QQQ vs USMV: Correlation & Overlap
Invesco QQQ Trust (QQQ) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.58. The two funds also share 24.5% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and USMV?
Across a 3-year window, the weekly returns of QQQ and USMV correlate at 0.58, moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.58). Stretching to 5 years gives 0.69, with an annualized covariance of 112.7 %².
By 3-year correlation, USMV places #159 of the 4755 assets tracked against QQQ. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 16.2 percentage points (+26.3% for QQQ against +10.1% for USMV). Across three years, the rolling one-year figure varied moderately, from 0.31 to 0.75. Note the risk asymmetry: QQQ runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 USMV: side by side
| QQQ (Invesco QQQ Trust) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +26.3% | +10.1% |
| 5-year return | +95.4% | +42.3% |
| Volatility (ann.) | 19.6% | 9.9% |
| Beta vs S&P 500 | 1.28 | 0.51 |
| Max drawdown (3Y) | -22.8% | -9.4% |
| Dividend yield | 0.44% | 1.48% |
| Expense ratio | 0.18% | 0.15% |
| Assets under management | $452.8B | $23.6B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
On the fund side, QQQ sits in the Large Growth category at Invesco, with $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between QQQ and USMV
The two portfolios partially overlap, with 52 holdings in common adding up to 24.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in QQQ | Weight in USMV |
|---|---|---|
| MSFT | 5.93% | 1.68% |
| CSCO | 1.96% | 1.38% |
| NVDA | 8.15% | 1.35% |
| PLTR | 1.81% | 1.19% |
| PANW | 1.23% | 0.94% |
| AVGO | 2.71% | 0.90% |
| AAPL | 7.39% | 0.88% |
| TMUS | 0.86% | 1.00% |
| PEP | 0.86% | 0.85% |
| GILD | 0.82% | 0.87% |
| MU | 4.69% | 0.71% |
| TXN | 1.06% | 0.68% |
| AMD | 3.48% | 0.67% |
| WMT | 2.26% | 0.65% |
| LIN | 1.01% | 0.63% |
Largest positions held only by QQQ: GOOGL (3.20%), TSLA (2.77%), INTC (1.97%), LRCX (1.73%), SPCX (1.19%). Only by USMV: NEM (1.65%), JNJ (1.58%), WELL (1.57%), APH (1.54%), MRK (1.54%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | QQQ | USMV |
|---|---|---|
| 2022 | -32.6% | -9.4% |
| 2023 | +54.9% | +10.3% |
| 2024 | +25.6% | +15.7% |
| 2025 | +20.8% | +7.6% |
| 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 USMV good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between QQQ and USMV?
As of 2026-08-27, the correlation of weekly returns between QQQ and USMV is 0.58 over 3 years, 0.36 over 1 year and 0.69 over 5 years.
Is USMV a good diversifier for QQQ?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
How much do QQQ and USMV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 24.5% by weight over 52 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqq-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqq-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQ correlations · USMV correlations
