QQQM vs VWO: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco Nasdaq 100 ETF (QQQM) and Vanguard FTSE Emerging Markets ETF (VWO) carry a correlation of 0.70, a strong link. By holdings, the two funds overlap 0.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and VWO?
Across a 3-year window, the weekly returns of QQQM and VWO correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 205.8 %².
By 3-year correlation, VWO places #32 of the 103 assets tracked against QQQM. Twelve-month performance is nearly a tie, at +26.4% for QQQM and +21.6% for VWO. The rolling one-year correlation moved between 0.47 and 0.78 over the past three years, a moderate range.
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 VWO: side by side
| QQQM (Invesco Nasdaq 100 ETF) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +26.4% | +21.6% |
| 5-year return | +96.1% | +38.2% |
| Volatility (ann.) | 19.5% | 15.2% |
| Beta vs S&P 500 | 1.28 | 0.75 |
| Max drawdown (3Y) | -22.7% | -17.4% |
| Dividend yield | 0.46% | 2.36% |
| Expense ratio | 0.15% | 0.06% |
| Assets under management | $97.1B | $162.0B |
| Sector / category | ETF · US Growth & Tech | ETF · International |
QQQM, Invesco's Large Growth fund, carries $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield. On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Portfolio overlap between QQQM and VWO
The two portfolios are largely distinct. Weighing the shared positions, 0.3% of the two funds is identical, spread across 1 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in QQQM | Weight in VWO |
|---|---|---|
| PDD | 0.26% | 0.71% |
Largest positions held only by QQQM: NVDA (8.15%), AAPL (7.39%), MSFT (5.93%), MU (4.69%), AMZN (4.50%). Only by VWO: 2330 (18.65%), 700 (3.97%), 9988 (2.90%), 2454 (1.62%), 939 (1.07%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 1 common positions shown.
Year-by-year returns
| Year | QQQM | VWO |
|---|---|---|
| 2022 | -32.5% | -18.0% |
| 2023 | +55.0% | +9.3% |
| 2024 | +25.7% | +10.6% |
| 2025 | +20.9% | +25.6% |
| 2026 | +17.7% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and VWO good diversifiers for each other?
Only partially. A correlation of 0.70 means QQQM and VWO 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 VWO?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.74 over the last year and 0.63 over 5 years.
Is VWO a good diversifier for QQQM?
Only partially. A correlation of 0.70 means QQQM and VWO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do QQQM and VWO overlap?
0.3% by weight, across 1 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqqm-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/qqqm-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QQQM correlations · VWO correlations
