QQQM vs VNQ: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco Nasdaq 100 ETF (QQQM) and Vanguard Real Estate ETF (VNQ) carry a correlation of 0.35, a moderate link. Looking through to holdings, 0% 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 VNQ?
On 3 years of weekly data the QQQM/VNQ correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.12) than the 3-year average (0.35). The 5-year figure is 0.55, and annualized covariance runs at 112.5 %².
Among the 103 assets we track against QQQM, VNQ ranks #87 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQM outperformed by 16.1 percentage points (+26.4% for QQQM against +10.3% for VNQ). The relationship is regime-dependent: the rolling one-year correlation swung between 0.10 and 0.74 over the past three years, so this pair behaves very differently depending on the market environment.
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 VNQ: side by side
| QQQM (Invesco Nasdaq 100 ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +26.4% | +10.3% |
| 5-year return | +96.1% | +9.5% |
| Volatility (ann.) | 19.5% | 16.6% |
| Beta vs S&P 500 | 1.28 | 0.59 |
| Max drawdown (3Y) | -22.7% | -17.5% |
| Dividend yield | 0.46% | 3.51% |
| Expense ratio | 0.15% | 0.13% |
| Assets under management | $97.1B | $73.1B |
| Sector / category | ETF · US Growth & Tech | ETF · Real Estate |
QQQM, Invesco's Large Growth fund, carries $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between QQQM and VNQ
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by QQQM: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), MU (4.69%), AMZN (4.50%). Only by VNQ: VRTPX (14.54%), WELL (8.54%), PLD (7.04%), EQIX (5.25%), AMT (4.22%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | QQQM | VNQ |
|---|---|---|
| 2022 | -32.5% | -26.3% |
| 2023 | +55.0% | +11.9% |
| 2024 | +25.7% | +4.8% |
| 2025 | +20.9% | +3.2% |
| 2026 | +17.7% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and VNQ good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between QQQM and VNQ?
As of 2026-08-27, the correlation of weekly returns between QQQM and VNQ is 0.35 over 3 years, 0.12 over 1 year and 0.55 over 5 years.
Is VNQ a good diversifier for QQQM?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do QQQM and VNQ overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 0% by weight over 0 common positions.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqqm-vs-vnq.json
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[](https://www.pairbook.io/pair/qqqm-vs-vnq/)
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Related comparisons
Hubs: QQQM correlations · VNQ correlations
