AWK vs QQQ: Correlation
How closely do American Water Works (AWK) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWK and QQQ?
Over the past 3 years, AWK and QQQ moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.43) than the 3-year average (-0.17). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is -70.8 %².
By 3-year correlation, QQQ places #21 of the 49 assets tracked against AWK. The last year tells two different stories: QQQ led by 29.3 percentage points, -3.0% for AWK against +26.3% for QQQ. The relationship is regime-dependent: the rolling one-year correlation swung between -0.49 and 0.56 over the past three years, so this pair behaves very differently depending on the market environment.
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.
AWK vs QQQ: side by side
| AWK (American Water Works) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -3.0% | +26.3% |
| 5-year return | -16.6% | +95.4% |
| Volatility (ann.) | 20.7% | 19.6% |
| Beta vs S&P 500 | -0.11 | 1.28 |
| Max drawdown (3Y) | -18.8% | -22.8% |
| Market cap | $27.2B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 2.46% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Utilities | 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 | AWK | QQQ |
|---|---|---|
| 2022 | -17.9% | -32.6% |
| 2023 | -11.7% | +54.9% |
| 2024 | -3.5% | +25.6% |
| 2025 | +7.4% | +20.8% |
| 2026 | +6.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWK and QQQ good diversifiers for each other?
Yes. With a correlation of -0.17, AWK and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AWK and QQQ?
As of 2026-08-27, the correlation of weekly returns between AWK and QQQ is -0.17 over 3 years, -0.43 over 1 year and 0.21 over 5 years.
Is QQQ a good diversifier for AWK?
Yes. With a correlation of -0.17, AWK and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
On the −1 to +1 scale, -0.17 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
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Related comparisons
Hubs: AWK correlations · QQQ correlations
