AAON vs QQQ: Correlation
AAON, Inc. (AAON) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and QQQ?
Across a 3-year window, the weekly returns of AAON and QQQ correlate at 0.46, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.46 over 3. Stretching to 5 years gives 0.44, with an annualized covariance of 490.2 %².
By 3-year correlation, QQQ places #6 of the 11 assets tracked against AAON. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 33.7 percentage points (-7.4% for AAON against +26.3% for QQQ). Note the risk asymmetry: AAON runs 2.8 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.
AAON vs QQQ: side by side
| AAON (AAON, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -7.4% | +26.3% |
| 5-year return | +73.5% | +95.4% |
| Volatility (ann.) | 54.9% | 19.6% |
| Beta vs S&P 500 | 1.58 | 1.28 |
| Max drawdown (3Y) | -48.9% | -22.8% |
| Market cap | $6.4B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 0.50% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | AAON | QQQ |
|---|---|---|
| 2022 | -4.6% | -32.6% |
| 2023 | +47.9% | +54.9% |
| 2024 | +59.9% | +25.6% |
| 2025 | -34.9% | +20.8% |
| 2026 | +2.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AAON and QQQ?
The AAON/QQQ correlation stands at 0.46 on a 3-year window (1 year: 0.41, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for AAON?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AAON correlations · QQQ correlations
