AROW vs QQQ: Correlation
How closely do Arrow Financial Corporation (AROW) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AROW and QQQ?
Over the past 3 years, AROW and QQQ moved with a correlation of 0.22, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.00 versus 0.22 over 3 years. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 127.3 %².
Among the 11 assets we track against AROW, QQQ sits near the bottom by co-movement, at rank #8. The trailing year gives AROW the advantage: +34.7% versus +26.3%, a 8.4-point spread. One caveat on sizing: AROW is 1.5 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.
AROW vs QQQ: side by side
| AROW (Arrow Financial Corporation) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +34.7% | +26.3% |
| 5-year return | +32.7% | +95.4% |
| Volatility (ann.) | 30.3% | 19.6% |
| Beta vs S&P 500 | 0.73 | 1.28 |
| Max drawdown (3Y) | -29.9% | -22.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 3.10% | 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 | AROW | QQQ |
|---|---|---|
| 2022 | +2.3% | -32.6% |
| 2023 | -13.4% | +54.9% |
| 2024 | +7.2% | +25.6% |
| 2025 | +13.9% | +20.8% |
| 2026 | +25.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AROW and QQQ good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AROW and QQQ?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with -0.00 over the last year and 0.22 over 5 years.
Is QQQ a good diversifier for AROW?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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
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[](https://www.pairbook.io/pair/arow-vs-qqq/)
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Related comparisons
Hubs: AROW correlations · QQQ correlations
