3.54% |
| AVGO | 2.71% | 4.71% |
| AMD | 3.48% | 2.19% |
| TSLA | 2.77% | 1.69% |
| PLTR | 1.81% | 1.14% |
| LRCX | 1.73% | 1.10% |
| AMAT | 1.69% | 1.07% |
| NFLX | 1.52% | 0.96% |
Largest positions held only by QQQ: WMT (2.26%), INTC (1.97%), COST (1.88%), SPCX (1.19%), TXN (1.06%). Only by SPYG: LLY (2.63%), BRK.B (2.59%), JPM (1.82%), JNJ (1.07%), CAT (1.06%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | QQQ | SPYG |
|---|---|---|
| 2022 | -32.6% | -29.4% |
| 2023 | +54.9% | +30.0% |
| 2024 | +25.6% | +36.0% |
| 2025 | +20.8% | +22.1% |
| 2026 | +17.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPYG good diversifiers for each other?
No: a correlation of 0.98 means QQQ and SPYG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 55.2% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between QQQ and SPYG?
As of 2026-08-27, the correlation of weekly returns between QQQ and SPYG is 0.98 over 3 years, 0.96 over 1 year and 0.98 over 5 years.
Is SPYG a good diversifier for QQQ?
No: a correlation of 0.98 means QQQ and SPYG tend to fall together, which is precisely when diversification is supposed to help. On top of that, 55.2% of their holdings are the same, making the doubling-up even more literal.
How much do QQQ and SPYG overlap?
The two funds share 47 holdings amounting to 55.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-spyg/)
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Related comparisons
Hubs: QQQ correlations · SPYG correlations
