QQQ vs TFPM: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Triple Flag Precious Metals Corp. (TFPM) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TFPM?
On 3 years of weekly data the QQQ/TFPM correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. The 5-year figure is 0.16, and annualized covariance runs at 163.9 %².
Within QQQ's tracked universe of 4755 assets, TFPM comes in at #2595 by 3-year correlation. The trailing year gives TFPM the advantage: +26.3% versus +33.4%, a 7.1-point spread. One caveat on sizing: TFPM is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TFPM: side by side
| QQQ (Invesco QQQ Trust) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +26.3% | +33.4% |
| 5-year return | +95.4% | n/a |
| Volatility (ann.) | 19.6% | 37.3% |
| Beta vs S&P 500 | 1.28 | 0.62 |
| Max drawdown (3Y) | -22.8% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | 0.44% | 0.66% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQ, Invesco's Large Growth fund, carries $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | TFPM |
|---|---|---|
| 2022 | -32.6% | – |
| 2023 | +54.9% | -1.8% |
| 2024 | +25.6% | +14.6% |
| 2025 | +20.8% | +122.2% |
| 2026 | +17.7% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TFPM good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and TFPM?
The QQQ/TFPM correlation stands at 0.22 on a 3-year window (1 year: 0.27, 5 years: 0.16), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for QQQ?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: QQQ correlations · TFPM correlations
