QQQ vs VOO: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco QQQ Trust (QQQ) and Vanguard S&P 500 ETF (VOO) carry a correlation of 0.95, a very strong link. By holdings, the two funds overlap 53.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQ and VOO?
On 3 years of weekly data the QQQ/VOO correlation comes out at 0.95, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.93 over 1 year against 0.95 over 3. The 5-year figure is 0.95, and annualized covariance runs at 266.9 %².
Within QQQ's tracked universe of 4755 assets, VOO comes in at #7 by 3-year correlation. On 12-month performance QQQ holds a 5.7-point edge, +26.3% against +20.6%. Stability stands out here, with the rolling one-year correlation confined to 0.89 through 0.97.
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 VOO: side by side
| QQQ (Invesco QQQ Trust) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +26.3% | +20.6% |
| 5-year return | +95.4% | +83.0% |
| Volatility (ann.) | 19.6% | 14.4% |
| Beta vs S&P 500 | 1.28 | 0.99 |
| Max drawdown (3Y) | -22.8% | -18.7% |
| Dividend yield | 0.44% | 1.07% |
| Expense ratio | 0.18% | 0.03% |
| Assets under management | $452.8B | $1,686.9B |
| Sector / category | ETF · US Growth & Tech | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between QQQ and VOO
The two portfolios overlap heavily. Weighing the shared positions, 53.5% of the two funds is identical, spread across 87 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in QQQ | Weight in VOO |
|---|---|---|
| NVDA | 8.15% | 7.56% |
| AAPL | 7.39% | 7.05% |
| MSFT | 5.93% | 5.37% |
| AMZN | 4.50% | 4.13% |
| GOOGL | 3.20% | 3.25% |
| AVGO | 2.71% | 2.87% |
| GOOG | 2.97% | 2.62% |
| META | 2.74% | 1.90% |
| MU | 4.69% | 1.44% |
| TSLA | 2.77% | 1.36% |
| AMD | 3.48% | 1.21% |
| WMT | 2.26% | 0.76% |
| CSCO | 1.96% | 0.71% |
| INTC | 1.97% | 0.66% |
| COST | 1.88% | 0.66% |
Largest positions held only by QQQ: SPCX (1.19%), SHOP (0.81%), ASML (0.71%), ARM (0.47%), MELI (0.44%). Only by VOO: JPM (1.47%), BRK.B (1.46%), LLY (1.41%), XOM (1.00%), JNJ (0.96%).
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 | VOO |
|---|---|---|
| 2022 | -32.6% | -18.2% |
| 2023 | +54.9% | +26.3% |
| 2024 | +25.6% | +25.0% |
| 2025 | +20.8% | +17.8% |
| 2026 | +17.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQ and VOO good diversifiers for each other?
No. With a correlation of 0.95, QQQ and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 53.5% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between QQQ and VOO?
As of 2026-08-27, the correlation of weekly returns between QQQ and VOO is 0.95 over 3 years, 0.93 over 1 year and 0.95 over 5 years.
Is VOO a good diversifier for QQQ?
No. With a correlation of 0.95, QQQ and VOO move nearly in lockstep, so holding both adds very little diversification. On top of that, 53.5% of their holdings are the same, making the doubling-up even more literal.
How much do QQQ and VOO overlap?
53.5% by weight, across 87 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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