ASTL vs QQQ: Correlation
How closely do Algoma Steel Group Inc. (ASTL) 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 ASTL and QQQ?
On 3 years of weekly data the ASTL/QQQ correlation comes out at 0.22, weak. Recent behaviour matches the longer record: 0.23 over 1 year against 0.22 over 3. The 5-year figure is 0.28, and annualized covariance runs at 234.4 %².
Among the 10 assets we track against ASTL, QQQ sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 39.3 percentage points (-13.0% for ASTL against +26.3% for QQQ). Risk is not evenly split, since ASTL carries 2.7 times the volatility of the other side.
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.
ASTL vs QQQ: side by side
| ASTL (Algoma Steel Group Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -13.0% | +26.3% |
| 5-year return | -57.3% | +95.4% |
| Volatility (ann.) | 53.9% | 19.6% |
| Beta vs S&P 500 | 1.08 | 1.28 |
| Max drawdown (3Y) | -72.9% | -22.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.02% | 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 | ASTL | QQQ |
|---|---|---|
| 2022 | -39.4% | -32.6% |
| 2023 | +62.5% | +54.9% |
| 2024 | -0.2% | +25.6% |
| 2025 | -57.4% | +20.8% |
| 2026 | +4.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASTL and QQQ good diversifiers for each other?
Reasonably. At 0.22, ASTL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ASTL and QQQ?
As of 2026-08-27, the correlation of weekly returns between ASTL and QQQ is 0.22 over 3 years, 0.23 over 1 year and 0.28 over 5 years.
Is QQQ a good diversifier for ASTL?
Reasonably. At 0.22, ASTL and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASTL correlations · QQQ correlations
