QQQM vs SPYV: Correlation & Overlap
How closely do Invesco Nasdaq 100 ETF (QQQM) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong. Looking through to holdings, 30.9% 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 SPYV?
On 3 years of weekly data the QQQM/SPYV correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. The 5-year figure is 0.73, and annualized covariance runs at 155.8 %².
By 3-year correlation, SPYV places #47 of the 103 assets tracked against QQQM. Over the last 12 months QQQM came out ahead by 7.9 percentage points (+26.4% against +18.5%). This link changes with the market regime, having swung between 0.34 and 0.86 on a rolling one-year basis. One caveat on sizing: QQQM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPYV: side by side
| QQQM (Invesco Nasdaq 100 ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +26.4% | +18.5% |
| 5-year return | +96.1% | +73.5% |
| Volatility (ann.) | 19.5% | 12.1% |
| Beta vs S&P 500 | 1.28 | 0.70 |
| Max drawdown (3Y) | -22.7% | -17.5% |
| Dividend yield | 0.46% | 1.69% |
| Expense ratio | 0.15% | 0.04% |
| Assets under management | $97.1B | $36.2B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between QQQM and SPYV
The two portfolios partially overlap: 30.9% of the funds' weight sits in the same underlying holdings (61 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QQQM | Weight in SPYV |
|---|---|---|
| AAPL | 7.39% | 7.58% |
| AMZN | 4.50% | 3.95% |
| WMT | 2.26% | 1.51% |
| INTC | 1.97% | 1.44% |
| COST | 1.88% | 1.40% |
| TSLA | 2.77% | 1.22% |
| TXN | 1.06% | 0.78% |
| LIN | 1.00% | 0.75% |
| CSCO | 1.96% | 0.69% |
| PEP | 0.86% | 0.64% |
| ADI | 0.80% | 0.60% |
| QCOM | 0.76% | 0.57% |
| WDC | 0.72% | 0.53% |
| VRTX | 0.62% | 0.46% |
| SBUX | 0.55% | 0.41% |
Largest positions held only by QQQM: NVDA (8.15%), MSFT (5.93%), MU (4.69%), AMD (3.48%), GOOGL (3.20%). Only by SPYV: XOM (2.16%), BAC (1.34%), MRK (1.25%), CVX (1.23%), UNH (1.20%).
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 | SPYV |
|---|---|---|
| 2022 | -32.5% | -5.3% |
| 2023 | +55.0% | +22.2% |
| 2024 | +25.7% | +12.2% |
| 2025 | +20.9% | +13.2% |
| 2026 | +17.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and SPYV good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between QQQM and SPYV?
The QQQM/SPYV correlation stands at 0.66 on a 3-year window (1 year: 0.58, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for QQQM?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do QQQM and SPYV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 30.9% by weight over 61 common positions.
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Related comparisons
Hubs: QQQM correlations · SPYV correlations
