AMWL vs QQQ: Correlation
How closely do American Well Corporation (AMWL) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMWL and QQQ?
Across a 3-year window, the weekly returns of AMWL and QQQ correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives 0.42, with an annualized covariance of 514.0 %².
Out of 10 assets tracked against AMWL, QQQ lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months AMWL outperformed by 42.8 percentage points (+69.1% for AMWL against +26.3% for QQQ). Note the risk asymmetry: AMWL runs 4.0 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.
AMWL vs QQQ: side by side
| AMWL (American Well Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +69.1% | +26.3% |
| 5-year return | -94.4% | +95.4% |
| Volatility (ann.) | 78.9% | 19.6% |
| Beta vs S&P 500 | 2.13 | 1.28 |
| Max drawdown (3Y) | -88.0% | -22.8% |
| Market cap | $0.2B | – |
| 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 | AMWL | QQQ |
|---|---|---|
| 2022 | -53.1% | -32.6% |
| 2023 | -47.3% | +54.9% |
| 2024 | -75.7% | +25.6% |
| 2025 | -32.3% | +20.8% |
| 2026 | +139.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMWL and QQQ good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AMWL and QQQ?
As of 2026-08-27, the correlation of weekly returns between AMWL and QQQ is 0.33 over 3 years, 0.30 over 1 year and 0.42 over 5 years.
Is QQQ a good diversifier for AMWL?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: AMWL correlations · QQQ correlations
