QQQM vs QQQX: Correlation
How closely do Invesco Nasdaq 100 ETF (QQQM) and Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and QQQX?
On 3 years of weekly data the QQQM/QQQX correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.88 over 3. The 5-year figure is 0.86, and annualized covariance runs at 309.5 %².
By 3-year correlation, QQQX places #16 of the 103 assets tracked against QQQM. Twelve-month performance is nearly a tie, at +26.4% for QQQM and +24.4% for QQQX.
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.
QQQM vs QQQX: side by side
| QQQM (Invesco Nasdaq 100 ETF) | QQQX (Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +26.4% | +24.4% |
| 5-year return | +96.1% | +51.0% |
| Volatility (ann.) | 19.5% | 18.1% |
| Beta vs S&P 500 | 1.28 | 1.09 |
| Max drawdown (3Y) | -22.7% | -22.8% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 8.1 |
| Dividend yield | 0.46% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $97.1B | – |
| Sector / category | ETF · US Growth & Tech | US Listed |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | QQQM | QQQX |
|---|---|---|
| 2022 | -32.5% | -27.4% |
| 2023 | +55.0% | +21.7% |
| 2024 | +25.7% | +25.6% |
| 2025 | +20.9% | +14.9% |
| 2026 | +17.7% | +13.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and QQQX good diversifiers for each other?
No: a correlation of 0.88 means QQQM and QQQX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between QQQM and QQQX?
The QQQM/QQQX correlation stands at 0.88 on a 3-year window (1 year: 0.84, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is QQQX a good diversifier for QQQM?
No: a correlation of 0.88 means QQQM and QQQX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.88 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: QQQM correlations · QQQX correlations
