QQQM vs XLRE: Correlation & Overlap
Invesco Nasdaq 100 ETF (QQQM) and Real Estate Select Sector SPDR Fund (XLRE) show a moderate relationship: their 3-year correlation of weekly returns is 0.33. 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 XLRE?
Across a 3-year window, the weekly returns of QQQM and XLRE correlate at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.33). Stretching to 5 years gives 0.54, with an annualized covariance of 108.7 %².
Among the 103 assets we track against QQQM, XLRE ranks #89 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQM ahead by 16.9 points (+26.4% versus +9.5%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.08 and 0.73 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 XLRE: side by side
| QQQM (Invesco Nasdaq 100 ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +26.4% | +9.5% |
| 5-year return | +96.1% | +11.4% |
| Volatility (ann.) | 19.5% | 16.7% |
| Beta vs S&P 500 | 1.28 | 0.57 |
| Max drawdown (3Y) | -22.7% | -16.6% |
| Dividend yield | 0.46% | 3.12% |
| Expense ratio | 0.15% | 0.08% |
| Assets under management | $97.1B | $8.6B |
| Sector / category | ETF · US Growth & Tech | Sector ETF |
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. On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between QQQM and XLRE
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 XLRE: WELL (11.43%), PLD (9.06%), EQIX (7.14%), AMT (5.49%), DLR (5.01%).
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 | XLRE |
|---|---|---|
| 2022 | -32.5% | -26.2% |
| 2023 | +55.0% | +12.4% |
| 2024 | +25.7% | +5.1% |
| 2025 | +20.9% | +2.6% |
| 2026 | +17.7% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM and XLRE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QQQM and XLRE?
The QQQM/XLRE correlation stands at 0.33 on a 3-year window (1 year: 0.09, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is XLRE a good diversifier for QQQM?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
How much do QQQM and XLRE overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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Related comparisons
Hubs: QQQM correlations · XLRE correlations
