AOUT vs QQQ: Correlation
Measured on weekly returns over the past three years, American Outdoor Brands, Inc. (AOUT) and Invesco QQQ Trust (QQQ) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOUT and QQQ?
Over the past 3 years, AOUT and QQQ moved with a correlation of 0.20, which is weak. Recent behaviour matches the longer record: 0.13 over 1 year against 0.20 over 3. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 186.7 %².
Among the 10 assets we track against AOUT, QQQ sits near the bottom by co-movement, at rank #7. The last year tells two different stories: QQQ led by 28.5 percentage points, -2.2% for AOUT against +26.3% for QQQ. One caveat on sizing: AOUT is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AOUT vs QQQ: side by side
| AOUT (American Outdoor Brands, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -2.2% | +26.3% |
| 5-year return | -62.4% | +95.4% |
| Volatility (ann.) | 48.7% | 19.6% |
| Beta vs S&P 500 | 0.91 | 1.28 |
| Max drawdown (3Y) | -64.2% | -22.8% |
| Market cap | $0.1B | – |
| 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 | AOUT | QQQ |
|---|---|---|
| 2022 | -49.7% | -32.6% |
| 2023 | -16.2% | +54.9% |
| 2024 | +81.4% | +25.6% |
| 2025 | -49.3% | +20.8% |
| 2026 | +34.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOUT and QQQ good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AOUT and QQQ?
As of 2026-08-27, the correlation of weekly returns between AOUT and QQQ is 0.20 over 3 years, 0.13 over 1 year and 0.23 over 5 years.
Is QQQ a good diversifier for AOUT?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
A reading of 0.20 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: AOUT correlations · QQQ correlations
