ASA vs QQQ: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and QQQ?
Over the past 3 years, ASA and QQQ moved with a correlation of 0.30, which is moderate. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.30). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 252.1 %².
Out of 59 assets tracked against ASA, QQQ lands near the bottom at #56. The last year tells two different stories: ASA led by 50.7 percentage points, +77.0% for ASA against +26.3% for QQQ. Note the risk asymmetry: ASA runs 2.2 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.
ASA vs QQQ: side by side
| ASA (ASA Gold and Precious Metals Limited) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +77.0% | +26.3% |
| 5-year return | +218.5% | +95.4% |
| Volatility (ann.) | 42.5% | 19.6% |
| Beta vs S&P 500 | 0.92 | 1.28 |
| Max drawdown (3Y) | -40.8% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 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 | ASA | QQQ |
|---|---|---|
| 2022 | -32.1% | -32.6% |
| 2023 | +5.4% | +54.9% |
| 2024 | +34.5% | +25.6% |
| 2025 | +195.6% | +20.8% |
| 2026 | +9.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASA and QQQ?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.44 over the last year and 0.31 over 5 years.
Is QQQ a good diversifier for ASA?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined 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.
Use this data
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Related comparisons
Hubs: ASA correlations · QQQ correlations
