QQQ vs TMO: Correlation
Invesco QQQ Trust (QQQ) and Thermo Fisher Scientific (TMO) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TMO?
Over the past 3 years, QQQ and TMO moved with a correlation of 0.25, which is weak. The past 12 months show a weaker link (0.12) than the 3-year average (0.25). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 143.8 %².
Within QQQ's tracked universe of 4755 assets, TMO comes in at #2186 by 3-year correlation. Their 12-month results are close: +26.3% for QQQ against +29.7% for TMO. The relationship is regime-dependent: the rolling one-year correlation swung between 0.06 and 0.63 over the past three years, so this pair behaves very differently depending on the market environment.
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 TMO: side by side
| QQQ (Invesco QQQ Trust) | TMO (Thermo Fisher Scientific) | |
|---|---|---|
| 1-year return | +26.3% | +29.7% |
| 5-year return | +95.4% | +14.5% |
| Volatility (ann.) | 19.6% | 29.4% |
| Beta vs S&P 500 | 1.28 | 0.74 |
| Max drawdown (3Y) | -22.8% | -37.3% |
| Market cap | – | $233.2B |
| P/E (trailing) | – | 34.1 |
| Dividend yield | 0.44% | 0.28% |
| Expense ratio | 0.18% | – |
| Assets under management | $452.8B | – |
| Sector / category | ETF · US Growth & Tech | Health Care |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | QQQ | TMO |
|---|---|---|
| 2022 | -32.6% | -17.3% |
| 2023 | +54.9% | -3.4% |
| 2024 | +25.6% | -1.7% |
| 2025 | +20.8% | +11.8% |
| 2026 | +17.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TMO good diversifiers for each other?
Reasonably. At 0.25, QQQ and TMO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QQQ and TMO?
The QQQ/TMO correlation stands at 0.25 on a 3-year window (1 year: 0.12, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is TMO a good diversifier for QQQ?
Reasonably. At 0.25, QQQ and TMO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-tmo.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: QQQ correlations · TMO correlations
