AIR vs QQQ: Correlation
How closely do AAR Corp. (AIR) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIR and QQQ?
Across a 3-year window, the weekly returns of AIR and QQQ correlate at 0.35, moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.35 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 257.6 %².
Among the 10 assets we track against AIR, QQQ sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months AIR outperformed by 52.9 percentage points (+79.2% for AIR against +26.3% for QQQ). Risk is not evenly split, since AIR carries 1.9 times the volatility of the other side.
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.
AIR vs QQQ: side by side
| AIR (AAR Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +79.2% | +26.3% |
| 5-year return | +302.1% | +95.4% |
| Volatility (ann.) | 37.3% | 19.6% |
| Beta vs S&P 500 | 1.06 | 1.28 |
| Max drawdown (3Y) | -35.7% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 28.0 | – |
| Dividend yield | 0.00% | 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 | AIR | QQQ |
|---|---|---|
| 2022 | +15.0% | -32.6% |
| 2023 | +39.0% | +54.9% |
| 2024 | -1.8% | +25.6% |
| 2025 | +35.1% | +20.8% |
| 2026 | +64.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIR and QQQ good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AIR and QQQ?
As of 2026-08-27, the correlation of weekly returns between AIR and QQQ is 0.35 over 3 years, 0.25 over 1 year and 0.42 over 5 years.
Is QQQ a good diversifier for AIR?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: AIR correlations · QQQ correlations
