ASO vs QQQ: Correlation
Academy Sports and Outdoors, Inc. (ASO) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and QQQ?
Over the past 3 years, ASO and QQQ moved with a correlation of 0.37, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.37). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 289.8 %².
Among the 16 assets we track against ASO, QQQ sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 49.8 percentage points (-23.5% for ASO against +26.3% for QQQ). One caveat on sizing: ASO is 2.0 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.
ASO vs QQQ: side by side
| ASO (Academy Sports and Outdoors, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -23.5% | +26.3% |
| 5-year return | +2.0% | +95.4% |
| Volatility (ann.) | 39.7% | 19.6% |
| Beta vs S&P 500 | 1.26 | 1.28 |
| Max drawdown (3Y) | -54.2% | -22.8% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 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 | ASO | QQQ |
|---|---|---|
| 2022 | +20.6% | -32.6% |
| 2023 | +26.4% | +54.9% |
| 2024 | -12.2% | +25.6% |
| 2025 | -12.2% | +20.8% |
| 2026 | -14.2% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and QQQ good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASO and QQQ?
The ASO/QQQ correlation stands at 0.37 on a 3-year window (1 year: 0.20, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ASO?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/aso-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aso-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASO correlations · QQQ correlations
