ALGM vs QQQ: Correlation
How closely do Allegro MicroSystems, Inc. (ALGM) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGM and QQQ?
Across a 3-year window, the weekly returns of ALGM and QQQ correlate at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 588.5 %².
Among the 11 assets we track against ALGM, QQQ sits near the bottom by co-movement, at rank #7. On 12-month performance QQQ holds a 6.8-point edge, +19.5% against +26.3%. Risk is not evenly split, since ALGM carries 2.9 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.
ALGM vs QQQ: side by side
| ALGM (Allegro MicroSystems, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.5% | +26.3% |
| 5-year return | +23.1% | +95.4% |
| Volatility (ann.) | 56.9% | 19.6% |
| Beta vs S&P 500 | 1.83 | 1.28 |
| Max drawdown (3Y) | -57.2% | -22.8% |
| Market cap | $7.0B | – |
| P/E (trailing) | 537.0 | – |
| 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 | ALGM | QQQ |
|---|---|---|
| 2022 | -17.0% | -32.6% |
| 2023 | +0.8% | +54.9% |
| 2024 | -27.8% | +25.6% |
| 2025 | +20.7% | +20.8% |
| 2026 | +42.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGM and QQQ good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ALGM and QQQ?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.55 over the last year and 0.56 over 5 years.
Is QQQ a good diversifier for ALGM?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: ALGM correlations · QQQ correlations
