ALK vs QQQ: Correlation
Alaska Air Group, Inc. (ALK) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and QQQ?
Across a 3-year window, the weekly returns of ALK and QQQ correlate at 0.26, weak. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.33, with an annualized covariance of 235.4 %².
Out of 13 assets tracked against ALK, QQQ lands near the bottom at #9. The last year tells two different stories: QQQ led by 58.1 percentage points, -31.8% for ALK against +26.3% for QQQ. Note the risk asymmetry: ALK runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ALK vs QQQ: side by side
| ALK (Alaska Air Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -31.8% | +26.3% |
| 5-year return | -25.6% | +95.4% |
| Volatility (ann.) | 45.5% | 19.6% |
| Beta vs S&P 500 | 1.01 | 1.28 |
| Max drawdown (3Y) | -55.4% | -22.8% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| 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 | ALK | QQQ |
|---|---|---|
| 2022 | -17.6% | -32.6% |
| 2023 | -9.0% | +54.9% |
| 2024 | +65.7% | +25.6% |
| 2025 | -22.3% | +20.8% |
| 2026 | -16.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and QQQ good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALK and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.33 over the last year and 0.33 over 5 years.
Is QQQ a good diversifier for ALK?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: ALK correlations · QQQ correlations
