AFG vs QQQ: Correlation
How closely do American Financial Group, Inc. (AFG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFG and QQQ?
Over the past 3 years, AFG and QQQ moved with a correlation of 0.14, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.08 versus 0.14 over 3 years. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 54.6 %².
Out of 19 assets tracked against AFG, QQQ lands near the bottom at #16. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 15.9 percentage points (+10.4% for AFG against +26.3% for QQQ).
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.
AFG vs QQQ: side by side
| AFG (American Financial Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +10.4% | +26.3% |
| 5-year return | +56.7% | +95.4% |
| Volatility (ann.) | 19.5% | 19.6% |
| Beta vs S&P 500 | 0.43 | 1.28 |
| Max drawdown (3Y) | -19.8% | -22.8% |
| Market cap | $11.8B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.43% | 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 | AFG | QQQ |
|---|---|---|
| 2022 | +10.9% | -32.6% |
| 2023 | -7.6% | +54.9% |
| 2024 | +23.8% | +25.6% |
| 2025 | +5.4% | +20.8% |
| 2026 | +7.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFG and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between AFG and QQQ?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.08 over the last year and 0.25 over 5 years.
Is QQQ a good diversifier for AFG?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 mean?
A reading of 0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: AFG correlations · QQQ correlations
