QQQ vs TMCI: Correlation
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Treace Medical Concepts, Inc. (TMCI) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TMCI?
Over the past 3 years, QQQ and TMCI moved with a correlation of 0.32, which is moderate. The link has tightened recently: the 1-year correlation (0.45) runs above the 3-year figure (0.32). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 574.1 %².
Among the 4755 assets we track against QQQ, TMCI ranks #1344 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 64.3 percentage points (+26.3% for QQQ against -38.0% for TMCI). Risk is not evenly split, since TMCI carries 4.7 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 TMCI: side by side
| QQQ (Invesco QQQ Trust) | TMCI (Treace Medical Concepts, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -38.0% |
| 5-year return | +95.4% | -81.5% |
| Volatility (ann.) | 19.6% | 92.1% |
| Beta vs S&P 500 | 1.28 | 2.37 |
| Max drawdown (3Y) | -22.8% | -92.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.44% | 0.00% |
| 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 | TMCI |
|---|---|---|
| 2022 | -32.6% | +23.3% |
| 2023 | +54.9% | -44.5% |
| 2024 | +25.6% | -41.6% |
| 2025 | +20.8% | -67.1% |
| 2026 | +17.7% | +87.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TMCI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and TMCI?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.45 over the last year and 0.32 over 5 years.
Is TMCI a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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 · TMCI correlations
