QQQ vs TMDX: Correlation
How closely do Invesco QQQ Trust (QQQ) and TransMedics Group, Inc. (TMDX) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TMDX?
On 3 years of weekly data the QQQ/TMDX correlation comes out at 0.26, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 352.7 %².
Among the 4755 assets we track against QQQ, TMDX ranks #2045 by 3-year correlation. The last year tells two different stories: QQQ led by 48.1 percentage points, +26.3% for QQQ against -21.8% for TMDX. Risk is not evenly split, since TMDX carries 3.5 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 TMDX: side by side
| QQQ (Invesco QQQ Trust) | TMDX (TransMedics Group, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | -21.8% |
| 5-year return | +95.4% | +196.3% |
| Volatility (ann.) | 19.6% | 69.5% |
| Beta vs S&P 500 | 1.28 | 1.37 |
| Max drawdown (3Y) | -22.8% | -67.8% |
| Market cap | – | $3.2B |
| P/E (trailing) | – | 23.9 |
| 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 | TMDX |
|---|---|---|
| 2022 | -32.6% | +222.1% |
| 2023 | +54.9% | +27.9% |
| 2024 | +25.6% | -21.0% |
| 2025 | +20.8% | +95.1% |
| 2026 | +17.7% | -24.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TMDX good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQ and TMDX?
As of 2026-08-27, the correlation of weekly returns between QQQ and TMDX is 0.26 over 3 years, 0.21 over 1 year and 0.31 over 5 years.
Is TMDX a good diversifier for QQQ?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-tmdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqq-vs-tmdx/)
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Related comparisons
Hubs: QQQ correlations · TMDX correlations
