QQQ vs SPYV: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and SPDR Portfolio S&P 500 Value ETF (SPYV) carry a correlation of 0.66, a strong link. The two funds also share 30.9% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and SPYV?
Over the past 3 years, QQQ and SPYV moved with a correlation of 0.66, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 156.5 %².
Within QQQ's tracked universe of 4755 assets, SPYV comes in at #90 by 3-year correlation. The trailing year gives QQQ the advantage: +26.3% versus +18.5%, a 7.8-point spread. This link changes with the market regime, having swung between 0.34 and 0.86 on a rolling one-year basis. Risk is not evenly split, since QQQ carries 1.6 times the volatility of the other side.
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 SPYV: side by side
| QQQ (Invesco QQQ Trust) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +26.3% | +18.5% |
| 5-year return | +95.4% | +73.5% |
| Volatility (ann.) | 19.6% | 12.1% |
| Beta vs S&P 500 | 1.28 | 0.70 |
| Max drawdown (3Y) | -22.8% | -17.5% |
| Dividend yield | 0.44% | 1.69% |
| Expense ratio | 0.18% | 0.04% |
| Assets under management | $452.8B | $36.2B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between QQQ and SPYV
The two portfolios partially overlap: 30.9% of the funds' weight sits in the same underlying holdings (61 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QQQ | Weight in SPYV |
|---|---|---|
| AAPL | 7.39% | 7.58% |
| AMZN | 4.50% | 3.95% |
| WMT | 2.26% | 1.51% |
| INTC | 1.97% | 1.44% |
| COST | 1.88% | 1.40% |
| TSLA | 2.77% | 1.22% |
| TXN | 1.06% | 0.78% |
| LIN | 1.01% | 0.75% |
| CSCO | 1.96% | 0.69% |
| PEP | 0.86% | 0.64% |
| ADI | 0.80% | 0.60% |
| QCOM | 0.77% | 0.57% |
| WDC | 0.72% | 0.53% |
| VRTX | 0.62% | 0.46% |
| SBUX | 0.55% | 0.41% |
Largest positions held only by QQQ: NVDA (8.15%), MSFT (5.93%), MU (4.69%), AMD (3.48%), GOOGL (3.20%). Only by SPYV: XOM (2.16%), BAC (1.34%), MRK (1.25%), CVX (1.23%), UNH (1.20%).
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 | SPYV |
|---|---|---|
| 2022 | -32.6% | -5.3% |
| 2023 | +54.9% | +22.2% |
| 2024 | +25.6% | +12.2% |
| 2025 | +20.8% | +13.2% |
| 2026 | +17.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and SPYV good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between QQQ and SPYV?
As of 2026-08-27, the correlation of weekly returns between QQQ and SPYV is 0.66 over 3 years, 0.57 over 1 year and 0.73 over 5 years.
Is SPYV a good diversifier for QQQ?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do QQQ and SPYV overlap?
The two funds share 61 holdings amounting to 30.9% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: QQQ correlations · SPYV correlations
