AP vs QQQ: Correlation
Ampco-Pittsburgh Corporation (AP) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and QQQ?
Over the past 3 years, AP and QQQ moved with a correlation of 0.22, which is weak. The link has tightened recently: the 1-year correlation (0.35) runs above the 3-year figure (0.22). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 408.5 %².
Out of 14 assets tracked against AP, QQQ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with AP ahead by 206.3 points (+232.6% versus +26.3%). Note the risk asymmetry: AP runs 4.8 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.
AP vs QQQ: side by side
| AP (Ampco-Pittsburgh Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +232.6% | +26.3% |
| 5-year return | +90.5% | +95.4% |
| Volatility (ann.) | 94.5% | 19.6% |
| Beta vs S&P 500 | 1.63 | 1.28 |
| Max drawdown (3Y) | -77.6% | -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 | AP | QQQ |
|---|---|---|
| 2022 | -49.8% | -32.6% |
| 2023 | +8.8% | +54.9% |
| 2024 | -23.4% | +25.6% |
| 2025 | +155.0% | +20.8% |
| 2026 | +72.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and QQQ good diversifiers for each other?
Reasonably. At 0.22, AP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AP and QQQ?
As of 2026-08-27, the correlation of weekly returns between AP and QQQ is 0.22 over 3 years, 0.35 over 1 year and 0.21 over 5 years.
Is QQQ a good diversifier for AP?
Reasonably. At 0.22, AP and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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/ap-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ap-vs-qqq/)
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Related comparisons
Hubs: AP correlations · QQQ correlations
