QQQ vs UTMD: Correlation
How closely do Invesco QQQ Trust (QQQ) and Utah Medical Products, Inc. (UTMD) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and UTMD?
Over the past 3 years, QQQ and UTMD moved with a correlation of 0.22, which is weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.22). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 95.3 %².
Among the 4755 assets we track against QQQ, UTMD ranks #2607 by 3-year correlation. Over the last 12 months QQQ came out ahead by 6.5 percentage points (+26.3% against +19.8%).
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 UTMD: side by side
| QQQ (Invesco QQQ Trust) | UTMD (Utah Medical Products, Inc.) | |
|---|---|---|
| 1-year return | +26.3% | +19.8% |
| 5-year return | +95.4% | -11.0% |
| Volatility (ann.) | 19.6% | 22.1% |
| Beta vs S&P 500 | 1.28 | 0.50 |
| Max drawdown (3Y) | -22.8% | -42.5% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 21.6 |
| Dividend yield | 0.44% | 1.74% |
| 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 | UTMD |
|---|---|---|
| 2022 | -32.6% | +1.9% |
| 2023 | +54.9% | -15.1% |
| 2024 | +25.6% | -25.7% |
| 2025 | +20.8% | -7.0% |
| 2026 | +17.7% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and UTMD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQ and UTMD?
As of 2026-08-27, the correlation of weekly returns between QQQ and UTMD is 0.22 over 3 years, 0.05 over 1 year and 0.29 over 5 years.
Is UTMD a good diversifier for QQQ?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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 · UTMD correlations
