AX vs QQQ: Correlation
Measured on weekly returns over the past three years, Axos Financial, Inc. (AX) and Invesco QQQ Trust (QQQ) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AX and QQQ?
Across a 3-year window, the weekly returns of AX and QQQ correlate at 0.29, weak. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.29). Stretching to 5 years gives 0.41, with an annualized covariance of 219.6 %².
QQQ is close to the least connected end of AX's tracked universe, ranking #12 of 15. The last year tells two different stories: QQQ led by 20.8 percentage points, +5.5% for AX against +26.3% for QQQ. Risk is not evenly split, since AX carries 2.0 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.
AX vs QQQ: side by side
| AX (Axos Financial, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +5.5% | +26.3% |
| 5-year return | +99.7% | +95.4% |
| Volatility (ann.) | 38.3% | 19.6% |
| Beta vs S&P 500 | 1.12 | 1.28 |
| Max drawdown (3Y) | -34.9% | -22.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 0.00% | 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 | AX | QQQ |
|---|---|---|
| 2022 | -31.6% | -32.6% |
| 2023 | +42.9% | +54.9% |
| 2024 | +27.9% | +25.6% |
| 2025 | +23.4% | +20.8% |
| 2026 | +13.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AX and QQQ good diversifiers for each other?
Reasonably. At 0.29, AX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AX and QQQ?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.12 over the last year and 0.41 over 5 years.
Is QQQ a good diversifier for AX?
Reasonably. At 0.29, AX and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ax-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ax-vs-qqq/)
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Related comparisons
Hubs: AX correlations · QQQ correlations
