ALHC vs QQQ: Correlation
How closely do Alignment Healthcare, Inc. (ALHC) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALHC and QQQ?
Across a 3-year window, the weekly returns of ALHC and QQQ correlate at 0.05, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.13 lands near the 3-year figure. Stretching to 5 years gives 0.21, with an annualized covariance of 62.4 %².
Among the 15 assets we track against ALHC, QQQ ranks #7 by 3-year correlation. The last year tells two different stories: QQQ led by 42.3 percentage points, -16.0% for ALHC against +26.3% for QQQ. Risk is not evenly split, since ALHC carries 3.0 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.
ALHC vs QQQ: side by side
| ALHC (Alignment Healthcare, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -16.0% | +26.3% |
| 5-year return | -25.5% | +95.4% |
| Volatility (ann.) | 59.1% | 19.6% |
| Beta vs S&P 500 | 0.29 | 1.28 |
| Max drawdown (3Y) | -50.3% | -22.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 75.3 | – |
| 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 | ALHC | QQQ |
|---|---|---|
| 2022 | -16.4% | -32.6% |
| 2023 | -26.8% | +54.9% |
| 2024 | +30.7% | +25.6% |
| 2025 | +75.6% | +20.8% |
| 2026 | -31.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALHC and QQQ good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ALHC and QQQ?
As of 2026-08-27, the correlation of weekly returns between ALHC and QQQ is 0.05 over 3 years, 0.13 over 1 year and 0.21 over 5 years.
Is QQQ a good diversifier for ALHC?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
A reading of 0.05 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ALHC correlations · QQQ correlations
