AWF vs QQQ: Correlation
How closely do Alliancebernstein Global High Income Fund (AWF) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and QQQ?
Across a 3-year window, the weekly returns of AWF and QQQ correlate at 0.54, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 101.7 %².
Out of 18 assets tracked against AWF, QQQ lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 28.9 percentage points (-2.6% for AWF against +26.3% for QQQ). Note the risk asymmetry: QQQ runs 2.0 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.
AWF vs QQQ: side by side
| AWF (Alliancebernstein Global High Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -2.6% | +26.3% |
| 5-year return | +21.4% | +95.4% |
| Volatility (ann.) | 9.7% | 19.6% |
| Beta vs S&P 500 | 0.42 | 1.28 |
| Max drawdown (3Y) | -11.1% | -22.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 7.26% | 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 | AWF | QQQ |
|---|---|---|
| 2022 | -16.6% | -32.6% |
| 2023 | +18.4% | +54.9% |
| 2024 | +14.4% | +25.6% |
| 2025 | +7.6% | +20.8% |
| 2026 | -0.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and QQQ good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AWF and QQQ?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.57 over the last year and 0.56 over 5 years.
Is QQQ a good diversifier for AWF?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/awf-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/awf-vs-qqq/)
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Related comparisons
Hubs: AWF correlations · QQQ correlations
