QQQM vs SPYG: Correlation & Overlap
Invesco Nasdaq 100 ETF (QQQM) and SPDR Portfolio S&P 500 Growth ETF (SPYG) show a very strong relationship: their 3-year correlation of weekly returns is 0.98. Looking through to holdings, 55.2% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and SPYG?
Over the past 3 years, QQQM and SPYG moved with a correlation of 0.98, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.96 lands near the 3-year figure. Over 5 years the correlation is 0.98, and the annualized covariance of weekly returns is 360.3 %².
SPYG is one of the assets that tracks QQQM most closely: it ranks #2 out of the 103 assets we track against QQQM. Neither side won the trailing year by much: +26.4% against +22.4%. Stability stands out here, with the rolling one-year correlation confined to 0.94 through 0.99.
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 SPYG: side by side
| QQQM (Invesco Nasdaq 100 ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +26.4% | +22.4% |
| 5-year return | +96.1% | +85.9% |
| Volatility (ann.) | 19.5% | 18.9% |
| Beta vs S&P 500 | 1.28 | 1.25 |
| Max drawdown (3Y) | -22.7% | -22.1% |
| Dividend yield | 0.46% | 0.49% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $97.1B | $52.2B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
On the fund side, QQQM sits in the Large Growth category at Invesco, with $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between QQQM and SPYG
The two portfolios overlap heavily, with 47 holdings in common adding up to 55.2% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in QQQM | Weight in SPYG |
|---|---|---|
| NVDA | 8.15% | 14.21% |
| AAPL | 7.39% | 6.44% |
| MSFT | 5.93% | 10.32% |
| AMZN | 4.50% | 3.78% |
| GOOGL | 3.20% | 5.61% |
| GOOG | 2.97% | 4.49% |
| MU | 4.69% | 2.96% |
| META | 2.74% | 3.54% |
| AVGO | 2.71% | 4.71% |
| AMD | 3.48% | 2.19% |
| TSLA | 2.77% | 1.69% |
| PLTR | 1.81% | 1.14% |
| LRCX | 1.73% | 1.10% |
| AMAT | 1.69% | 1.07% |
| NFLX | 1.52% | 0.96% |
Largest positions held only by QQQM: WMT (2.26%), INTC (1.97%), COST (1.88%), SPCX (1.19%), TXN (1.06%). Only by SPYG: LLY (2.63%), BRK.B (2.59%), JPM (1.82%), JNJ (1.07%), CAT (1.06%).
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 | QQQM | SPYG |
|---|---|---|
| 2022 | -32.5% | -29.4% |
| 2023 | +55.0% | +30.0% |
| 2024 | +25.7% | +36.0% |
| 2025 | +20.9% | +22.1% |
| 2026 | +17.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and SPYG good diversifiers for each other?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection. The 55.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
FAQ
What is the correlation between QQQM and SPYG?
Using weekly returns as of 2026-08-27: 0.98 over 3 years, with 0.96 over the last year and 0.98 over 5 years.
Is SPYG a good diversifier for QQQM?
Not really. At 0.98, the two trade almost as one position, and owning both buys little extra protection. The 55.2% holdings overlap makes the redundancy concrete: much of it is the same book twice.
How much do QQQM and SPYG overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 55.2% by weight over 47 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqqm-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqqm-vs-spyg/)
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Related comparisons
Hubs: QQQM correlations · SPYG correlations
