QQQM vs SMCI: Correlation
Measured on weekly returns over the past three years, Invesco Nasdaq 100 ETF (QQQM) and Supermicro (SMCI) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and SMCI?
Across a 3-year window, the weekly returns of QQQM and SMCI correlate at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 955.8 %².
Among the 103 assets we track against QQQM, SMCI ranks #82 by 3-year correlation. The last year tells two different stories: QQQM led by 40.5 percentage points, +26.4% for QQQM against -14.1% for SMCI. The rolling one-year correlation moved between 0.31 and 0.57 over the past three years, a moderate range. Note the risk asymmetry: SMCI runs 5.5 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.
QQQM vs SMCI: side by side
| QQQM (Invesco Nasdaq 100 ETF) | SMCI (Supermicro) | |
|---|---|---|
| 1-year return | +26.4% | -14.1% |
| 5-year return | +96.1% | +983.4% |
| Volatility (ann.) | 19.5% | 107.1% |
| Beta vs S&P 500 | 1.28 | 3.08 |
| Max drawdown (3Y) | -22.7% | -84.8% |
| Market cap | – | $24.9B |
| P/E (trailing) | – | 11.5 |
| Dividend yield | 0.46% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $97.1B | – |
| Sector / category | ETF · US Growth & Tech | Information Technology |
QQQM, Invesco's Large Growth fund, carries $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | QQQM | SMCI |
|---|---|---|
| 2022 | -32.5% | +86.8% |
| 2023 | +55.0% | +246.2% |
| 2024 | +25.7% | +7.2% |
| 2025 | +20.9% | -4.0% |
| 2026 | +17.7% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and SMCI good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQM and SMCI?
The QQQM/SMCI correlation stands at 0.46 on a 3-year window (1 year: 0.42, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SMCI a good diversifier for QQQM?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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.
Use this data
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Related comparisons
Hubs: QQQM correlations · SMCI correlations
