AMRX vs QQQ: Correlation
How closely do Amneal Pharmaceuticals, Inc. (AMRX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMRX and QQQ?
Across a 3-year window, the weekly returns of AMRX and QQQ correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 173.0 %².
Among the 11 assets we track against AMRX, QQQ sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months AMRX outperformed by 66.1 percentage points (+92.4% for AMRX against +26.3% for QQQ). Risk is not evenly split, since AMRX carries 1.9 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.
AMRX vs QQQ: side by side
| AMRX (Amneal Pharmaceuticals, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +92.4% | +26.3% |
| 5-year return | +243.0% | +95.4% |
| Volatility (ann.) | 36.9% | 19.6% |
| Beta vs S&P 500 | 0.86 | 1.28 |
| Max drawdown (3Y) | -24.6% | -22.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 37.5 | – |
| 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 | AMRX | QQQ |
|---|---|---|
| 2022 | -58.5% | -32.6% |
| 2023 | +205.0% | +54.9% |
| 2024 | +30.5% | +25.6% |
| 2025 | +59.1% | +20.8% |
| 2026 | +42.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMRX and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AMRX and QQQ?
As of 2026-08-27, the correlation of weekly returns between AMRX and QQQ is 0.24 over 3 years, 0.15 over 1 year and 0.28 over 5 years.
Is QQQ a good diversifier for AMRX?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined 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.
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Related comparisons
Hubs: AMRX correlations · QQQ correlations
