Invesco QQQ Trust vs SPDR Dow Jones Industrial Average ETF

The price ratio is currently below its 50-day moving average, indicating DIA has been gaining relative ground recently. The ratio is near its 50-day average, suggesting no significant relative extension. The z-score of -1.49 shows a notable deviation from the long-term average.

Performance is mixed — DIA leads over the 63-Day timeframe while QQQ has been stronger in the short term (10-Day). This divergence can signal a momentum shift.

These two assets have a very strong positive long-term correlation of 0.85. The shorter-term correlation has weakened to 0.64, indicating the assets are diverging from their usual relationship — this can present relative-value opportunities. High correlation means these assets offer limited diversification benefit when held together.

DIA has a stronger flow score (57/100 vs 30/100), indicating more consistent accumulation pressure. Both assets show net inflow via Chaikin Money Flow (DIA: 0.09, QQQ: 0.05), though DIA leads on overall flow score. QQQ is seeing above-average volume (1.4x), adding conviction to its flow signal.

DIA has significantly stronger trend momentum (61/100 vs 42/100), suggesting it is in a more favourable technical position. Risk profiles are comparable (71/100 vs 70/100). QQQ is 1.3x more volatile than DIA on a 21-day basis (18.3% vs 13.6%), which means larger price swings in either direction. QQQ has experienced a deeper maximum drawdown over the past year (19.0% vs 14.0%), indicating higher tail risk.

QQQ is currently losing ground against DIA, with the price ratio at 1.23 versus its 50-day average of 1.26. The 200-day z-score of -1.49 is notably extended, suggesting DIA may be stretched relative to QQQ. On a flow basis, DIA shows stronger capital accumulation (57 vs 30). DIA carries lower short-term volatility (+13.6% vs +18.3% 21-day), with max drawdowns of -19.0% and -14.0% respectively. With a 63-day correlation of 0.64, these assets show moderate co-movement — limiting diversification benefit. Monitor the ratio trend and flow divergence for early signals of a shift in relative leadership.