AWK vs QQQM: Correlation
How closely do American Water Works (AWK) and Invesco Nasdaq 100 ETF (QQQM) 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 QQQM?
Over the past 3 years, AWK and QQQM moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.43) runs below the 3-year figure (-0.17). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is -70.1 %².
By 3-year correlation, QQQM places #22 of the 49 assets tracked against AWK. Their recent paths diverged sharply: over the last 12 months QQQM outperformed by 29.4 percentage points (-3.0% for AWK against +26.4% for QQQM). This link changes with the market regime, having swung between -0.49 and 0.56 on a rolling one-year basis.
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 QQQM: side by side
| AWK (American Water Works) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | -3.0% | +26.4% |
| 5-year return | -16.6% | +96.1% |
| Volatility (ann.) | 20.7% | 19.5% |
| Beta vs S&P 500 | -0.11 | 1.28 |
| Max drawdown (3Y) | -18.8% | -22.7% |
| Market cap | $27.2B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 2.46% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | Utilities | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | AWK | QQQM |
|---|---|---|
| 2022 | -17.9% | -32.5% |
| 2023 | -11.7% | +55.0% |
| 2024 | -3.5% | +25.7% |
| 2025 | +7.4% | +20.9% |
| 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 QQQM good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between AWK and QQQM?
As of 2026-08-27, the correlation of weekly returns between AWK and QQQM is -0.17 over 3 years, -0.43 over 1 year and 0.21 over 5 years.
Is QQQM a good diversifier for AWK?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
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
$ curl https://www.pairbook.io/api/v1/pairs/awk-vs-qqqm.json
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Related comparisons
Hubs: AWK correlations · QQQM correlations
