ALVO vs QQQ: Correlation
Measured on weekly returns over the past three years, Alvotech (ALVO) and Invesco QQQ Trust (QQQ) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALVO and QQQ?
On 3 years of weekly data the ALVO/QQQ correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.12) sits close to the 3-year figure. The 5-year figure is 0.14, and annualized covariance runs at 232.1 %².
Within ALVO's tracked universe of 12 assets, QQQ comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with QQQ ahead by 65.5 points (-39.2% versus +26.3%). Note the risk asymmetry: ALVO runs 2.7 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.
ALVO vs QQQ: side by side
| ALVO (Alvotech) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -39.2% | +26.3% |
| 5-year return | -56.4% | +95.4% |
| Volatility (ann.) | 52.8% | 19.6% |
| Beta vs S&P 500 | 0.81 | 1.28 |
| Max drawdown (3Y) | -82.6% | -22.8% |
| Market cap | $1.7B | – |
| 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 | ALVO | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | +14.8% | +54.9% |
| 2024 | +15.2% | +25.6% |
| 2025 | -61.2% | +20.8% |
| 2026 | -4.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALVO and QQQ good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ALVO and QQQ?
As of 2026-08-27, the correlation of weekly returns between ALVO and QQQ is 0.22 over 3 years, 0.12 over 1 year and 0.14 over 5 years.
Is QQQ a good diversifier for ALVO?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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
$ curl https://www.pairbook.io/api/v1/pairs/alvo-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/alvo-vs-qqq/)
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Related comparisons
Hubs: ALVO correlations · QQQ correlations
