AS vs QQQ: Correlation
Measured on weekly returns over the past three years, Amer Sports, Inc. (AS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.30, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AS and QQQ?
Over the past 3 years, AS and QQQ moved with a correlation of 0.30, which is moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 286.8 %².
Among the 10 assets we track against AS, QQQ sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with QQQ ahead by 52.0 points (-25.7% versus +26.3%). Note the risk asymmetry: AS runs 2.4 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.
AS vs QQQ: side by side
| AS (Amer Sports, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -25.7% | +26.3% |
| 5-year return | n/a | +95.4% |
| Volatility (ann.) | 48.0% | 19.6% |
| Beta vs S&P 500 | 1.18 | 1.28 |
| Max drawdown (3Y) | -40.7% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 31.8 | – |
| 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 | AS | QQQ |
|---|---|---|
| 2022 | – | -32.6% |
| 2023 | – | +54.9% |
| 2024 | – | +25.6% |
| 2025 | +33.6% | +20.8% |
| 2026 | -18.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AS and QQQ good diversifiers for each other?
Reasonably. At 0.30, AS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AS and QQQ?
The AS/QQQ correlation stands at 0.30 on a 3-year window (1 year: 0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for AS?
Reasonably. At 0.30, AS and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 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.
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Related comparisons
Hubs: AS correlations · QQQ correlations
