AIT vs QQQ: Correlation
How closely do Applied Industrial Technologies, Inc. (AIT) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and QQQ?
Across a 3-year window, the weekly returns of AIT and QQQ correlate at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.48). Stretching to 5 years gives 0.46, with an annualized covariance of 244.9 %².
Within AIT's tracked universe of 26 assets, QQQ comes in at #17 by 3-year correlation. Twelve-month performance is nearly a tie, at +26.9% for AIT and +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.
AIT vs QQQ: side by side
| AIT (Applied Industrial Technologies, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +26.9% | +26.3% |
| 5-year return | +291.4% | +95.4% |
| Volatility (ann.) | 26.0% | 19.6% |
| Beta vs S&P 500 | 1.03 | 1.28 |
| Max drawdown (3Y) | -26.4% | -22.8% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 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 | AIT | QQQ |
|---|---|---|
| 2022 | +24.2% | -32.6% |
| 2023 | +38.4% | +54.9% |
| 2024 | +39.7% | +25.6% |
| 2025 | +8.0% | +20.8% |
| 2026 | +32.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and QQQ good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AIT and QQQ?
As of 2026-08-27, the correlation of weekly returns between AIT and QQQ is 0.48 over 3 years, 0.24 over 1 year and 0.46 over 5 years.
Is QQQ a good diversifier for AIT?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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.
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Related comparisons
Hubs: AIT correlations · QQQ correlations
