ALXO vs QQQ: Correlation
Measured on weekly returns over the past three years, ALX Oncology Holdings Inc. (ALXO) and Invesco QQQ Trust (QQQ) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALXO and QQQ?
On 3 years of weekly data the ALXO/QQQ correlation comes out at 0.15, weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.15). The 5-year figure is 0.22, and annualized covariance runs at 353.2 %².
Among the 11 assets we track against ALXO, QQQ sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with ALXO ahead by 44.5 points (+70.8% versus +26.3%). Note the risk asymmetry: ALXO runs 6.0 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.
ALXO vs QQQ: side by side
| ALXO (ALX Oncology Holdings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +70.8% | +26.3% |
| 5-year return | -97.2% | +95.4% |
| Volatility (ann.) | 117.5% | 19.6% |
| Beta vs S&P 500 | 1.42 | 1.28 |
| Max drawdown (3Y) | -97.7% | -22.8% |
| Market cap | $0.3B | – |
| 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 | ALXO | QQQ |
|---|---|---|
| 2022 | -47.6% | -32.6% |
| 2023 | +32.1% | +54.9% |
| 2024 | -88.8% | +25.6% |
| 2025 | -32.3% | +20.8% |
| 2026 | +81.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALXO and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between ALXO and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.02 over the last year and 0.22 over 5 years.
Is QQQ a good diversifier for ALXO?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
A reading of 0.15 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: ALXO correlations · QQQ correlations
