AQN vs QQQ: Correlation
How closely do Algonquin Power & Utilities Corp. (AQN) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and QQQ?
Across a 3-year window, the weekly returns of AQN and QQQ correlate at 0.10, weak. The past 12 months show a weaker link (-0.10) than the 3-year average (0.10). Stretching to 5 years gives 0.17, with an annualized covariance of 61.0 %².
Out of 12 assets tracked against AQN, QQQ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with QQQ ahead by 26.4 points (-0.1% versus +26.3%). Note the risk asymmetry: AQN runs 1.6 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.
AQN vs QQQ: side by side
| AQN (Algonquin Power & Utilities Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -0.1% | +26.3% |
| 5-year return | -52.8% | +95.4% |
| Volatility (ann.) | 31.1% | 19.6% |
| Beta vs S&P 500 | 0.42 | 1.28 |
| Max drawdown (3Y) | -38.7% | -22.8% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 4.55% | 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 | AQN | QQQ |
|---|---|---|
| 2022 | -51.7% | -32.6% |
| 2023 | +3.0% | +54.9% |
| 2024 | -25.0% | +25.6% |
| 2025 | +41.6% | +20.8% |
| 2026 | -5.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and QQQ good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AQN and QQQ?
As of 2026-08-27, the correlation of weekly returns between AQN and QQQ is 0.10 over 3 years, -0.10 over 1 year and 0.17 over 5 years.
Is QQQ a good diversifier for AQN?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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/aqn-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aqn-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AQN correlations · QQQ correlations
