ALGT vs QQQ: Correlation
Allegiant Travel Company (ALGT) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGT and QQQ?
Across a 3-year window, the weekly returns of ALGT and QQQ correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 275.9 %².
Among the 15 assets we track against ALGT, QQQ sits near the bottom by co-movement, at rank #12. Neither side won the trailing year by much: +28.5% against +26.3%. One caveat on sizing: ALGT is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ALGT vs QQQ: side by side
| ALGT (Allegiant Travel Company) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +28.5% | +26.3% |
| 5-year return | -55.9% | +95.4% |
| Volatility (ann.) | 58.0% | 19.6% |
| Beta vs S&P 500 | 1.36 | 1.28 |
| Max drawdown (3Y) | -61.2% | -22.8% |
| Market cap | $2.2B | – |
| P/E (trailing) | 71.7 | – |
| 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 | ALGT | QQQ |
|---|---|---|
| 2022 | -63.6% | -32.6% |
| 2023 | +23.4% | +54.9% |
| 2024 | +16.0% | +25.6% |
| 2025 | -9.4% | +20.8% |
| 2026 | -5.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGT and QQQ good diversifiers for each other?
Reasonably. At 0.24, ALGT and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALGT and QQQ?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.18 over the last year and 0.35 over 5 years.
Is QQQ a good diversifier for ALGT?
Reasonably. At 0.24, ALGT and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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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[](https://www.pairbook.io/pair/algt-vs-qqq/)
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Related comparisons
Hubs: ALGT correlations · QQQ correlations
