QQQM vs USMV: Correlation & Overlap
Invesco Nasdaq 100 ETF (QQQM) and iShares MSCI USA Min Vol Factor ETF (USMV) show a moderate relationship: their 3-year correlation of weekly returns is 0.58. Looking through to holdings, 24.5% 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 USMV?
Across a 3-year window, the weekly returns of QQQM and USMV correlate at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.37 versus 0.58 over 3 years. Stretching to 5 years gives 0.69, with an annualized covariance of 112.3 %².
Among the 103 assets we track against QQQM, USMV ranks #66 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQM ahead by 16.3 points (+26.4% versus +10.1%). Across three years, the rolling one-year figure varied moderately, from 0.31 to 0.75. Note the risk asymmetry: QQQM runs 2.0 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 USMV: side by side
| QQQM (Invesco Nasdaq 100 ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +26.4% | +10.1% |
| 5-year return | +96.1% | +42.3% |
| Volatility (ann.) | 19.5% | 9.9% |
| Beta vs S&P 500 | 1.28 | 0.51 |
| Max drawdown (3Y) | -22.7% | -9.4% |
| Dividend yield | 0.46% | 1.48% |
| Expense ratio | 0.15% | 0.15% |
| Assets under management | $97.1B | $23.6B |
| Sector / category | ETF · US Growth & Tech | ETF · US Style |
QQQM, Invesco's Large Growth fund, carries $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between QQQM and USMV
The two portfolios partially overlap: 24.5% of the funds' weight sits in the same underlying holdings (52 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in QQQM | Weight in USMV |
|---|---|---|
| MSFT | 5.93% | 1.68% |
| CSCO | 1.96% | 1.38% |
| NVDA | 8.15% | 1.35% |
| PLTR | 1.81% | 1.19% |
| PANW | 1.23% | 0.94% |
| AVGO | 2.71% | 0.90% |
| AAPL | 7.39% | 0.88% |
| TMUS | 0.86% | 1.00% |
| PEP | 0.86% | 0.85% |
| GILD | 0.81% | 0.87% |
| MU | 4.69% | 0.71% |
| TXN | 1.06% | 0.68% |
| AMD | 3.48% | 0.67% |
| WMT | 2.26% | 0.65% |
| LIN | 1.00% | 0.63% |
Largest positions held only by QQQM: GOOGL (3.20%), TSLA (2.77%), INTC (1.97%), LRCX (1.73%), SPCX (1.19%). Only by USMV: NEM (1.65%), JNJ (1.58%), WELL (1.57%), APH (1.54%), MRK (1.54%).
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 | USMV |
|---|---|---|
| 2022 | -32.5% | -9.4% |
| 2023 | +55.0% | +10.3% |
| 2024 | +25.7% | +15.7% |
| 2025 | +20.9% | +7.6% |
| 2026 | +17.7% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and USMV good diversifiers for each other?
Only partially. A correlation of 0.58 means QQQM and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between QQQM and USMV?
As of 2026-08-27, the correlation of weekly returns between QQQM and USMV is 0.58 over 3 years, 0.37 over 1 year and 0.69 over 5 years.
Is USMV a good diversifier for QQQM?
Only partially. A correlation of 0.58 means QQQM and USMV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do QQQM and USMV overlap?
The two funds share 52 holdings amounting to 24.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqqm-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqqm-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: QQQM correlations · USMV correlations
