QQQ vs TMQ: Correlation
How closely do Invesco QQQ Trust (QQQ) and Trilogy Metals Inc. (TMQ) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and TMQ?
On 3 years of weekly data the QQQ/TMQ correlation comes out at 0.04, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (-0.01) sits close to the 3-year figure. The 5-year figure is 0.08, and annualized covariance runs at 112.9 %².
Among the 4755 assets we track against QQQ, TMQ ranks #4279 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TMQ outperformed by 100.0 percentage points (+26.3% for QQQ against +126.3% for TMQ). Risk is not evenly split, since TMQ carries 6.7 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 TMQ: side by side
| QQQ (Invesco QQQ Trust) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +126.3% |
| 5-year return | +95.4% | +85.3% |
| Volatility (ann.) | 19.6% | 131.6% |
| Beta vs S&P 500 | 1.28 | 0.28 |
| Max drawdown (3Y) | -22.8% | -72.5% |
| Market cap | – | $0.7B |
| 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 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 | TMQ |
|---|---|---|
| 2022 | -32.6% | -66.7% |
| 2023 | +54.9% | -21.8% |
| 2024 | +25.6% | +169.8% |
| 2025 | +20.8% | +271.6% |
| 2026 | +17.7% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and TMQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between QQQ and TMQ?
The QQQ/TMQ correlation stands at 0.04 on a 3-year window (1 year: -0.01, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is TMQ a good diversifier for QQQ?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
A reading of 0.04 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 · TMQ correlations
